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Eine empirische Analyse von Initial Coin Offerings (ICO)

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  2. Economics, Finance, Business & Management
  3. Vierteljahrshefte zur Wirtschaftsforschung
  4. Vol. 87, Issue 3
  5. pp. 129–150

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Varmaz, A., Varmaz, N. Eine empirische Analyse von Initial Coin Offerings (ICO). Vierteljahrshefte zur Wirtschaftsforschung, 87(3), 129-150. https://doi.org/10.3790/vjh.87.3.129
Varmaz, Armin and Varmaz, Nermin "Eine empirische Analyse von Initial Coin Offerings (ICO)" Vierteljahrshefte zur Wirtschaftsforschung 87.3, 2018, 129-150. https://doi.org/10.3790/vjh.87.3.129
Varmaz, Armin/Varmaz, Nermin (2018): Eine empirische Analyse von Initial Coin Offerings (ICO), in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 87, iss. 3, 129-150, [online] https://doi.org/10.3790/vjh.87.3.129
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Eine empirische Analyse von Initial Coin Offerings (ICO)

Varmaz, Armin | Varmaz, Nermin

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 3 : pp. 129–150

3 Citations (CrossRef)

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Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.87.3.129
Language
German
Pages
22
Keywords

Author Details

Armin Varmaz, Hochschule Bremen.

Nermin Varmaz, Anheuser-Busch InBev.

Cited By

  1. Considerations on the Construction of Future Financial Regulations in the Field of Initial Coin Offering

    Szwajdler, Paweł

    European Business Organization Law Review, Vol. 23 (2022), Iss. 3 P.671

    https://doi.org/10.1007/s40804-021-00225-z [Citations: 1]

  2. Asset Pricing and Investment Styles in Digital Assets

    Digital Assets

    Glas, Tobias

    2022

    https://doi.org/10.1007/978-3-030-95695-0_5 [Citations: 0]

  3. Kryptowährungen in der Asset-Allokation: Eine empirische Untersuchung auf Basis eines beispielhaften deutschen Multi-Asset-Portfolios

    Glas, Tobias N. | Poddig, Thorsten

    Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 3 P.107

    https://doi.org/10.3790/vjh.87.3.107 [Citations: 5]

