Are Tokens Securities? An Anatomy of Initial Coin Offerings

Lyandres, Evgeny; Palazzo, Berardino; Rabetti, Daniel

doi:10.2139/ssrn.3287583

Cited by 69 publications

(57 citation statements)

References 5 publications

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“…On the amount raised, including failure to meet a set target, see Adhami et al (2018), , Ante et al (2018), Blaseg (2018), Burns and Moro (2018), Davydiuk et al (2018), Feng et al (2018), Fenu et al (2018), Fisch (2018), , Momtaz (2018b), Momtaz (2018c), Rhue (2018b), Albrecht et al (2019), Ante and Fiedler (2019), Cai and Gomaa (2019), Cerchiello et al (2019), Chen (2019), Johnson and Yi (2019), Masiak et al (2019), Philippi et al (2019), and Wu et al (2019). On liquidity see Bourveau et al (2018), Lyandres et al (2018), and Fisch and Momtaz (2019). On trading volume see Florysiak and Schandlbauer (2018).…”

Section: The Ico Marketmentioning

confidence: 99%

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Howell

Niessner

Yermack

2019

The Review of Financial Studies

403

224

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Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise ${\$}$12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the enterprise.

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Section: The Ico Marketmentioning

confidence: 99%

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Howell

Niessner

Yermack

2019

The Review of Financial Studies

403

224

View full text Add to dashboard Cite

show abstract

Section: The Ico Marketmentioning

confidence: 99%

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Howell¹,

Niessner²,

Yermack³

2018

146

113

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“…Various authors have investigated the properties of ICOs and cryptocurrencies, including Lyandres, Palazzo, and Rabetti (2019), who reflect on the similarities between cryptocurrencies and other securities, Bourveau, DeGoerge, Ellahie, and Macciocci (2019), who investigate information provision on ICOs, while Lee, Li, and Shi (2019) considers information aggregation. Finally, Howell, Niessner, and Yermack (2019) provide detailed analyses of ICO markets.…”

Section: Introductionmentioning

confidence: 99%

Cryptocurrencies: Stylized facts on a new investible instrument

Parlour

Rajan

2019

Financial Management

128

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We present stylized facts on the asset pricing properties of cryptocurrencies: summary statistics on cryptocurrency return properties and measures of common variation for secondary market returns on 222 digital coins. In our sample, secondary market returns of all other currencies are strongly correlated with Bitcoin returns. We also provide some investment characteristics of a sample of 64 initial coin offerings.

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Are Tokens Securities? An Anatomy of Initial Coin Offerings

Cited by 69 publications

References 5 publications

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Cryptocurrencies: Stylized facts on a new investible instrument

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