Does policy uncertainty of the blockchain dampen ICO markets?

【Author】 Zhang, Shuyu; Zhang, Dunli; Zheng, Jianming; Aerts, Walter

【Source】ACCOUNTING AND FINANCE

【影响因子】2.473

【Abstract】Policy uncertainty created by regulatory authorities regarding the blockchain matters for the initial coin offering (ICO) market. Using an ICO dataset from four major cryptocurrency exchanges, we find that higher policy uncertainty regarding the blockchain leads to a lower return and a lower trading volume of an ICO on its first trading day. Although ICOs are decentralised by design and less vulnerable to direct regulatory intervention, we conclude that blockchain policy uncertainty constitutes an important component of the information environment of ICO ventures.

【Keywords】Policy uncertainty; Blockchain; Initial coin offering; Cryptocurrency

【发表时间】2020 APR

【收录时间】2022-01-02

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