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Our objective in this paper is to explore the impact of 21 terrorist attacks on the risk and return of cryptocurrencies. This is motivated by the rapid increase in Bitcoin and other cryptocurrency prices in conjunction with uncertainty about cryptocurrency fundamental value and how this value is determined. Using daily cryptocurrency returns and the event study methodology, we estimate cryptocurrency abnormal returns around terrorist activities. Asset pricing models are fitted with interaction variables to identify the impact of individual attacks. ARCH models are used to determine changes in ...

Following the rampant increase in Bitcoin prices, there has been a proliferation of cryptocurrencies, which have become a major way of doing business across national boundaries. This paper investigates the link between cryptocurrency markets and drug trafficking activities. More specifically, we explore the impact of the announcement of 24 major drug busts on the systematic risk and return of the world cryptocurrency market. We deploy an event study methodology to estimate the abnormal returns associated with drug trafficking activities in the cryptocurrency market. We find that the relationsh...

The financial blogger and Ritholtz director of financial education discusses the interplay between portfolio consumption and annuitization.

The financial blogger and Ritholtz director of investor education discusses direct indexing, retirement income, and his go-to resources for perspective on the markets and personal finance.