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Häfner, D., Schiereck, D. Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance. ZfKE – Zeitschrift für KMU und Entrepreneurship, 68(2), 73-98. https://doi.org/10.3790/zfke.68.2.73
Häfner, David and Schiereck, Dirk "Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance" ZfKE – Zeitschrift für KMU und Entrepreneurship 68.2, , 73-98. https://doi.org/10.3790/zfke.68.2.73
Häfner, David/Schiereck, Dirk: Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance, in: ZfKE – Zeitschrift für KMU und Entrepreneurship, vol. 68, iss. 2, 73-98, [online] https://doi.org/10.3790/zfke.68.2.73
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Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance

Häfner, David | Schiereck, Dirk

ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 68 (2020), Iss. 2 : pp. 73–98

1 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/zfke.68.2.73
Language
German
Pages
26

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Individual
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Author Details

David Häfner, M.Sc. ist seit 2017 wissenschaftlicher Mitarbeiter am Fachgebiet Unternehmensfinanzierung an der technischen Universität Darmstadt.

Prof. Dr. Dirk Schiereck ist seit 2008 Leiter des Fachgebiets Unternehmensfinanzierung an der technischen Universität Darmstadt.

Cited By

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    Broß, Tamara

    2022

    https://doi.org/10.1007/978-3-658-36915-6_3 [Citations: 0]

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Abstract

Zusammenfassung

Einhergehend mit der steigenden medialen Präsenz von Blockchain-Anwendungen haben Initial Coin Offerings (ICOs) auch das Interesse von innovativen Unternehmen und Aufsichtsbehörden geweckt. ICOs bieten Unternehmen durch Ausgabe von Anteilen an einer unternehmenseigenen Währung eine neue Art der Finanzierungsmöglichkeit. Dieser Beitrag erläutert die Eigenschaften und den Ablauf einer ICO-Finanzierung und gibt einen Überblick zur Performance bisheriger ICOs. Anhand von Daten zu 175 ICOs wird gezeigt, dass die Renditen von ICOs nach ihrer Emission Ähnlichkeiten zu Zeichnungsrenditen bei Börsengängen aufweisen. Das Potenzial von ICOs als Alternative der Mittelbeschaffung für Unternehmen scheint gegeben, und mehr Transparenz könnte ICOs für Unternehmen und Investoren noch attraktiver machen.

Abstract

Simultaneously to the growing media presence of blockchain applications, Initial Coin Offerings (ICOs) have aroused the interest of innovative companies and regulators. ICOs offer companies a new way of financing by issuing shares in a company’s own currency. This article explains the characteristics and the procedure of ICO financing and provides an overview of the performance of previous ICOs. A record of 175 ICOs shows that the returns of ICOs after their issuance are very similar to IPO underpricing. The potential of ICOs as an alternative fundraising option for businesses seems given and more transparency could make them even more attractive for companies and investors.

Table of Contents

Section Title Page Action Price
David Häfner / Dirk Schiereck: Innovative Finanzierungen über Initial Coin Offerings: Struktur und bisherige Performance 1
Zusammenfassung 1
Abstract 1
I. Einleitung 2
II. Initial Coin Offerings 3
1. Investorenstruktur 5
2. Vergleich zu klassischen Finanzierungsformen 6
III. Das Underpricing-Phänomen 7
1. Underpricing bei IPOs 9
2. Underpricing bei ICOs 1
IV. Messung von Underpricing und Performance von ICOs 1
1. Messung von Underpricing bei ICOs 1
2. Messung der langfristigen Performance von ICOs 1
V. Daten 1
VI. Empirische Ergebnisse 1
VII. Fazit 2
Literatur 2

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