Ex-Post Performance of Initial Coin Offerings
This paperstudiesInitial Coin Offering (ICO) performance. It linksshort-term ICO performance tolong-term ICO performance. The final data sample contains 241 ICOsin a timeframe reaching fromApril 2013 to October 2019. The results demonstratethatICOunderpricing is 124 percent,and market-corrected ICO underpricing is 126 percent. This confirms previous research done on ICO underpricing. Furthermore, theraw average buy-and-hold returns are positive, where average market-corrected buy-and-hold returns are negative. These findingsare in line with traditional IPO literature,showing long-term underperformance and variables such as trading volume and issue sizemoderatelyjustify this.
|Economics of Management and Organisation|
|Organisation||Erasmus School of Economics|
Ooijevaar, M. (2020, May 18). Ex-Post Performance of Initial Coin Offerings. Economics of Management and Organisation. Retrieved from http://hdl.handle.net/2105/52138