References

  1. Adhami, S., G. Giudici und S. Martinazzi (2017): Why do businesses go crypto? An empirical analysis of initial coin offerings. SSRN Electronic Journal. doi:10.2139/ssrn.3046209.  Google Scholar
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  3. Barry, C. B. et al. (1990): The role of venture capital in the creation of public companies. Evidence from the going-public process. Journal of Financial Economics, 27 (2), 447–471. doi: 10.1016/0304-405X(90)90064-7.  Google Scholar
  4. Barry, C. B., C. J. Muscarella, und M. R. Vetsuypens (1991): Underwriter warrants, underwriter compensation, and the costs of going public. Journal of Financial Economics, 29 (1), 113–135. doi: 10.1016/0304-405X(91)90016-D.  Google Scholar
  5. Beatty, R. P. und J. R. Ritter (1986): Investment banking, reputation, and the underpricing of Initial Public Offerings. Journal of Financial Economics, 15 (1–2), 213–232. doi: 10.1016/0304-405X(86)90055-3.  Google Scholar
  6. Bessler, W. und S. Thies (2007): The long-run performance of initial public offerings in Germany. Managerial Finance, 33 (6), 420–441. doi: 10.1108/03074350710748768.  Google Scholar
  7. Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.  Google Scholar
  8. Brennan, M. und Kraus, A. (1987): Efficient financing under asymmetric information. The Journal of Finance, 42 (5), 1225–1243. doi: 10.1111/j.1540-6261.1987.tb04363.x.  Google Scholar
  9. Campbell, J. Y. et al. (1997): The econometrics of financial markets. Princeton University press, Princeton, NJ.  Google Scholar
  10. Conley, J. P. (2017): Blockchain and the economics of Crypto-tokens and Initial Coin Offerings. Vanderbilt University Department of Economics Working Paper Series, (June).  Google Scholar
  11. Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.  Google Scholar
  12. Daimer (2018): Erfolgreicher Einsatz von Blockchain. www.daimler.com/investoren/refinanzierung/blockchain.html (abgerufen am 23.3.2018).  Google Scholar
  13. Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.  Google Scholar
  14. Ellul, A. und M. Pagano (2006): IPO underpricing and after-market liquidity. Review of Financial Studies, 19 (2), 381–421. doi: 10.1093/rfs/hhj018.  Google Scholar
  15. Fama, E. F. und M. C. Jensen (1983): Separation of ownership and control separation of ownership and control. Journal of law and economics, 26 (2), 301–325. doi:10.1086/467037.  Google Scholar
  16. Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.  Google Scholar
  17. Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.  Google Scholar
  18. Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.  Google Scholar
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  21. Ibbotson, R. G., J. L. Sindelar und J. R. Ritter (1994): The market’s problems with the pricing of initial public offerings Journal of Applied Corporate Finance, 7 (1), 66–74.  Google Scholar
  22. Kosba, A. et al. (2016): Hawk: The Blockchain model of cryptography and privacy-preserving smart contracts. In Proceedings – 2016 IEEE Symposium on Security and Privacy, SP 2016, 839–858. doi: 10.1109/SP.2016.55.  Google Scholar
  23. Lee, P. J., S. L. Taylor und T. S. Walter (1996): Australian IPO pricing in the short and long run. Journal of Banking and Finance, 20 (7), 1189–1210. doi: 10.1016/0378-4266(95)00053-4.  Google Scholar
  24. Loughran, T. und B. McDonald (2013): IPO first-day returns, offer price revisions, volatility, and form S-1 language. Journal of Financial Economics, 109 (2), 307–326. doi: 10.1016/j.jfineco.2013.02.017.  Google Scholar
  25. Myers, S. C. und N. S. Majluf (1984): Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13 (2), 187–221. doi: http://dx.doi.org/10.1016/0304-405X(84)90023-0.  Google Scholar
  26. Osterrieder, J. und J. Lorenz (2017): A statistical risk assessment of bitcoin and its extreme tail behavior. Annals of Financial Economics, 12 (01), 1750003. doi: 10.1142/S2010495217500038.  Google Scholar
  27. Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.  Google Scholar
  28. Ritter, J. R. (1987): The costs of going public. Journal of Financial Economics, 19 (2), 269–281. doi: 10.1016/0304-405X(87)90005-5.  Google Scholar
  29. Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.  Google Scholar
  30. Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.  Google Scholar
  31. Ritter, J. R. und I. Welch (2002): A review of IPO activity, pricing, and allocations. Journal of Finance, 57 (4; Aug), 1795–1828. doi: 10.1111/1540-6261.00478.  Google Scholar
  32. Rock, K. (1986): Why new issues are underpriced. Journal of Financial Economics, 15 (1–2), 187–212. doi: 10.1016/0304-405X(86)90054-1.  Google Scholar
  33. Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.  Google Scholar
  34. Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.  Google Scholar
  35. Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.  Google Scholar
