Initial Coin Offerings: a Hybrid Empirical Review

Muneer Alshater (), Mayank Joshipura (), Rim El Khoury () and Nohade Nasrallah ()
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Mayank Joshipura: NMIMS University
Rim El Khoury: Lebanese American University
Nohade Nasrallah: EM School of Business, Strasbourg University

Small Business Economics, 2023, vol. 61, issue 3, No 2, 908 pages

Abstract: 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.

Keywords: Initial coin offerings; ICOs; Crowdfunding; Entrepreneurial finance; Hybrid review; Bibliometric; Content analysis (search for similar items in EconPapers)
JEL-codes: G23 G24 G30 G40 L26 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11187-022-00726-2

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