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
Article, Secondary publication, Publisher's Version
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| Item Type: | Article |
|---|---|
| Type of entry: | Secondary publication |
| Title: | Initial coin offerings and the cryptocurrency hype - the moderating role of exogenous and endogenous signals |
| Language: | English |
| Date: | 26 March 2024 |
| Place of Publication: | Darmstadt |
| Year of primary publication: | September 2022 |
| Place of primary publication: | Berlin ; Heidelberg |
| Publisher: | Springer |
| Journal or Publication Title: | Electronic Markets : The International Journal on Networked Business |
| Volume of the journal: | 32 |
| Issue Number: | 3 |
| DOI: | 10.26083/tuprints-00023503 |
| Corresponding Links: | |
| Origin: | Secondary publication DeepGreen |
| 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. |
| Uncontrolled Keywords: | Initial coin offering, Cryptocurrencies, Signaling theory, Fundraising |
| Status: | Publisher's Version |
| URN: | urn:nbn:de:tuda-tuprints-235035 |
| Additional Information: | JEL classification: G41 • D81 • L15 • L86 • M13 |
| Classification DDC: | 000 Generalities, computers, information > 004 Computer science 300 Social sciences > 330 Economics |
| Divisions: | 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Fachgebiet Information Systems & E-Services |
| Date Deposited: | 26 Mar 2024 14:20 |
| Last Modified: | 22 Apr 2024 09:37 |
| SWORD Depositor: | Deep Green |
| URI: | https://tuprints.ulb.tu-darmstadt.de/id/eprint/23503 |
| PPN: | 517267136 |
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