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Erschienen in:
Cryptocurrencies as an Asset Class Kapitel lesen Erstes Kapitel lesen

2019 | OriginalPaper | Buchkapitel

Initial Coin Offerings: What Do We Know and What Are the Success Factors?

verfasst von : Chen Liu, Haoquan Wang

Erschienen in: Cryptofinance and Mechanisms of Exchange

Verlag: Springer International Publishing

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Abstract

This chapter reviews empirical studies on the characteristics of initial coin offerings (ICO) and determinants of ICO success. This chapter contributes to the literature by providing a discussion on all key elements in a full-cycle ICO and conducts comprehensive literature review of the common practice and key success factors for ICOs. Findings of this chapter provide important managerial and policy implications. Regulators should pay attention to the specific market frictions discussed in this chapter in order to provide a regulation framework that protects investors and promotes the market efficiency. The optimal regulatory framework should address information asymmetry by using disclosure provisions and impose legal obligations on analysts reviewing ICOs and the marketing materials.

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Vorheriges Kapitel Crypto Tokens and Token Offerings: An Introduction
Nächstes Kapitel Initial Coin Offerings (ICOs): Risks, Regulation, and Accountability
Fußnoten
1
Both Benedetti and Kostovetsky (2018) and Amsden and Schweizer (2018) find that the average percent of all tokens sold during the ICO is 60%. Fisch (2019) finds 56%. Howell et al. (2018) find that the average is 54%. Lee et al. (2018) find 57% among successful and 61% among failed ICOs. Lyandres et al. (2019) finds 57%.
 
2
Specifically, Lyandres et al. (2019) find that the mean hard cap is $93 million, while in more than 50% of the ICOs, it is larger than $20 million, highlighting the skewness. Benedetti and Kostovetsky (2018) find that the average hard cap is approximately $43 million (median = $23 million). Lee et al. (2018), find that the average hard cap for successful ICOs is approximately $88 million (median = $22 million).
 
3
Specifically, they find that the ratio of amount raised normalized by hard cap is negatively associated with amount raised, with a 1% increase in hard cap associated with a 0.06–0.08% reduction in the normalized amount raised.
 
4
Specifically, Lee et al. (2018) find that gross proceeds increase by $4.7 million when the average analyst rating increases by one point and that successful ICOs on average had a rating of 3.3 (out of 5), 0.7 points higher than that for failed token sales.
 
5
Their results are (1) completed ICOs tend to have significantly higher ratings than failed ICOs; (2) rating is positively associated with the likelihood of completing an ICO; (3) higher ratings are strongly negatively associated with two measures of crash risk, extreme negative returns and negative return skewness; and (4) are negatively associated with post-ICO illiquidity and return volatility.
 
6
Specifically, Adhami et al. (2018) find that the average duration is 27 days, but that it is heterogeneous—“some ICOs close in a few days, whereas other are open for some months”. Benedetti and Kostovetsky (2018) find that the average ICO lasts 37 days (median = 31). They also find that this figure has recently been rising with an average of 41 days for 2018 ICOs, Fisch (2019) finds that the average duration is 25 days. Howell et al. (2018) find that the average duration of an ICO is 40 days.
 
7
Specifically, Lee et al. (2018) find that the average time from ICO completion to listing is 18.5 days, whereas Benedetti and Kostovetsky (2018) find that the average (median) time to be 31 (16) days. They also find that some ICOs were listed prior to the end of the ICO. Momtaz (2019a) documents an average (median) time of 93 (42) days.
 
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Metadaten
Titel
Initial Coin Offerings: What Do We Know and What Are the Success Factors?
verfasst von
Chen Liu
Haoquan Wang
Copyright-Jahr
2019
Verlag
Springer International Publishing
Buch
Cryptofinance and Mechanisms of Exchange

Print ISBN: 978-3-030-30737-0

Electronic ISBN: 978-3-030-30738-7

Copyright-Jahr: 2019

DOI
https://doi.org/10.1007/978-3-030-30738-7_9