Initial Coin Offerings: Current Research and Future Directions

Jiasun Li () and William Mann ()
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Jiasun Li: George Mason University
William Mann: Emory University

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 369-393 from Springer

Abstract: 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.

Keywords: Initial coin offering; Token; Blockchain; Entrepreneurship; Cryptocurrency (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65117-6_15

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DOI: 10.1007/978-3-030-65117-6_15

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