  36. Sotiropoulou, A. und D. S. Gucrossed (2017): Bitcoin and the challenges for financial regulation. Capital Markets Law Journal, 12 (4), 466–479. doi: 10.1093/cmlj/kmx037.  Google Scholar
  37. Stiglitz, J. E. (1985): Credit markets and the control of capital. Journal of Money, Credit and Banking, 17 (2), 133. doi: 10.2307/1992329.  Google Scholar
  38. Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.  Google Scholar
  39. Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.  Google Scholar
  40. Vickrey, W. (1961): Counterspeculation, auctions, and competitive sealed tenders. The Journal of Finance, 16 (1), 8–37. doi: 10.1111/j.1540-6261.1961.tb02789.x.  Google Scholar
  41. Welch, I. (1989): Seasoned offerings, imitation costs, and the underpricing of Initial Public Offerings. The Journal of Finance, 44 (2), 421–449. doi: 10.1111/j.1540-6261.1989.tb05064.x.  Google Scholar
  42. Welch, I. (1992): Sequential sales, learning, and cascades. The Journal of Finance, 47 (2), 695–732. doi: 10.1111/j.1540-6261.1992.tb04406.x.  Google Scholar
  43. Wright, A. und P. De Filippi (2015): Decentralized blockchain technology and the rise of Lex Cryptographia. SSRN Electronic Journal. doi: 10.2139/ssrn.2580664.  Google Scholar
  44. Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.  Google Scholar
  45. Kosba, A. et al. (2016): Hawk: The Blockchain model of cryptography and privacy-preserving smart contracts. In Proceedings – 2016 IEEE Symposium on Security and Privacy, SP 2016, 839–858. doi: 10.1109/SP.2016.55.  Google Scholar
  46. Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.  Google Scholar
  47. Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.  Google Scholar
  48. Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.  Google Scholar
  49. Ibbotson, R. G. (1975): Price performance of common stock new issues. Journal of Financial Economics, 2 (3), 235–272. doi: 10.1016/0304-405X(75)90015-X.  Google Scholar
  50. Osterrieder, J. und J. Lorenz (2017): A statistical risk assessment of bitcoin and its extreme tail behavior. Annals of Financial Economics, 12 (01), 1750003. doi: 10.1142/S2010495217500038.  Google Scholar
  51. Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.  Google Scholar
  52. Welch, I. (1992): Sequential sales, learning, and cascades. The Journal of Finance, 47 (2), 695–732. doi: 10.1111/j.1540-6261.1992.tb04406.x.  Google Scholar
  53. Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.  Google Scholar
  54. Sotiropoulou, A. und D. S. Gucrossed (2017): Bitcoin and the challenges for financial regulation. Capital Markets Law Journal, 12 (4), 466–479. doi: 10.1093/cmlj/kmx037.  Google Scholar
  55. Stiglitz, J. E. (1985): Credit markets and the control of capital. Journal of Money, Credit and Banking, 17 (2), 133. doi: 10.2307/1992329.  Google Scholar
  56. Wright, A. und P. De Filippi (2015): Decentralized blockchain technology and the rise of Lex Cryptographia. SSRN Electronic Journal. doi: 10.2139/ssrn.2580664.  Google Scholar
  57. Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.  Google Scholar
  58. Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.  Google Scholar
  59. Vickrey, W. (1961): Counterspeculation, auctions, and competitive sealed tenders. The Journal of Finance, 16 (1), 8–37. doi: 10.1111/j.1540-6261.1961.tb02789.x.  Google Scholar
  60. Welch, I. (1989): Seasoned offerings, imitation costs, and the underpricing of Initial Public Offerings. The Journal of Finance, 44 (2), 421–449. doi: 10.1111/j.1540-6261.1989.tb05064.x.  Google Scholar
  61. Adhami, S., G. Giudici und S. Martinazzi (2017): Why do businesses go crypto? An empirical analysis of initial coin offerings. SSRN Electronic Journal. doi:10.2139/ssrn.3046209.  Google Scholar
  62. Ball, R. und P. Brown (1968): An empirical evaluation of income numbers. Journal of Accounting Research, 6 (2), 159–178. doi: 10.2307/2490232.  Google Scholar
  63. Barry, C. B. et al. (1990): The role of venture capital in the creation of public companies. Evidence from the going-public process. Journal of Financial Economics, 27 (2), 447–471. doi: 10.1016/0304-405X(90)90064-7.  Google Scholar
  64. Barry, C. B., C. J. Muscarella, und M. R. Vetsuypens (1991): Underwriter warrants, underwriter compensation, and the costs of going public. Journal of Financial Economics, 29 (1), 113–135. doi: 10.1016/0304-405X(91)90016-D.  Google Scholar
  65. Beatty, R. P. und J. R. Ritter (1986): Investment banking, reputation, and the underpricing of Initial Public Offerings. Journal of Financial Economics, 15 (1–2), 213–232. doi: 10.1016/0304-405X(86)90055-3.  Google Scholar
  66. Myers, S. C. und N. S. Majluf (1984): Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13 (2), 187–221. doi: http://dx.doi.org/10.1016/0304-405X(84)90023-0.  Google Scholar
  67. Ritter, J. R. und I. Welch (2002): A review of IPO activity, pricing, and allocations. Journal of Finance, 57 (4; Aug), 1795–1828. doi: 10.1111/1540-6261.00478.  Google Scholar
