A Theory of ICOs: Diversification, Agency, and Information Asymmetry

References

• Adhami S , Giudici G , Martinazzi S (2018) Why do businesses go crypto? An empirical analysis of initial coin offerings. J. Econom. Bus. 100:64–75.Crossref, Google Scholar
• Bakos Y , Halaburda H (2019) The role of cryptographic tokens and ICOs in fostering platform adoption. Working paper, New York University, New York.Google Scholar
• Berger A , Udell G (1998) The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. J. Banking Finance 22(6):613–673.Crossref, Google Scholar
• Biais B , Casamatta C (1999) Optimal leverage and aggregate investment. J. Finance 54(4):1291–1323.Crossref, Google Scholar
• Bourveau T , De George E , Ellahie A , Macciocchi D (2018) Initial coin offerings: Early evidence on the role of disclosure in the unregulated crypto market. Working paper, London Business School, London.Google Scholar
• Catalini C , Gans J (2018) Initial coin offerings and the value of crypto tokens. Working paper, Massachusetts Institute of Technology, Cambridge, MA.Google Scholar
• Cho IK , Kreps M (1987) Signaling games and stable equilibria. Quart. J. Econom. 102(2):179–221.Crossref, Google Scholar
• Chod J , Trichakis N , Yang S (2019) Platform tokenization: Financing, governance, and moral hazard. Working paper, Massachusetts Institute of Technology, Cambridge, MA.Google Scholar
• Cong W , Li Y , Wang N (2019a) Tokenomics and platform finance. Working paper, Cornell University, Ithaca, NY.Google Scholar
• Cong W , Li Y , Wang N (2019b) Tokenomics: Dynamic adoption and valuation. Working paper, Cornell University, Ithaca, NY.Google Scholar
• Davydiuk T , Gupta D , Rosen S (2019) De-crypto-ing signals in initial coin offerings: Evidence of rational token retention. Working paper, Carnegie Mellon University, Pittsburgh, PA.Google Scholar
• DeMarzo P , Duffie D (1999) A liquidity-based model of security design. Econometrica 67(1):65–99.Crossref, Google Scholar
• Edmans A , Liu Q (2011) Inside debt. Rev. Finance 15(1):75–102.Crossref, Google Scholar
• Gompers P (1997) Ownership and control in entrepreneurial firms: an examination of convertible securities in venture capital. Working paper, Harvard University, Cambridge, MA.Google Scholar
• Gryglewicz S , Mayer S , Morellec E (2019) Financing with security tokens. Working paper, University of Lausanne, Lausanne, Switzerland.Google Scholar
• Hellwig M (2009) A reconsideration of the Jensen-Meckling model of outside finance. J. Financial Intermediation 18(4):495–525.Crossref, Google Scholar
• Howell S , Niessner M , Yermack D (2020) Initial coin offerings: Financing growth with cryptocurrency token sales. Rev. Financial Stud. Forthcoming.Crossref, Google Scholar
• Innes R (1990) Limited liability and incentive contracting with ex-ante action choices. J. Econom. Theory 52(1):45–67.Crossref, Google Scholar
• Jensen C , Meckling W (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econom. 3(4):305–360.Crossref, Google Scholar
• Kaal W (2018) Initial coin offerings: The top 25 jurisdictions and their comparative regulatory responses. University of St. Thomas Legal Studies Research Paper 18-07, St. Paul, MN.Google Scholar
• Kaplan S , Stromberg P (2003) Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Rev. Econom. Stud. 70(2):281–315.Crossref, Google Scholar
• Li J , Mann W (2018) Initial coin offering and platform building. Working paper, University of California, Los Angeles, CA.Google Scholar
• Lyandres E (2020) Product market competition with crypto tokens and smart contracts. Working paper, Boston University, Boston.Google Scholar
• Lyandres E , Palazzo B , Rabetti D (2019) An anatomy of initial coin offerings. Working paper, Boston University, Boston.Google Scholar
• Malinova K , Park A (2018) Tokenomics: When tokens beat equity. Working paper, University of Toronto, Toronto.Google Scholar
• Myers SC (1977) Determinants of corporate borrowing. J. Financial Econom. 5(2):147–175.Crossref, Google Scholar
• Repullo R , Suarez J (2004) Venture capital finance: A security design approach. Rev. Finance 8(1):75–108.Crossref, Google Scholar
• Sockin M , Xiong W (2018) A model of cryptocurrencies. Working paper, Princeton University, Princeton, NJ.Google Scholar
• Spence M (1973) Job market signaling. Quart. J. Econom. 87(3):355–374.Crossref, Google Scholar
• Zetsche D , Buckley R , Arner D , Fohr L (2018) The ICO gold rush: It’s a scam, it’s a bubble, it’s a super challenge for regulators. University of Luxembourg Law Working Paper 11/2017, University of Luxembourg, Luxembourg.Google Scholar