| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24774 |
| 来源ID | Working Paper 24774 |
| Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales | |
| Sabrina T. Howell; Marina Niessner; David Yermack | |
| 发表日期 | 2018-07-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w24774 |
| 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/582447 |
| 推荐引用方式 GB/T 7714 | Sabrina T. Howell,Marina Niessner,David Yermack. Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales. 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 | ||
| w24774.pdf（1136KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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