  68. Rock, K. (1986): Why new issues are underpriced. Journal of Financial Economics, 15 (1–2), 187–212. doi: 10.1016/0304-405X(86)90054-1.  Google Scholar
  69. Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.  Google Scholar
  70. Ritter, J. R. (1987): The costs of going public. Journal of Financial Economics, 19 (2), 269–281. doi: 10.1016/0304-405X(87)90005-5.  Google Scholar
  71. Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.  Google Scholar
  72. Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.  Google Scholar
  73. Lee, P. J., S. L. Taylor und T. S. Walter (1996): Australian IPO pricing in the short and long run. Journal of Banking and Finance, 20 (7), 1189–1210. doi: 10.1016/0378-4266(95)00053-4.  Google Scholar
  74. Loughran, T. und B. McDonald (2013): IPO first-day returns, offer price revisions, volatility, and form S-1 language. Journal of Financial Economics, 109 (2), 307–326. doi: 10.1016/j.jfineco.2013.02.017.  Google Scholar
  75. Ibbotson, R. G., J. R. Ritter und J. L.Sindelar (1988): Initial public offerings. Journal of Applied Corporate Finance, 1, 37–45. doi: 10.1016/S0927-0507(05)80074-X.  Google Scholar
  76. Ibbotson, R. G., J. L. Sindelar und J. R. Ritter (1994): The market’s problems with the pricing of initial public offerings Journal of Applied Corporate Finance, 7 (1), 66–74.  Google Scholar
  77. Conley, J. P. (2017): Blockchain and the economics of Crypto-tokens and Initial Coin Offerings. Vanderbilt University Department of Economics Working Paper Series, (June).  Google Scholar
  78. Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.  Google Scholar
  79. Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.  Google Scholar
  80. Bessler, W. und S. Thies (2007): The long-run performance of initial public offerings in Germany. Managerial Finance, 33 (6), 420–441. doi: 10.1108/03074350710748768.  Google Scholar
  81. Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.  Google Scholar
  82. Brennan, M. und Kraus, A. (1987): Efficient financing under asymmetric information. The Journal of Finance, 42 (5), 1225–1243. doi: 10.1111/j.1540-6261.1987.tb04363.x.  Google Scholar
  83. Campbell, J. Y. et al. (1997): The econometrics of financial markets. Princeton University press, Princeton, NJ.  Google Scholar
  84. Daimer (2018): Erfolgreicher Einsatz von Blockchain. www.daimler.com/investoren/refinanzierung/blockchain.html (abgerufen am 23.3.2018).  Google Scholar
  85. Ellul, A. und M. Pagano (2006): IPO underpricing and after-market liquidity. Review of Financial Studies, 19 (2), 381–421. doi: 10.1093/rfs/hhj018.  Google Scholar
  86. Fama, E. F. und M. C. Jensen (1983): Separation of ownership and control separation of ownership and control. Journal of law and economics, 26 (2), 301–325. doi:10.1086/467037.  Google Scholar
  87. Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.  Google Scholar
  88. Kosba, A. et al. (2016): Hawk: The Blockchain model of cryptography and privacy-preserving smart contracts. In Proceedings – 2016 IEEE Symposium on Security and Privacy, SP 2016, 839–858. doi: 10.1109/SP.2016.55.  Google Scholar
  89. Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.  Google Scholar
  90. Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.  Google Scholar
  91. Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.  Google Scholar
  92. Ibbotson, R. G. (1975): Price performance of common stock new issues. Journal of Financial Economics, 2 (3), 235–272. doi: 10.1016/0304-405X(75)90015-X.  Google Scholar
  93. Osterrieder, J. und J. Lorenz (2017): A statistical risk assessment of bitcoin and its extreme tail behavior. Annals of Financial Economics, 12 (01), 1750003. doi: 10.1142/S2010495217500038.  Google Scholar
  94. Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.  Google Scholar
  95. Welch, I. (1992): Sequential sales, learning, and cascades. The Journal of Finance, 47 (2), 695–732. doi: 10.1111/j.1540-6261.1992.tb04406.x.  Google Scholar
  96. Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.  Google Scholar
  97. Sotiropoulou, A. und D. S. Gucrossed (2017): Bitcoin and the challenges for financial regulation. Capital Markets Law Journal, 12 (4), 466–479. doi: 10.1093/cmlj/kmx037.  Google Scholar
  98. Stiglitz, J. E. (1985): Credit markets and the control of capital. Journal of Money, Credit and Banking, 17 (2), 133. doi: 10.2307/1992329.  Google Scholar
  99. Wright, A. und P. De Filippi (2015): Decentralized blockchain technology and the rise of Lex Cryptographia. SSRN Electronic Journal. doi: 10.2139/ssrn.2580664.  Google Scholar
  100. Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.  Google Scholar
  101. Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.  Google Scholar
  102. Vickrey, W. (1961): Counterspeculation, auctions, and competitive sealed tenders. The Journal of Finance, 16 (1), 8–37. doi: 10.1111/j.1540-6261.1961.tb02789.x.  Google Scholar
