We discover a novel flight-to-safety effect from cryptocurrency markets to stock markets. It occurs after a series of hacking attacks on crypto exchanges as greater uncertainty heightens investors' risk awareness and perception, which, in turn, induces herd-like behaviour in favor of safer stock...

This paper explores the emerging trends in forensic accounting related to fraud investigation and prevention. First, the study conducts a comprehensive literature review to identify key emerging trends: data analytics, cyber forensic accounting, and the impact of cryptocurrencies and blockchain...

This paper examines how cybersecurity risk in crypto securities affects asset returns. Hackers steal cryptocurrencies by exploiting bugs in the code. We develop a novel measure of ex-ante cybersecurity risk by counting bug reports from GitHub, which houses the source code that produces crypto...

Table of Contents. Introduction. - Definition of Digital Finance. - Evolution of Digital Finance. - Importance of Digital Finance in Modern Economy -- Interdisciplinary Understanding of Digital Finance -- Digital Finance and Capitalism -- Chapter 1: Opportunities and Challenges for the...

We examine how cybercrime impacts victims' risk-taking and returns. The results from our difference-in-differences analysis of a sample of victim and matched non-victim investors on the Ethereum blockchain are in line with prospect theory and suggests that victims increase their long-term total...

This paper examines mean and volatility spillovers between three major cryptocurrencies (Bitcoin, Litecoin and Ethereum) and the role played by cyber attacks. Specifically, trivariate GARCH-BEKK models are estimated which include suitably defined dummies corresponding to different types, targets...

This paper uses a Markov-switching non-linear specification to analyse the effects of cyber attacks on returns in the case of four cryptocurrencies (Bitcoin, Ethernam, Litecoin and Stellar) over the period 8/8/2015-28/2/2019. The analysis considers both cyber attacks in general and those...