Thies, Ferdinand ; Wallbach, Sören ; Wessel, Michael ; Besler, Markus ; Benlian, Alexander (2024)
Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals.
In: Electronic Markets : The International Journal on Networked Business, 2022, 32 (3)
doi: 10.26083/tuprints-00023503
Artikel, Zweitveröffentlichung, Verlagsversion
Kurzbeschreibung (Abstract)
Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous and endogenous signals on the performance of ICOs as well as the effects of the cryptocurrency hype and subsequent downfall of Bitcoin between 2016 and 2019 remain underexplored. We applied ordinary least squares (OLS) regressions based on a dataset containing 1597 ICOs that covers almost 2.5 years. The results show that exogenous and endogenous signals have a significant effect on the funds raised in ICOs. We also find that the Bitcoin price heavily drives the performance of ICOs. However, this hype effect is moderated, as high-quality ICOs are not pegged to these price developments. Revealing the interplay between hypes and signals in the ICO’s asset class should broaden the discussion of this emerging digital phenomenon.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2024 |
| Autor(en): | Thies, Ferdinand ; Wallbach, Sören ; Wessel, Michael ; Besler, Markus ; Benlian, Alexander |
| Art des Eintrags: | Zweitveröffentlichung |
| Titel: | Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals |
| Sprache: | Englisch |
| Publikationsjahr: | 26 März 2024 |
| Ort: | Darmstadt |
| Publikationsdatum der Erstveröffentlichung: | September 2022 |
| Ort der Erstveröffentlichung: | Berlin ; Heidelberg |
| Verlag: | Springer |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | Electronic Markets : The International Journal on Networked Business |
| Jahrgang/Volume einer Zeitschrift: | 32 |
| (Heft-)Nummer: | 3 |
| DOI: | 10.26083/tuprints-00023503 |
| URL / URN: | https://tuprints.ulb.tu-darmstadt.de/23503 |
| Zugehörige Links: | |
| Herkunft: | Zweitveröffentlichung DeepGreen |
| Kurzbeschreibung (Abstract): | Initial coin offerings (ICOs) have recently emerged as a new financing instrument for entrepreneurial ventures, spurring economic and academic interest. Nevertheless, the impact of exogenous and endogenous signals on the performance of ICOs as well as the effects of the cryptocurrency hype and subsequent downfall of Bitcoin between 2016 and 2019 remain underexplored. We applied ordinary least squares (OLS) regressions based on a dataset containing 1597 ICOs that covers almost 2.5 years. The results show that exogenous and endogenous signals have a significant effect on the funds raised in ICOs. We also find that the Bitcoin price heavily drives the performance of ICOs. However, this hype effect is moderated, as high-quality ICOs are not pegged to these price developments. Revealing the interplay between hypes and signals in the ICO’s asset class should broaden the discussion of this emerging digital phenomenon. |
| Freie Schlagworte: | Initial coin offering, Cryptocurrencies, Signaling theory, Fundraising |
| Status: | Verlagsversion |
| URN: | urn:nbn:de:tuda-tuprints-235035 |
| Zusätzliche Informationen: | JEL classification: G41 • D81 • L15 • L86 • M13 |
| Sachgruppe der Dewey Dezimalklassifikatin (DDC): | 000 Allgemeines, Informatik, Informationswissenschaft > 004 Informatik 300 Sozialwissenschaften > 330 Wirtschaft |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Information Systems & E-Services |
| Hinterlegungsdatum: | 26 Mär 2024 14:20 |
| Letzte Änderung: | 15 Apr 2024 10:00 |
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| Zugehörige Links: | |
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