| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24418 |
| 来源ID | Working Paper 24418 |
| Initial Coin Offerings and the Value of Crypto Tokens | |
| Christian Catalini; Joshua S. Gans | |
| 发表日期 | 2018-03-19 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper explores how entrepreneurs can use initial coin offerings — whereby they issue crypto tokens and commit to only accept those tokens as payment for their products — to fund venture start-up costs. We show that the ICO mechanism allows entrepreneurs to generate buyer competition for the token, giving it value. We also find that venture returns are independent of any committed growth in the supply of tokens over time, but that initial funds raised are maximized by setting that growth to zero to encourage saving by early participants. Nonetheless, since the value of the tokens depends on a single period of demand, the ability to raise funds is more limited than in traditional equity finance. Furthermore, a lack of commitment in monetary policy undermines saving behavior, hence the cost of using tokens to fund start-up costs is inflexibility in future capital raises. Crypto tokens can also facilitate coordination among stakeholders within digital ecosystems when network effects are present. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w24418 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582092 |
| 推荐引用方式 GB/T 7714 | Christian Catalini,Joshua S. Gans. Initial Coin Offerings and the Value of Crypto Tokens. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24418.pdf（298KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
