Initial coin offerings (ICOs): market cycles and relationship with bitcoin and ether

被引：37

作者：

Masiak, Christian ^{[1
]}

Block, Joern H. ^{[1
,2
]}

Masiak, Tobias ^{[3
]}

Neuenkirch, Matthias ^{[4
]}

Pielen, Katja N. ^{[5
]}

机构：

[1] Trier Univ, Chair Management, Univ Ring 15, D-54296 Trier, Germany

[2] Erasmus Univ, Sch Econ, Erasmus Inst Management, Dept Appl Econ, POB 1738, NL-3000 DR Rotterdam, Netherlands

[3] Saarland Univ, ZeMA gGmbH, Gewerbepk Eschberger Weg 46,Geb 9, D-66121 Saarbrucken, Germany

[4] Trier Univ, Dept Econ, Univ Ring 15, D-54296 Trier, Germany

[5] Trier Univ, Dept Psychol, Univ Ring 15, D-54296 Trier, Germany

来源：

SMALL BUSINESS ECONOMICS | 2020年 / 55卷 / 04期

关键词：

Initial coin offering (ICO); Blockchain; Cryptocurrency; Distributed ledger technology; Entrepreneurial finance; Bitcoin; Ether; Vector autoregression (VAR) model; FUNDING DYNAMICS; IPO; CRYPTOCURRENCIES; MEDIA;

D O I：

10.1007/s11187-019-00176-3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We apply a vector autoregression (VAR) model to investigate the market cycles of Initial Coin Offerings (ICOs) as well as their relationships with bitcoin and ether. Our sample covers 104 weekly observations between January 2017 and December 2018. Our results show that ICO market cycles exist and that shocks to the growth rates of ICO volumes are persistent. In addition, shocks in cryptocurrency returns have a substantial and positive effect on ICO volumes. In contrast, the volatility of cryptocurrency returns does not significantly affect ICO volumes. Our results are robust to using (i) the number of successfully completed ICO campaigns instead of ICO volumes and (ii) ICO data from a different data source. Our study has implications for financial practice, in particular for cryptocurrency investors and entrepreneurial firms conducting ICOs.

引用

页码：1113 / 1130

页数：18

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