Digital Tulips? returns to investors in initial coin offerings

Hugo Benedetti*, Leonard Kostovetsky*

*Autor correspondiente de este trabajo

Producción científica: Contribución a una revistaArtículorevisión exhaustiva

71 Citas (Scopus)

Resumen

We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital, nearly all since January 2017. We find evidence of significant ICO underpricing, with average returns of 179% from the ICO price to the first day's opening market price, over a holding period that averages just 16 days. After trading begins, tokens continue to appreciate in price, generating average buy-and-hold abnormal returns of 48% in the first 30 trading days. We also study the determinants of ICO underpricing and relate cryptocurrency prices to Twitter activity.

Idioma originalInglés
Número de artículo101786
Páginas (desde-hasta)1-20
Número de páginas20
PublicaciónJournal of Corporate Finance
Volumen66
DOI
EstadoPublicada - feb. 2021

Nota bibliográfica

Publisher Copyright:
© 2020 Elsevier B.V.

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