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The so-called initial coin offering (ICO) simplifies and democratises the raising of capital for companies, as almost everyone can participate as an investor via the internet. The process of funding capital without intermediaries also offers cost advantages and a faster execution. This thesis. The so-called initial coin offering (ICO) simplifies and democratises the raising of capital for companies, as almost everyone can participate as an investor via the internet. Abstract. Initial Coin Offerings (ICOs) came into worldwide attention in , when over $ billion flowed through them. The CME Group launched Bitcoin futures contracts in December , giving large funds their first regulated exposure to digital creacora.de: Adam B Wing. This thesis examines the influence of ex-ante uncertainty determinants on the underpricing of Initial Coin Offering (ICO) in a hand collected sample in The proxies used for ex-ante uncertainty are adapted from the models of IPO underpricing, specifically Beatty and Ritter ().Author: Tanno Arnoldus.
Items in DR-NTU are protected by copyright, with all rights reserved, unless otherwise indicated. Title: Initial coin offerings and value creation of token-based blockchain projects Authors: Zheng, Yujie Keywords: Business::Information technology Issue Date: Publisher: Nanyang Technological University Source: Zheng, Y. Initial coin offerings and value creation of token-based blockchain projects.
Doctoral thesis, Nanyang Technological University, Singapore. More and more start-ups are attempting to take advantage of blockchain technology. Specifically, these token-based blockchain start-ups often firstly launch a new Initial Coin Offering ICO project to raise funds for their development. However, with the popularity of blockchain technology, the potential of new ICO projects to mislead or deceive investors has increased considerably.
More importantly, theoretical guidance concerning how token-based blockchain start-ups leverage blockchain technology to enhance value creation is still limited. Based on information disclosure theory, one of our studies provides a framework for detecting scam ICO projects. Additionally, we also illustrate how the differences in information disclosure approaches will impact ICO funding success. Furthermore, grounded in the socio-technical perspective and the rich data obtained from case analyses of blockchain-enabled online communities, the other study of this thesis develops a theoretical model to identify the core value drivers of blockchain-enabled online communities.
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In earlier post we compared the current hype with the gold rush. Today we are touching another aspect of blockchain: the Initial Coin Offering. Initial Coin Offering is, analog to its traditional sister concept, the Initial Public Offering, a crowdsale of a financial instrument. However, this is where the similarities end.
The slow response of the regulators has created a legislative void for the first truly democratic start-up financing. The ICO market is ruled by the ruthless Darwinism on both sides, start-ups and investors themselves. New projects are introduced daily, with high hopes of changing the world, but with little hope to actually succeed.
On the other side, however, stands absolutely no investor protection. There are zero guarantees that the people running the ICO will not cash in and send postcards from the Caribbean. Many have been burned and even more will be, but also in the meantime helping set up few projects that might actually change the world. What DAO did differently, besides uniquely solving the Principal-Agent problem with what were basically periodic shareholder meetings, was to avoid the use of Dollars.
The SEC saw directly through it, and issued the aforementioned opinion implying that changing a letter in the abbreviation does not change the rules companies have to play by. It is, however, to be noted that the US is ahead of other jurisdictions.
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Hedge Fund Investment in Initial Coin Offerings ICOs. Adam B. Wing , University of Central Florida Follow. The CME Group launched Bitcoin futures contracts in December , giving large funds their first regulated exposure to digital assets. As digital assets move towards the mainstream of finance, institutional investors have followed.
This study comparatively analyzes Hedge Fund investment in digital assets against that of other institutional investment firm types Private Equity and Venture Capital by analyzing their crypto holdings and rebuilding an equally weighted portfolio for each fund. Specifically, this study shows through the composite portfolios built that digital asset investments made by hedge funds generate a much higher return than that of private equity and venture capital firms.
Average hedge fund investments have much higher trading volumes and market capitalizations than those made by private equity and venture capital firms, suggesting that PE and VC firms are taking higher risks by investing in new and little-known crypto projects. The results of this study signal that the hedge fund business model is much better suited for the high-risk, high-volatility cryptocurrency market than strategies employed by venture capital and private equity firms.
Wing, Adam B. Honors Undergraduate Theses.
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By Eleonora Spagnolo – 13 Jun The hype in the crypto sector has unleashed an incredible desire to launch new projects , some of them via ICOs , Initial Coin Offerings. The ICO phenomenon appeared in all its disruptiveness on the crypto scene at the turn of But the sector was in the midst of a speculative bubble, so many promising projects failed to break through, others were real scams, others made history.
One example is Ethereum , whose ICO actually dates back to The project has slowed down, but today not only is its ecosystem online and usable, but FIL has even entered the Grayscale basket , which has a special trust dedicated to institutional investors. Today in the sector there are more than just ICOs. ICOs in fact first appeared on the scene with Ethereum, as previously mentioned, in It was, at the time, an innovative system of financing blockchain projects: investors bought tokens, giving liquidity to the project which was effectively able to finance itself.
Today, there is also talk of IEOs Initial Exchange Offerings , but in this case, the project is launched in collaboration with a cryptocurrency exchange. This ensures that the project immediately gains credibility, especially if the token is offered on an authoritative platform.
