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Initial Crypto-asset Offerings (ICOs), tokenization and corporate governance

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Abstract

This paper discusses the potential impacts of the so-called “initial coin offerings”, and of several developments based on distributed ledger technology (“DLT”), on corporate governance. While many academic papers focus mainly on the legal qualification of DLT and crypto-assets, and most notably in relation to the potential definition of the latter as securities/financial instruments, the authors analyze some of the use cases based on DLT technology and their potential for significant changes of the corporate governance analyses. This article studies the consequences due to the emergence of new kinds of firm stakeholders, i.e. the crypto-assets holders, on the governance of small and medium-sized enterprises (“SMEs”) as well as of publicly traded companies. Since early 2016, a new way of raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, Initial Token Offerings (“ITO”), Token Generation Events (“TGE”) or simply “token sales”, we use in our paper the terminology Initial Crypto-asset Offerings (“ICO”), as it describes more effectively than “initial coin offerings” the vast diversity of assets that could be created and which goes far beyond the payment instrument issue

Suggested Citation

  • Stéphane Blemus & Dominique Guégan, 2019. "Initial Crypto-asset Offerings (ICOs), tokenization and corporate governance," Documents de travail du Centre d'Economie de la Sorbonne 19004, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  • Handle: RePEc:mse:cesdoc:19004
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    File URL: ftp://mse.univ-paris1.fr/pub/mse/CES2019/19004.pdf
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    Cited by:

    1. Thomas Lambert & Daniel Liebau & Peter Roosenboom, 2022. "Security token offerings," Small Business Economics, Springer, vol. 59(1), pages 299-325, June.
    2. Monique J. Morrow & Mehran Zarrebini, 2019. "Blockchain and the Tokenization of the Individual: Societal Implications," Future Internet, MDPI, vol. 11(10), pages 1-12, October.
    3. Louis Abraham & Dominique Guégan, 2019. "The other side of the Coin: Risks of the Libra Blockchain," Working Papers 2019: 30, Department of Economics, University of Venice "Ca' Foscari".

    More about this item

    Keywords

    ICO; Crypto-asset; Blockchain; Governance; Tokens; Fair value; Illiquid market; Kalman filter; Mark to model;
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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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