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Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales / Sabrina T. Howell, Marina Niessner, David Yermack.
- Format:
- Book
- Author/Creator:
- Howell, Sabrina T.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24774.
- NBER working paper series no. w24774
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Initial Coin Offerings
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and pre-sale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise $12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the enterprise.
- Notes:
- Print version record
- June 2018.
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