Download Free An Analysis Of The Initial Coin Offering Market And Its Returns Book in PDF and EPUB Free Download. You can read online An Analysis Of The Initial Coin Offering Market And Its Returns and write the review.

With the development of the Blockchain technology a new alternative of funding for start-ups was introduced to the market: Initial Coin Offerings (ICOs). At its core, an ICO is a fundraising mechanism, which facilitates the issuance of digital coins to a crowd of investors. Two prominent projects that were funded via ICO were Ripple in 2013 and Ethereum in 2015, the emergance of ICOs on a big scale however only started taking place in 2017. The hype that ICOs experienced in 2017 was ended on the 17. December of the same year, with the collapse of the coin prices. Since then, the ICO landscape has experienced deep reaching changes, not least due to regulations. One example being the FINMA guideline of February 2018, on how to legally handle ICOs. As a result, ICOs are starting to represent a widely accepted alternative funding method to venture capital. Therefore, an impact or causality between the two funding methods is possible. This potential interplay is the subject of this paper, for which cases conducting ICOs were examined in detail in a first step. The qualitative analysis resulted in four observations: Firstly, the advantage of utility tokens for start-ups offering a business model based on user interaction. Secondly, the benefit of the liquidity of the ICO market for investors. Thirdly, the fact that start-ups need more support than just fundraising and lastly the short time to market of ICOs, which results in a competitive advantage. In a second step these observations were used to form four propositions for venture capitalists (VCs) to participate in an ICO environment: firstly, VCs investing into utility coins can leverage their resources to increase user interaction on the platform and thus secure their investment. Secondly, a VC can contribute to the ICO market with value-add. Thirdly, the liquidity of ICO markets opens up potential for a VC to offer a more diversified portfolio of investments. Lastly, ICOs can sh.
A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
The monograph’s subject matter centres on cryptocurrencies, an instrument which aspires to be a modern form of money, and on its place in the world economy, payments systems and financial markets. Special attention is paid to the principles of their usage in Initial Coin Offerings (ICOs), one of the most important areas of their application. The aim of the work is the identification of the economic essence of cryptocurrencies. This includes their functions in settlement systems and as financial instruments, an indication of their role in crowdfunding, as well as the characterisation of the mechanism of the ICO and its core rules. The ICO market is becoming more and more popular among investors and companies seeking to increase or raise capital. The analysis of the cases included in the book shows the importance of a well-prepared white paper, the primary document which contains all the information linked with the project.
Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings, and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space.
This thesis introduces a newly emerged funding method based on blockchain technology, namely, the Initial Coin Offering (ICO), and examines the impact of regulations on this funding method. Drawing on both financial and innovation theories, the thesis argues that regulations negatively impact the ICO market at a macro level in its early stage of development. Using a panel analysis of hand-collected cross-national data from 2013 to 2017, the findings of this thesis are consistent with the hypotheses. Overall, this thesis provides an important implication for both policymakers and regulators, indicating the need for a "balance" between investor protection and market development when regulating financial activities that are driven by emerging technology.
Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
This book provides an updated view of new trends in entrepreneurial finance, with the aim of guiding academics and non-academics alike that want to gain a deeper understanding of this field.It collects recent contributions from scholars from all over the world. Each chapter provides new empirical or theoretical evidence on fundamental issues related to entrepreneurial finance, including business angels, crowdfunding, Initial Coin Offerings, Mini bonds, public support and more. Besides reviewing the recent trends in the field, the book also highlights new avenues for research, and implications for practitioners.
This book discusses various aspects of blockchains in economic systems and investment strategies in crypto markets. It first addresses the topic from a conceptual and theoretical point of view, and then analyzes it from an assessment and investment angle. Further, it examines the opportunities and limitations of the taxation of crypto currency, as well as the political implications, such as regulation of speculation with crypto currencies. The book is intended for academicians and students in the fields of economics and finance.
Initial Coin Offerings (ICOs) are currently one of the most fashionable topics in the area of financial markets. For token issuers, they are a success story. By the end of 2018 nearly $ 30 billion dollars have been raised in ICOs. From the investors' perspective, however, things do not look so shiny. Lots of them claim to have lost significant amounts of money invested in tokens issued by more or less reputable companies. In this market report, we analyze the ICOs of 2017. We illustrate the ICO market of that year and scrutinize how prices of the issued tokens have developed until today. Thereby, we take the perspective of an investor that bought tokens initially from the issuer. We found that investors, which invested in ICOs during 2017, had, at first, a 50% chance that their tokens traded above their ICO issue price after six months. Yet, things have changed over time. By mid-December 2018, the vast majority of those tokens are in the red. 55% of tokens have lost substantially all their value. Nevertheless, it is our view that it would be too hasty to predict the end of ICOs from these numbers.