v2.0.0 - Farzulla Research Preprint Template with Statistical Corrections

v2.0.0 - November 22, 2025

Complete revision reformatted to Farzulla Research preprint template with critical statistical
corrections and enhanced findings.

Paper Information

Title: Market Reaction Asymmetry: Infrastructure Disruption Dominance Over Regulatory Uncertainty
Subtitle: Event Study Evidence from Cryptocurrency Volatility
Paper DOI: 10.5281/zenodo.17677682
Code DOI: 10.5281/zenodo.17679537

Major Changes from v1.0.1

Critical Fixes

• Fixed statistical contradiction: Harmonized all p-values and Cohen's d to correct values
  throughout paper (p=0.0008, d=2.753, t=4.768)
• Fixed Figure 5 notation: Changed impossible "p < 0.000" to correct "p < 0.001"
• Restructured Section 5.4: Moved stationarity discussion from "Sentiment Measurement" to
  "Methodological Scope" (proper categorization)

Template Migration

• Migrated from old template to official Farzulla Research preprint template
• Updated branding: removed corner logos, added farzulla.org and DOI in headers/footers
• Changed contact email from contact@farzulla.org to murad@farzulla.org
• Correct paper title (not old working title "Code Failures, Market Panic...")

Enhanced Findings

• Strengthened ETH network centrality analysis (eigenvector centrality 0.89 vs BTC 0.71)
• Emphasized crisis amplification effect (5× multiplier during crisis periods)
• Added Paper 2 teaser about microstructure vs sentiment transmission channels

Data & Bibliography Corrections

• Synced Appendix A event list with events.csv (50 events: 26 infrastructure, 24 regulatory)
• Fixed Chen et al. (2023) volume (55 not 52)
• Fixed Saggu et al. (2025) authorship (3 authors, correct journal)
• Fixed Bonaparte & Bernile (2023) journal (Finance Research Letters not JFQA)
• Removed Saiedi et al. reference (irrelevant infrastructure adoption study)

Formatting Improvements

• Improved abstract readability (broke wall of text into digestible paragraphs)
• Merged duplicate acknowledgements
• Removed excessive GitHub/DOI references (reduced from 7 to 3 strategic mentions)
• Removed Appendix D revision notes (kept hypothesis changes table showing Sept→Nov findings flip)
• Fixed dashboard link (removed .html for landing page)
• Increased all figure sizes to full textwidth

Repository Updates

• Renamed paper files: Farzulla_2025_Cryptocurrency_Heterogeneity →
  Farzulla_2025_Cryptocurrency_Event_Study
• Updated README with correct title and comprehensive documentation
• Updated CITATION.cff to v2.0.0 with code repository DOI
• Separated Paper DOI (Zenodo paper archive) from Code DOI (Zenodo code repository)

Key Findings (Corrected)

• Primary result: Infrastructure events generate 5.7× larger volatility impacts than regulatory
  events (2.385% vs 0.419%, p=0.0008, Cohen's d=2.753)
• Robustness: t-test (t=4.768), Mann-Whitney U (p=0.0043), Bayesian (BF>10 for 4/6 assets),
  inverse-variance weighted (Z=3.64, p=0.0003)
• Network topology: ETH emerges as central systemic risk factor (not BTC)
• Crisis amplification: 5× sensitivity increase during market stress
• Model performance: TARCH-X superior for 83% of assets (5/6)

Files

• Farzulla_2025_Cryptocurrency_Event_Study.pdf - Compiled paper (850KB)
• Farzulla_2025_Cryptocurrency_Event_Study.tex - LaTeX source
• references.bib - Bibliography (corrected citations)
• publication_figures/ - All figures including regenerated placebo test
• Complete analysis code and data in repository

Citation

@techreport{farzulla2025infrastructure,
  author = {Farzulla, Murad},
  title = {Market Reaction Asymmetry: Infrastructure Disruption Dominance Over Regulatory Uncertainty},
  subtitle = {Event Study Evidence from Cryptocurrency Volatility},
  institution = {Farzulla Research},
  year = {2025},
  month = {November},
  type = {Preprint},
  version = {2.0.0},
  doi = {10.5281/zenodo.17677682},
  url = {https://farzulla.org/research/crypto-event-study/}
}

Links

- Paper (Zenodo): https://doi.org/10.5281/zenodo.17677682
- Code (Zenodo): https://doi.org/10.5281/zenodo.17679537
- Interactive Dashboard: https://farzulla.org/research/crypto-event-study/

---
Note: This version supersedes all previous releases with critical statistical corrections and complete
template migration. All numerical values now consistent with verified analysis outputs.

v1.0.1: Code Failures, Market Panic - Infrastructure vs Regulatory Events in Crypto Markets

v1.0.1 - The References Actually Work Now

What Happened

Published v1.0.0 to Zenodo with supreme confidence. Compiled the PDF literally 20+ times. Everything looked perfect.

