Hi-
Yes, scaling is done voxelwise. For more information, particularly on the arguments for scaling, and a description of interpretability, please see the "units and scaling section" here:
[
www.sciencedirect.com]
(or biorxiv version:
[
www.biorxiv.org])
Actually, that whole article is relevant for your question(s).
See also section C-3 here:
[
www.biorxiv.org]
The scaling is used to translate the unitless BOLD signal acquired by scanners to something interpretable as "BOLD percent signal change". And yes, that can certainly have negative values (--> a negative change from baseline). This is something that seems useful quantitatively, as well as for interpretation, and also for how the BOLD signal works (modulating response from blood oxygenation).
--pt