Digital Tulips? Returns to investors in initial coin offerings

被引：56

作者：

Benedetti, Hugo ^{[1
]}

Kostovetsky, Leonard ^{[2
]}

机构：

[1] Univ Los Andes, ESE Business Sch, Santiago, Chile

[2] Boston Coll, Chestnut Hill, MA 02167 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2021年 / 66卷

关键词：

ICOs; Cryptocurrencies; Offerings; Venture capital; Underpricing; PUBLIC OFFERINGS; SAMPLE SELECTION; HOT; VENTURE; ALLOCATION; MARKETS; PRICE;

D O I：

10.1016/j.jcorpfin.2020.101786

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital, nearly all since January 2017. We find evidence of significant ICO underpricing, with average returns of 179% from the ICO price to the first day's opening market price, over a holding period that averages just 16 days. After trading begins, tokens continue to appreciate in price, generating average buy-and-hold abnormal returns of 48% in the first 30 trading days. We also study the determinants of ICO underpricing and relate cryptocurrency prices to Twitter activity.

引用

页数：20

共 46 条

[1] Why do businesses go crypto? An empirical analysis of initial coin offerings
Adhami, Saman
Giudici, Giancarlo
Martinazzi, Stefano
[J]. JOURNAL OF ECONOMICS AND BUSINESS, 2018, 100 : 64 - 75
[2] Amsden Ryan., 2018, Are blockchain crowdsales the new 'gold rush'? Success determinants of initial coin offerings: Working paper
[3] THE ROLE OF VENTURE CAPITAL IN THE CREATION OF PUBLIC COMPANIES - EVIDENCE FROM THE GOING-PUBLIC PROCESS
BARRY, CB
MUSCARELLA, CJ
PEAVY, JW
VETSUYPENS, MR
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1990, 27 (02) : 447 - 471
[4] INVESTMENT BANKING, REPUTATION, AND THE UNDERPRICING OF INITIAL PUBLIC OFFERINGS
BEATTY, RP
RITTER, JR
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1986, 15 (1-2) : 213 - 232
[5] HOW INVESTMENT BANKERS DETERMINE THE OFFER PRICE AND ALLOCATION OF NEW ISSUES
BENVENISTE, LM
SPINDT, PA
[J]. JOURNAL OF FINANCIAL ECONOMICS, 1989, 24 (02) : 343 - 361
[6] Nominal price illusion
Birru, Justin
Wang, Baolian
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2016, 119 (03) : 578 - 598
[7] Boreiko Dmitri., 2018, WORKING PAPER
[8] Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies
Brav, A
Gompers, PA
[J]. JOURNAL OF FINANCE, 1997, 52 (05) : 1791 - 1821
[9] Catalini C., 2018, NATL BUREAU EC RES W
[10] Some Simple Economics of the Blockchain
Catalini, Christian
Gans, Joshua S.
[J]. COMMUNICATIONS OF THE ACM, 2020, 63 (07) : 80 - 90

← 1 2 3 4 5 →