Eine empirische Analyse von Initial Coin Offerings (ICO)
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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
4 Citations (CrossRef)
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Armin Varmaz, Hochschule Bremen.
Nermin Varmaz, Anheuser-Busch InBev.
Cited By
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https://doi.org/10.3790/vjh.87.3.107 [Citations: 5]
References
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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.
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Google Scholar -
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Google Scholar -
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.
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Google Scholar -
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 -
Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.
Google Scholar -
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 -
Campbell, J. Y. et al. (1997): The econometrics of financial markets. Princeton University press, Princeton, NJ.
Google Scholar -
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 -
Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.
Google Scholar -
Daimer (2018): Erfolgreicher Einsatz von Blockchain. www.daimler.com/investoren/refinanzierung/blockchain.html (abgerufen am 23.3.2018).
Google Scholar -
Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.
Google Scholar -
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 -
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 -
Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.
Google Scholar -
Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.
Google Scholar -
Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.
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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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.
Google Scholar -
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 -
Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.
Google Scholar -
Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.
Google Scholar -
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 -
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 -
Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.
Google Scholar -
Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.
Google Scholar -
Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.
Google Scholar -
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 -
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 -
Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.
Google Scholar -
Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.
Google Scholar -
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 -
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 -
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 -
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 -
Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.
Google Scholar -
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 -
Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.
Google Scholar -
Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.
Google Scholar -
Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.
Google Scholar -
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 -
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 -
Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.
Google Scholar -
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 -
Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.
Google Scholar -
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 -
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 -
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 -
Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.
Google Scholar -
Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.
Google Scholar -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.
Google Scholar -
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 -
Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.
Google Scholar -
Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.
Google Scholar -
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 -
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 -
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 -
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 -
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 -
Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.
Google Scholar -
Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.
Google Scholar -
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 -
Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.
Google Scholar -
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 -
Campbell, J. Y. et al. (1997): The econometrics of financial markets. Princeton University press, Princeton, NJ.
Google Scholar -
Daimer (2018): Erfolgreicher Einsatz von Blockchain. www.daimler.com/investoren/refinanzierung/blockchain.html (abgerufen am 23.3.2018).
Google Scholar -
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 -
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 -
Fudenberg, D. und J. Tirole (1991): Game theory, strategy. doi: 10.4135/9781412984317.
Google Scholar -
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 -
Ritter, J. R. (2018): Initial Public Offerings: Updated statistics.
Google Scholar -
Szabo, N. (1996): Smart contracts: Building blocks for digital free markets. Extropy Journal of Transhuman Thought, (16), 1–10.
Google Scholar -
Deetz, M. (2013): Zur Persistenz in der Performance von Hedge-Fonds: eine empirische Untersuchung unter Berücksichtigung klassifikationsinduzierter Probleme. Hamburg, Kovac.
Google Scholar -
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 -
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 -
Seiler, K. (2009): Phasenmodelle und Investmentstilanalyse von Hedge- und Investmentfonds. Frankfurt a. M., Lang.
Google Scholar -
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 -
Ritter, J. R. (1984): The hot issue market of 1980. The Journal of Business, 57 (2), 215–240. doi: 10.1086/296260.
Google Scholar -
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 -
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 -
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 -
Iansiti, M. und K. R. Lakhani (2017): The truth about blockchain Harvard Business Review. doi: 10.1016/j.annals.2005.11.001.
Google Scholar -
Szabo, N. (1997): Formalizing and securing relationships on public networks. First Monday, 2 (9). doi: 10.5210/fm.v2i9.548.
Google Scholar -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
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 -
Gibbard, A. (1973): Manipulation of Voting Schemes: A General Result. Econometrica, 41 (4), 587. doi: 10.2307/1914083.
Google Scholar -
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 -
Copeland, T., J. Weston und K. Shastri (2005): Financial theory and corporate policy. New York, Pearson Addison Wesley.
Google Scholar -
Ritter, J. R. (1991): The long-run performance of Initial Public Offerings. Journal of Finance, 46 (1), 3–27.
Google Scholar -
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 -
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 -
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 -
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 -
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 -
Schenek, A. (2006): Überrenditen von Aktien-Neuemissionen: Determinanten der Performance von Initial Public Offerings am deutschen Markt. Bad Soden/Ts., Uhlenbruch Verlag.
Google Scholar -
Schmidt, R. und E. Terberger (2006): Grundzüge der Investitions- und Finanzierungstheorie. 4. Aufl. Wiesbaden, Gabler Verlag.
Google Scholar -
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 -
Brealey, R., S. Myers und A. Marcus (2017): Fundamentals of Corporate Finance, 9. New York, NY, Mcgraw-Hill Higher Education.
Google Scholar -
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 -
Campbell, J. Y. et al. (1997): The econometrics of financial markets. Princeton University press, Princeton, NJ.
Google Scholar -
Daimer (2018): Erfolgreicher Einsatz von Blockchain. www.daimler.com/investoren/refinanzierung/blockchain.html (abgerufen am 23.3.2018).
Google Scholar -
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 -
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
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.