Turns out every single cross-reference was rendering as ? because LaTeX's default font encoding is stuck in 1984 and can't handle the < symbol in text mode but worked perfectly fine prior. Cool. Cool cool cool.

The Fix

Added one line: \usepackage[T1]{fontenc}

That's it. One line. Fixed everything. OT1 encoding + hyperref = silent failure. T1 encoding = actually functional references which warranted a new release and getting new DOI.

What Changed

• Fixed: All the question marks are now actual working hyperlinks
• Added: Modern font encoding (welcome to 2025, LaTeX)
• Unchanged: All research, analysis, statistical tests, conclusions, literally everything except the PDF not being broken

Updated DOIs

• Paper: 10.5281/zenodo.17595207
• Code: 10.5281/zenodo.17595251

v1.0.0: Code Failures, Market Panic - Infrastructure vs Regulatory Events in Crypto Markets

Publication Release: Clean, Reproducible Research Repository

Paper: Code Failures, Market Panic: Why Infrastructure Events Hit Crypto Harder Than Regulations
DOI: 10.5281/zenodo.17449736 (Paper)
Interactive Dashboard: farzulla.org/research/crypto-event-study

Key Findings

Infrastructure events cause 5.7× larger volatility impacts than regulatory events in cryptocurrency markets (p=0.0008).

• Infrastructure events: 2.385% volatility impact
• Regulatory events: 0.419% volatility impact
• Statistical significance: t=4.768, p=0.0008, Cohen's d=2.753

Cross-sectional heterogeneity: 2.18 percentage point spread across 6 major cryptocurrencies (ADA: 3.371% vs BTC: 1.191%).

What's Included

Complete reproducibility:

• All analysis code (Python, MIT License)
• Full dataset (8 CSVs: 6 cryptocurrencies + 50 events + GDELT sentiment)
• Statistical results (11 files with hypothesis tests, FDR corrections, model parameters)
• Publication figures (6 high-quality figures used in paper)
• Technical documentation (8 comprehensive docs)

Research transparency:

• Complete methodological evolution documented (Sept 2025 null result → Nov 2025 significant findings)
• Bug fix history included (stationarity constraint fixes)
• All intermediate results tracked

Quick Start

# Clone repository
git clone https://github.com/studiofarzulla/crypto-event-study.git
cd crypto-event-study

# Install dependencies
pip install -r requirements.txt

# Run complete analysis (5-10 minutes)
python code/run_event_study_analysis.py

# Generate all figures
python code/generate_publication_figures_enhanced.py

Repository Structure

• Paper: PDF + LaTeX source (53 pages)
• Code: code/ - 25 Python modules with complete analysis pipeline
• Data: data/ - 8 CSVs (1.7MB) with price data, events, sentiment
• Results: outputs/analysis_results/ - 11 files with statistical outputs
• Figures: publication_figures/ - 6 publication-ready figures
• Docs: docs/ - 8 technical documentation files

Licenses

• Paper: CC BY 4.0
• Code: MIT License
• Data: CC BY 4.0

Citation

@techreport{farzulla2025infrastructure,
  author = {Farzulla, Murad},
  title = {Code Failures, Market Panic: Why Infrastructure Events Hit Crypto Harder Than Regulations},
  subtitle = {A TARCH-X Analysis of Differential Volatility Responses},
  year = {2025},
  month = {November},
  type = {Working Paper},
  doi = {10.5281/zenodo.17449736},
  url = {https://doi.org/10.5281/zenodo.17449736}
}

---

Total repository size: ~2.4MB (git-friendly, fully reproducible)

Interactive exploration: Visit farzulla.org/research/crypto-event-study for an interactive dashboard with all results. For more information on Farzulla Research visit https://farzulla.org and for Studio Farzulla at https://farzulla.com. Contact at contact@farzulla.org or search for @studiofarzulla on Instagram, X and Discord.