Initial Coin Offerings: Howell, Niessner, Yermack (SSRN)

Summary

SSRN page for the working paper Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales by Sabrina T Howell, Marina Niessner and David Yermack, listed as European Corporate Governance Institute (ECGI) Finance Working Paper No. 564/2018, 71 pages, posted 16 Jul 2018 and last revised 14 Sep 2019. The abstract says that in a sample of more than 1,500 ICOs that collectively raise $12.9 billion, success is associated with disclosure, credible commitment to the project and quality signals. It also says an instrumental variables analysis finds that ICO token exchange listing causes higher future employment. A second version is listed as NBER Working Paper No. w24774.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Download This Paper

Open PDF in Browser

Add Paper to My Library

Share:

Permalink

Using these links will ensure access to this page indefinitely

Copy URL

Copy DOI

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 564/2018

71 Pages Posted: 16 Jul 2018 Last revised: 14 Sep 2019

See all articles by Sabrina T Howell

Sabrina T Howell

Harvard Business School; National Bureau of Economic Research (NBER)

Marina Niessner

Indiana University - Kelley School of Business - Department of Finance

David Yermack

New York University (NYU) - Stern School of Business; European Corporate Governance Institute (ECGI)

There are 2 versions of this paper

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 564/2018

Number of pages: 71 Posted: 16 Jul 2018 Last Revised: 14 Sep 2019

You are currently viewing this paper

Downloads 2,007

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

NBER Working Paper No. w24774

Number of pages: 66 Posted: 06 Jul 2018 Last Revised: 12 Mar 2023

Downloads 191

Date Written: September 3, 2019

Abstract

Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and pre-sale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise $12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the enterprise.

Keywords: Initial coin offerings, Fintech, blockchain

JEL Classification: G24, G32, L26

Suggested Citation: Suggested Citation

Howell, Sabrina T and Niessner, Marina and Yermack, David, Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales (September 3, 2019). European Corporate Governance Institute (ECGI) - Finance Working Paper No. 564/2018, Available at SSRN: https://ssrn.com/abstract=3201259 or http://dx.doi.org/10.2139/ssrn.3201259

Sabrina T Howell (Contact Author)

Harvard Business School ( email )

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue Cambridge, MA 02138 United States

Marina Niessner

Indiana University - Kelley School of Business - Department of Finance

1309 E. 10th St Bloomington, IN 47405 United States

David Yermack

New York University (NYU) - Stern School of Business ( email )

44 West 4th Street Suite 9-160 New York, NY 10012-1126 United States 212-998-0357 (Phone) 212-995-4220 (Fax)

HOME PAGE: http://www.stern.nyu.edu/~dyermack

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium Rue Ducale 1 Hertogsstraat 1000 Brussels Belgium

Download This Paper

Open PDF in Browser

Do you have a job opening that you would like to promote on SSRN?

Place Job Opening

Paper statistics

Downloads

2,007

Abstract Views

8,606

Rank

16,120

129 Citations

140 References

PlumX Metrics

Related eJournals

- Corporate Finance: Capital Structure & Payout Policies eJournal Follow Corporate Finance: Capital Structure & Payout Policies eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 2,567 PAPERS 16,555
- Entrepreneurship & Management eJournal Follow Entrepreneurship & Management eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 1,286 PAPERS 6,122
- Entrepreneurship & Finance eJournal Follow Entrepreneurship & Finance eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 1,219 PAPERS 8,123
- Econometric Modeling: Corporate Finance & Governance eJournal Follow Econometric Modeling: Corporate Finance & Governance eJournal Subscribe to this fee journal for more curated articles on this topic FOLLOWERS 634 PAPERS 14,166

Feedback

Feedback to SSRN

File and source

File

papers.cfm_902730d97e8760e5_wayback.html

Size

69,711 bytes

SHA-256

3302c092d327afa093f1200784653ac95bc62e1aef5dfb4d55c8809f3003c6d4

Our copy

papers.cfm_902730d97e8760e5_wayback.html

Original

papers.ssrn.com