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.


    Zugriff

    Zugriff über TIB


    Exportieren, teilen und zitieren



    Titel :

    Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals


    Beteiligte:

    Erschienen in:

    Erscheinungsdatum :

    2021




    Medientyp :

    Aufsatz (Zeitschrift)


    Format :

    Elektronische Ressource


    Sprache :

    Englisch



    Klassifikation :

    BKL:    83.72 Verkehrswirtschaft / 85.40 Marketing



    What do institutional investors bring to initial coin offerings (ICOs)?

    Wang, Siyi / Cai, Xiaoqiang / Guan, Lei et al. | Elsevier | 2022



    Sustainable Cryptocurrency Mining

    Horasia, Christopher / Rehman, Naveed / Yap, Max | TIBKAT | 2021

    Freier Zugriff

    US shipping initial public offerings: Do prospectus and market information matter?

    Grammenos, Costas Th. / Papapostolou, Nikos C. | Elsevier | 2011


    Medizinelektronik - der nachste Hype?

    British Library Online Contents | 2008