ICO investors.

IF 1.5 Q3 BUSINESS, FINANCE

Financial Markets and Portfolio Management Pub Date : 2021-01-01 Epub Date: 2020-11-06 DOI:10.1007/s11408-020-00366-0

Rüdiger Fahlenbrach, Marc Frattaroli

引用次数: 0

Abstract

We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early-stage financing. Nevertheless, returns 9 months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency.

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ICO投资者。

我们对成功的首次代币发行(ico)的投资者进行了详细的分析。ICO平均有4700个贡献者。中位数参与者贡献的金额很少，许多投资者在基础产品开发之前就出售了他们的代币。大型预售投资者以折扣价获得代币，并在ICO后不久出售部分份额。ICO的出资人缺乏传统上为早期融资投资者提供的保护。然而，ICO 9个月后的平均回报是正的，这主要是由于以太坊加密货币的价值增加。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Markets and Portfolio Management BUSINESS, FINANCE-

CiteScore

3.20

自引率

0.00%

发文量

期刊介绍： The journal Financial Markets and Portfolio Management invites submissions of original research articles in all areas of finance, especially in – but not limited to – financial markets, portfolio choice and wealth management, asset pricing, risk management, and regulation. Its principal objective is to publish high-quality articles of innovative research and practical application. The readers of Financial Markets and Portfolio Management are academics and professionals in finance and economics, especially in the areas of asset management. FMPM publishes academic and applied research articles, shorter ''Perspectives'' and survey articles on current topics of interest to the financial community, as well as book reviews. All article submissions are subject to a double-blind peer review. http://www.fmpm.org Officially cited as: Financ Mark Portf Manag