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Initial Coin Offerings: Current Research and Future Directions

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Jiasun Li

    (George Mason University)

  • William Mann

    (Emory University)

Abstract

We survey the nascent academic literature on initial coin offerings (ICOs), highlighting both the insights that have been established and the questions that remain. On the empirical side, we summarize the state of knowledge about ICO pricing, returns over the short- and long-run, and determinants of adoption rates. On the theoretical side, we highlight the various economic functions that have been identified for the ICO structure, along with their implications for regulation and fragility of this market. While much work remains to be done, this literature already highlights both similarities and distinctions between ICOs and the traditional security offerings to which they are often compared. We highlight implications for both practitioners and regulators interacting with the ICO market.

Suggested Citation

  • Jiasun Li & William Mann, 2021. "Initial Coin Offerings: Current Research and Future Directions," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 369-393, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_15
    DOI: 10.1007/978-3-030-65117-6_15
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    Cited by:

    1. Wang, Siyi & Cai, Xiaoqiang & Guan, Lei & Zhang, Lianmin, 2022. "What do institutional investors bring to initial coin offerings (ICOs)?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 167(C).
    2. Thomas Lambert & Daniel Liebau & Peter Roosenboom, 2022. "Security token offerings," Small Business Economics, Springer, vol. 59(1), pages 299-325, June.
    3. Gryglewicz, Sebastian & Mayer, Simon & Morellec, Erwan, 2021. "Optimal financing with tokens," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1038-1067.

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