Can changing the name of a company bring hefty returns? It sure can, as per the recent example of Bioptix, a US company making diagnostic machinery for the biotech businesses. The firm announced it will start investing in cryptocurrency-related businesses and has changed its name to Riot Blockchain. The share price rose from $4 to more than $40. This confirms the findings of a study in 2000 co-authored by Professor Raghavendra Rau. The study looked at 95 stocks that added “.com” to their names during 1998 and 1999 and found that the stocks made an average gain of 74 per cent during the ten days surrounding the news.
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