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Initial Coin Offerings: a Hybrid Empirical Review

Author

Listed:
  • Muneer M. Alshater

    (Philadelphia University)

  • Mayank Joshipura

    (NMIMS University)

  • Rim El Khoury

    (Lebanese American University)

  • Nohade Nasrallah

    (EM School of Business, Strasbourg University)

Abstract

This study reviews initial coin offerings (ICOs) based on 80 empirical studies from 2018 to 2022. We apply a blend of bibliometric and content analysis to consolidate ICOs’ prior findings, track the evolutionary impact, and explore the semantic discourse and underlying theories in entrepreneurial finance. The content analysis concludes with five main streams that extensively explain the advent of ICOs, main features, embedded technologies, pricing, valuation, regulatory frameworks, frauds, and scams. It contributes to a better understanding of the ICOs hype under the following contexts: benefits versus challenges, decentralised system versus market stability, speculative behaviour and herding versus market efficiency, and geographical spread versus systematic risk. The study is beneficial for portfolio managers, hedgers, wealth managers, investors, policymakers, regulators, and entrepreneurs. Plain English Summary ICO Boom and Bust: What is Next? The study fosters the knowledge of ICOs as a new financing avenue. It consolidates prior empirical studies and extracts valuable findings from different perspectives: benefits versus challenges, decentralised system versus market stability, speculative behaviour and herding versus market efficiency, and geographical spread versus systematic risk. This study reviews initial coin offerings (ICOs) based on 80 empirical studies from 2018 to 2022. It impacts portfolio managers, hedgers, wealth managers, investors, policymakers, regulators, and entrepreneurs.

Suggested Citation

  • Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    • Handle: RePEc:kap:sbusec:v:61:y:2023:i:3:d:10.1007_s11187-022-00726-2
    DOI: 10.1007/s11187-022-00726-2
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    Cited by:

    1. Casey Watters, 2023. "Digital Gold or Digital Security? Unravelling the Legal Fabric of Decentralised Digital Assets," Commodities, MDPI, vol. 2(4), pages 1-12, October.

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    More about this item

    Keywords

    Initial coin offerings; ICOs; Crowdfunding; Entrepreneurial finance; Hybrid review; Bibliometric; Content analysis;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G40 - Financial Economics - - Behavioral Finance - - - General

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