Digital Tulips?: returns to investors in initial coin offerings

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dc.coverageDOI: 10.1016/j.jcorpfin.2020.101786
dc.creatorBenedetti, Hugo
dc.creatorKostovetsky, Leonard
dc.date2021
dc.date.accessioned2025-11-18T19:43:07Z
dc.date.available2025-11-18T19:43:07Z
dc.description<p>We analyze a dataset of 2390 completed ICOs, which raised a total of $12 billion in capital, nearly all since January 2017. We find evidence of significant ICO underpricing, with average returns of 179% from the ICO price to the first day's opening market price, over a holding period that averages just 16 days. After trading begins, tokens continue to appreciate in price, generating average buy-and-hold abnormal returns of 48% in the first 30 trading days. We also study the determinants of ICO underpricing and relate cryptocurrency prices to Twitter activity.</p>eng
dc.identifierhttps://investigadores.uandes.cl/en/publications/577e270b-a989-46d4-b87e-9ab3f8c1e83d
dc.identifier.urihttps://repositorio.uandes.cl/handle/uandes/52708
dc.languageeng
dc.rightsinfo:eu-repo/semantics/restrictedAccess
dc.sourcevol.66 (2021) p.1-20
dc.subjectCryptocurrencies
dc.subjectICOs
dc.subjectOfferings
dc.subjectUnderpricing
dc.subjectVenture capital
dc.titleDigital Tulips?: returns to investors in initial coin offeringseng
dc.typeArticleeng
dc.typeArtículospa
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