Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance,
with parallels to initial public offerings, venture capital, and presale crowdfunding. In a …

We find that three factors—cryptocurrency market, size, and momentum—capture the cross‐
sectional expected cryptocurrency returns. We consider a comprehensive list of price‐and …

We model cryptocurrencies as utility tokens used by a decentralized digital platform to
facilitate transactions between users of certain goods or services. The network effect …

We examine decentralization of digital platforms through tokenization as an innovation to
resolve the conflict between platforms and users. By delegating control to users, tokenization …

We examine the role of institutional investors in initial coin offerings (ICOs). Taking a
financial investor's perspective, we assess the determinants of post-ICO performance via …

This paper examines the performance of cryptocurrencies issued in initial coin offerings
(ICOs) over a three-year period after the initial exchange listing. Average (median) ICO …

This article empirically investigates some of the key features of cryptocurrency returns and
volatilities, such as their relationship with traditional asset classes, as well as the main …

In a token offering, investors fund a venture in exchange for tokens that grant rights to future
economic output. To many financial industry insiders, tokens have no intrinsic merit and exist …

Research on human attention indicates that objects that stand out from their surroundings,
ie, salient objects, attract the attention of our sensory channels and receive undue weighting …

Token sales or initial coin offerings (ICOs) are smart contracts on a blockchain designed to
raise external finance by issuing tokens or coins. This introduction provides an overview of …