  103. Welch, I. (1989): Seasoned offerings, imitation costs, and the underpricing of Initial Public Offerings. The Journal of Finance, 44 (2), 421–449. doi: 10.1111/j.1540-6261.1989.tb05064.x.  Google Scholar
  104. Adhami, S., G. Giudici und S. Martinazzi (2017): Why do businesses go crypto? An empirical analysis of initial coin offerings. SSRN Electronic Journal. doi:10.2139/ssrn.3046209.  Google Scholar
  105. Ball, R. und P. Brown (1968): An empirical evaluation of income numbers. Journal of Accounting Research, 6 (2), 159–178. doi: 10.2307/2490232.  Google Scholar
  106. Barry, C. B. et al. (1990): The role of venture capital in the creation of public companies. Evidence from the going-public process. Journal of Financial Economics, 27 (2), 447–471. doi: 10.1016/0304-405X(90)90064-7.  Google Scholar
  107. Barry, C. B., C. J. Muscarella, und M. R. Vetsuypens (1991): Underwriter warrants, underwriter compensation, and the costs of going public. Journal of Financial Economics, 29 (1), 113–135. doi: 10.1016/0304-405X(91)90016-D.  Google Scholar
  108. Beatty, R. P. und J. R. Ritter (1986): Investment banking, reputation, and the underpricing of Initial Public Offerings. Journal of Financial Economics, 15 (1–2), 213–232. doi: 10.1016/0304-405X(86)90055-3.  Google Scholar
  109. Myers, S. C. und N. S. Majluf (1984): Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13 (2), 187–221. doi: http://dx.doi.org/10.1016/0304-405X(84)90023-0.  Google Scholar
  110. Ritter, J. R. und I. Welch (2002): A review of IPO activity, pricing, and allocations. Journal of Finance, 57 (4; Aug), 1795–1828. doi: 10.1111/1540-6261.00478.  Google Scholar
  111. Rock, K. (1986): Why new issues are underpriced. Journal of Financial Economics, 15 (1–2), 187–212. doi: 10.1016/0304-405X(86)90054-1.  Google Scholar
  112. Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.  Google Scholar
  113. Ritter, J. R. (1987): The costs of going public. Journal of Financial Economics, 19 (2), 269–281. doi: 10.1016/0304-405X(87)90005-5.  Google Scholar
  114. Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.  Google Scholar
  115. Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.  Google Scholar
  116. Lee, P. J., S. L. Taylor und T. S. Walter (1996): Australian IPO pricing in the short and long run. Journal of Banking and Finance, 20 (7), 1189–1210. doi: 10.1016/0378-4266(95)00053-4.  Google Scholar
  117. Loughran, T. und B. McDonald (2013): IPO first-day returns, offer price revisions, volatility, and form S-1 language. Journal of Financial Economics, 109 (2), 307–326. doi: 10.1016/j.jfineco.2013.02.017.  Google Scholar
  118. Ibbotson, R. G., J. R. Ritter und J. L.Sindelar (1988): Initial public offerings. Journal of Applied Corporate Finance, 1, 37–45. doi: 10.1016/S0927-0507(05)80074-X.  Google Scholar
  119. Ibbotson, R. G., J. L. Sindelar und J. R. Ritter (1994): The market’s problems with the pricing of initial public offerings Journal of Applied Corporate Finance, 7 (1), 66–74.  Google Scholar
  120. Conley, J. P. (2017): Blockchain and the economics of Crypto-tokens and Initial Coin Offerings. Vanderbilt University Department of Economics Working Paper Series, (June).  Google Scholar
  121. Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.  Google Scholar
  122. Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.  Google Scholar
  123. Bessler, W. und S. Thies (2007): The long-run performance of initial public offerings in Germany. Managerial Finance, 33 (6), 420–441. doi: 10.1108/03074350710748768.  Google Scholar
  124. Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.  Google Scholar
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Abstract

Initial coin offerings (ICOs) have become the most important capital-raising channel for firms operating in the blockchain sphere. Due to the uncertainty about the applicability of existing laws and due to less restrictive regulatory measures, the ICOs appear ex-ante attractive for firms but less so for investors. This paper describes the process of an ICO and highlights the commonalities and differences to existing forms of financing. The empirical study of 825 ICOs estimates a new issue underpricing of more than 400 percent for the first trading day. Additionally, the empirical results suggest that the order of magnitude of the underpricing does not depend on liquidity or the amount of capital raised.

Table of Contents

Section Title Page Action Price
Armin Varmaz / Nermin Varmaz: Eine empirische Analyse von Initial Coin Offerings (ICO) 1
Zusammenfassung 1
Summary 1
1 Einleitung 2
2 Grundzüge von ICOs 4
3 Empirische Merkmale von ICOs 9
3.1 Stichprobe und zeitliche Entwicklung von ICOs 9
3.2 „New-issue-underpricing“-Phänomen: Auch bei ICOs? 1
4 Erklärungsansätze 1
5 Zusammenfassung 2
Literaturverzeichnis 2

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