Digital Tulips? Returns to investors in initial coin offerings

【Author】 Benedetti, Hugo; Kostovetsky, Leonard

【Source】JOURNAL OF CORPORATE FINANCE

【影响因子】5.107

【Abstract】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.

【Keywords】ICOs; Cryptocurrencies; Offerings; Venture capital; Underpricing

【发表时间】2021 FEB

【收录时间】2022-01-02

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