CommitTrader Research

Analyzing GitHub activity and stock price relationships

By Tom Almog

Key Results

Events Analyzed

1,413

Companies

Mean AR (Day 0)

0.077%

Mean CAR (-5,+5)

0.126%

Key Findings

Research Question

Does public GitHub activity from open-source repositories associated with publicly traded companies have measurable impact on stock prices?

Main Results

Average abnormal return on event day: 0.0773%
Average cumulative abnormal return (-5 to +5 days): 0.1257%
Percentage of events with positive returns: 49.3%
Total events with valid data: 1,413 out of 1,413

Interpretation

The results show limited evidence of a relationship between GitHub activity and stock prices. See the full report for detailed statistical analysis and event type breakdowns.

View Full Report Methodology Download Data

About This Research

This study uses event-study methodology to analyze the relationship between GitHub activity (releases, commits, and other repository events) and stock price movements for publicly traded technology companies. The analysis examines 1,413 events across 31 companies using rigorous statistical testing.