Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies

Chitsazan, Hasti; Bagheri, Afsaneh; Tajeddin, Mahdi

doi:10.1016/j.techfore.2022.121729

Cited by 13 publications

(4 citation statements)

References 83 publications

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“…To encourage the use of a coin while maintaining information transparency, it does not save data in any local systems that can verify its accuracy and cannot be edited or amended. According to [9], the combination of blockchain technology and cryptocurrencies can reduce the risk of a bubble, which benefits investors and digital market operators. Blockchain technology, a secure network that can analyze and distribute data in real-time, enables large-scale transactions [10].…”

Section: Digital Asset Marketmentioning

confidence: 99%

Correlation between capital markets and cryptocurrency: impact of the coronavirus

Ariya,

Chanaim,

Dawod

2023

IJECE

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<p>The objective of the study is to use daily Thai data analysis to strengthen correlations between Bitcoin and conventional asset measurements. The most popular asset prices and indices include gold, oil, the SET50 index, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dashcoin (DASH), Stellar Lumens (XLM), Binance coin (BNB), and Dogecoin (DOGE). We find a significant correlation between cryptocurrencies and the digital economy using a matrix approach to the Pearson correlation coefficient. With the help of a minimal spanning tree model and random matrix theory, we can determine the shortest route between assets. Yet, as predicted, only a small percentage of the greatest eigenvalues diverge. We are also developing a novel technique to find the SET-50 index. In an investment portfolio during the coronavirus period, alternatives to the gold price and the DOGE may offer possibilities for risk diversification.</p>

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Section: Digital Asset Marketmentioning

confidence: 99%

Correlation between capital markets and cryptocurrency: impact of the coronavirus

Ariya,

Chanaim,

Dawod

2023

IJECE

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“…Formal institutions related to ICOs have implications for financial innovation and international management. Recent research has focused on the role of contextual factors as a determinant of an ICO's success (Chitsazan et al 2022). Among relevant contextual factors are legal and regulatory frameworks and local government sentiments (Chitsazan et al 2022).…”

Section: Managerial Implicationsmentioning

confidence: 99%

“…Recent research has focused on the role of contextual factors as a determinant of an ICO's success (Chitsazan et al 2022). Among relevant contextual factors are legal and regulatory frameworks and local government sentiments (Chitsazan et al 2022). Startups and established firms find it attractive to register and launch ICOs in jurisdictions with predictable and clear regulations, such as the legal clarity of BCPs.…”

Section: Managerial Implicationsmentioning

confidence: 99%

The nature and sources of international variation in formal institutions related to initial coin offerings: preliminary findings and a research agenda

Kshetri

2023

Financ Innov

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As prior researchers have suggested, a firm’s success in an international market depends on how well its strategy fits the nonmarket environment, such as formal institutions. This paper examines the determinants of formal institutions around new areas of economic activities. Specifically, we propose a framework for understanding how the quality of formal institutions in promoting entrepreneurship drives the focus of such institutions concerning initial coin offering (ICO), which is emerging as a popular fundraising method. The paper uses inductive analysis to examine how nonmarket factors—such as a jurisdiction’s tax haven nature, regulators’ perceptions of ICOs as threats to national or political interests, and trade and industry associations—might moderate the relationship between the quality of institutions and the focus of such institutions regarding ICOs. One of this study’s key findings is that an economy’s quality of entrepreneurship-related institutions, perceived threats to national/political interests, and tax haven nature lead to different policy orientations. Consequently, regulators assign different importance when promoting crypto-entrepreneurship and dealing with associated risks. Regulators focusing mainly on promoting crypto-ventures have taken measures to enrich the blockchain ecosystem and provided tax and non-tax incentives to attract such ventures. Regulators focusing mainly on dealing with crypto-venture risks rely on a regulatory sandbox and close regulatory monitoring of such ventures.

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“…In the past few years, several researchers used mining to gain insights on the cryptocurrencies space. (Chitsazan et al 2022) identified 78 empirical studies using data mining on ICO related data. Stenqvist and Lonno achieved a 79% accuracy in predicting the Bitcoin price by analyzing sentiment from twitter feeds (Stenqvist and Lönnö 2017).…”

Section: Using Data Mining With Blockchainmentioning

confidence: 99%

An Entrepreneurial Definition of the Blockchain Technology and a Stacked Layer Model of the ICO Marketplace Using the Text Mining Approach

Gomaa

2022

JRFM

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The landscape of ICOs and its underlying Blockchain technology needs more clarity, given that several overlapping and opposing views exist from governmental institutions, institutional investors, economists, and academia. Those positions stem from confusion, bias, and vested interest. Having consensus from the pioneer entrepreneurs who define Blockchain technology usage, and its marketplace address this need. Furthermore, an agreement on the problems blockchain is solving from the industry perspective would further the understanding of the technology direction and its “raison d’être.” or “reason of existence”. The paper analyzes 4367 businesses that requested funding using ICO whitepapers and raising more than $20 billion US dollars during the most active ICO period. Using Latent Semantic Analyses (LSA), the paper identifies a one-factor solution that explains 98.15% of all ICOs. The paper conducts a second-order analysis that generates an 18-factor solution. Through the empirical analysis, the paper presents its findings as an ICO marketplace stacked layer model. The model is comprised of four layers: (1) Trust; (2) Value exchange; (3) Automation; and (4) Applications to enable value exchange, and an era of new business models. The paper then presents an unbiased, unified entrepreneurial definition of the Blockchain technology usage.

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Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies

Cited by 13 publications

References 83 publications

Correlation between capital markets and cryptocurrency: impact of the coronavirus

Correlation between capital markets and cryptocurrency: impact of the coronavirus

The nature and sources of international variation in formal institutions related to initial coin offerings: preliminary findings and a research agenda

An Entrepreneurial Definition of the Blockchain Technology and a Stacked Layer Model of the ICO Marketplace Using the Text Mining Approach

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