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The Initial Coin Offerings ICOs subject has been gaining relevance due to its novelty, due to the capital amounts involved in the projects, as well as the disruptive technology and methods involved. ICOs are a disruptive way to finance new projects which involve high risks and which are mainly technological. This way to finance a project has been compared to others, namely, crowdfunding, venture capital or Initial Public Offerings IPOs.
Nevertheless, ICOs have very specific characteristics which make them unique. We have studied the ICO projects and developed a literature review on the topic. The database was collected with the combination of two data sources and is composed of profiles and ICO projects. The ratings attributed by external parties to the project are also indicators of success.
This is a preview of subscription content, access via your institution. Rent this article via DeepDyve. Adhami S, Guegan D Crypto assets: the role of ICO tokens within a well-diversified portfolio. J Ind Bus Econ — Article Google Scholar. Albrecht S, Lutz B, Neumann D The behavior of blockchain ventures on Twitter as a determinant for funding success.
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Initial Coin Offerings, kurz ICOs, haben über das letzte Jahr hinweg stark an Aufmerksamkeit gewonnen und Unternehmen, die auf ein Token-basierten Geschäftsmodell setzen, bis Ende März rund 12 Milliarden Dollar eingebracht. Die vorliegende Masterarbeit beschäftigt sich im ersten Teil mit der Frage, wo die innovative Form der Unternehmensfinanzierung in der existierenden Finanzliteratur zu positionieren ist und welche die Vor- und Nachteile gegenüber den etablierten Finanzierungsvehikeln sind.
Des Weiteren wurde eine empirische Studie durchgeführt, um die Nachhaltigkeit der derzeitigen Form von ICOs zu evaluieren. Dafür wurden Initial Coin Offerings auf deren Token Allokation, Verkaufspraktiken sowie Post-ICO Liquidität untersucht. Die Ergebnisse brachten einige überraschende Erkenntnisse hervor. So hat die Allokation keine signifikante Auswirkung auf den generellen Erfolg eines ICO. Die Untersuchung der Verkaufspraktiken zeigte zudem deutlich, dass Marketingkampagnen, die zum einen dem Ausbau der Community dienen sollen und zum anderen Interessierte zur Investition bewegen sollen, stark auf das Gefühl der Angst, etwas zu verpassen, setzen.
Die Ergebnisse der Untersuchung zur Liquidität der Token zeigten, dass nur gut die Hälfte der Tokens auf dem liquiden Sekundärmarkt gehandelt werden. Projekte, die schon während des ICO viel Aufmerksamkeit und Kapital akquirieren konnten, können auch danach eine deutlich höhere Rate, auf einer der liquidesten Börsen der Welt gelistet zu werden, aufweisen.
Trotz der erzielten Ergebnisse ist es noch zu früh, eine finale Einschätzung zur Nachhaltigkeit von Initial Coin Offerings zu tätigen, da die meisten Projekte noch kein Jahr alt sind und somit langfristigen Auswirkungen noch nicht untersucht werden konnten.
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Arnoldus, Tanno Ex-ante uncertainty as a determinant of Initial Coin Offering underpricing. More statistics for this item Repository Staff Only: item control page. University of Twente Student Theses. Ex-ante uncertainty as a determinant of Initial Coin Offering underpricing. PDF 1MB Abstract: This thesis examines the influence of ex-ante uncertainty determinants on the underpricing of Initial Coin Offering ICO in a hand collected sample in The proxies used for ex-ante uncertainty are adapted from the models of IPO underpricing, specifically Beatty and Ritter ICOs differ from IPOs in numerous ways and this research utilizes an established model for IPO underpricing for ICOs.
The proxies used are issue size, whitepaper pages and project age. The results suggest that ICOs, on average, are underpriced and that underpricing is greater if ex-ante uncertainty is greater.
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Benefit from adopting Blockchain. In this context, peer-to-peer (P2P) funding through initial coin offerings (ICOs) is often singled out as one of the most visible and promising use cases. ICOs are novel forms of crowdfunding that collect funds in exchange for so-called Blockchain tokens. Research led by the University of Pennsylvania Professor David Hoffman presents legal literature’s first detailed analysis of the inner workings of Initial Coin Offerings (ICO). Startups are using the novel funding mechanism with increasing frequency. In , an estimate ICOs raised around $ billion, and by July , an additional ICOs had raised almost $ creacora.de: David Hoffman.
Illustrating the Contrasts of Initial Coin Offerings and Initial Public Offerings. Adam Jones Follow. This paper explores the intricacies of an Initial Coin Offering and how it differs from an Initial Public Offering, specifically in terms of its process, regulations, utility, performance, and risks. The paper begins with an introduction to cryptocurrencies that includes the development of Bitcoin to more recent developments, in order to give readers the proper background knowledge to understand Initial Coin Offerings.
The paper then describes the differences between a coin and a token. Finally the paper lays out the characteristics of an Initial Coin Offerings and then compares those characteristics with that of an Initial Public Offering. Jones, A. Finance and Financial Management Commons. Advanced Search. Home About FAQ My Account Accessibility Statement Privacy Copyright. Skip to main content. ScholarWorks UARK. Login FAQ About Home.