Rationally justifying Bitcoin's immense price fluctuations has remained a persistent challenge for both investors and researchers in this field. A primary reason is our potential weakness toward robustly quantifying unquantifiable risks or ambiguity in Bitcoin returns. This paper introduces a...

Shareholder litigation risk, measured using the staggered adoption of universal demand (UD) laws in 23 states from 1989 to 2005, has a negative effect on stock returns. Using a difference-in-differences design, we find that, following the passage of the laws, firms have lower stock returns....