Initial Coin Offerings: a Hybrid Empirical Review

【Author】 Alshater, Muneer M.; Joshipura, Mayank; El Khoury, Rim; Nasrallah, Nohade

【Source】SMALL BUSINESS ECONOMICS

【影响因子】7.096

【Abstract】This study reviews initial coin offerings (ICOs) based on 80 empirical studies from 2018 to 2022. We apply a blend of bibliometric and content analysis to consolidate ICOs' prior findings, track the evolutionary impact, and explore the semantic discourse and underlying theories in entrepreneurial finance. The content analysis concludes with five main streams that extensively explain the advent of ICOs, main features, embedded technologies, pricing, valuation, regulatory frameworks, frauds, and scams. It contributes to a better understanding of the ICOs hype under the following contexts: benefits versus challenges, decentralised system versus market stability, speculative behaviour and herding versus market efficiency, and geographical spread versus systematic risk. The study is beneficial for portfolio managers, hedgers, wealth managers, investors, policymakers, regulators, and entrepreneurs.

【Keywords】Initial coin offerings; ICOs; Crowdfunding; Entrepreneurial finance; Hybrid review; Bibliometric; Content analysis

【发表时间】

【收录时间】2023-02-19

【文献类型】综述

【主题类别】

区块链治理-市场治理-ICO