Returns and network growth of digital tokens after cross-listings

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dc.coverageDOI: 10.1016/j.jcorpfin.2020.101853
dc.creatorBenedetti, Hugo
dc.creatorNikbakht, Ehsan
dc.date2021
dc.date.accessioned2025-11-18T19:49:47Z
dc.date.available2025-11-18T19:49:47Z
dc.description<p>This paper examines the role of cross-listings in the digital token marketplace ecosystem. Using a unique set of publicly available and hand-collected data from 3625 tokens traded in 108 marketplaces, we find significant increases in price, trading volume, network growth and on-chain activity around the date of a token's first cross-listing. Tokens earn a 16% crypto-market adjusted return in the two weeks around the cross-listing date. Daily network growth triples on the day of cross-listing. Using the uniquely heterogeneous characteristics of token marketplaces, we identify specific value-creation channels. We provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, we find higher returns for cross-listings that reduce market segmentation and improve information production. Our reported findings have significant policy implications in terms of more transparent regulations to reduce financial misconduct in the digital marketplace.</p>eng
dc.identifierhttps://investigadores.uandes.cl/en/publications/2d8a37a9-0170-4c16-ad6e-9f5b4ebd0d56
dc.identifier.urihttps://repositorio.uandes.cl/handle/uandes/56272
dc.languageeng
dc.rightsinfo:eu-repo/semantics/openAccess
dc.sourcevol.66 (2021) p.1-18
dc.subjectBTC
dc.subjectBitcoin
dc.subjectBlockchain
dc.subjectCross-listing
dc.subjectCrypto-tokens
dc.subjectCryptocurrencies
dc.subjectExchange
dc.subjectFinTech
dc.subjectICO
dc.subjectInitial coin offering
dc.subjectListing
dc.subjectMarketplace
dc.subjectNetwork effects
dc.subjectTokens
dc.titleReturns and network growth of digital tokens after cross-listingseng
dc.typeArticleeng
dc.typeArtículospa
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