臺灣博碩士論文加值系統

This thesis examines the new concept of Initial Coin Offerings. This approach of raising funds for ventures through the offering of cryptocurrencies to the public has recently gained a lot of attention. The study describes technical aspects of cryptocurrencies and the development of this industry. In addition, it is also explored how ICOs compare to the traditional forms of funding ventures. We empirically examine the valuation of ICOs from an investment perspective and find that while only half of the ICOs are underpriced, investors can earn enourmous initial returns. As follows, it is revealed that the range of the returns is very large, suggesting that ICOs offer an investment option more suitable for risk seeking investors. The results suggest that the main driver for initial returns is the general sentiment in the cryptocurrency market, as the price movements of Bitcoin and Ethereum are the most influential indicators. Specific ICO characteristics play only a minor role: We find significant support that a precisely written whitepaper, the creation of an independent blockchain, restrain from holding a presale and a short offering phase increase the initial return. We also find evidence that returns in traditional financial markets prior the ICO do have a positive influence and the results indicate that the ICO industry has gone through a bubble.

ABSTRACT I
ACKNOWLEDGEMENTS II
TABLE OF CONTENTS III
LIST OF TABLES V
LIST OF FIGURES VI
CHAPTER ONE INTRODUCTION 1
1.1 Research Background. 1
1.1.1 The Technological Breakthrough of a Decentralized Blockchain. 2
1.1.2 History of Cryptocurrencies. 4
1.1.3 The Emergence of ICOs. 6
1.1.4 Characteristics of ICOs. 9
1.1.5 The Concerns About ICO Regulation. 13
1.2 Research Motivation and Objective. 16
1.3 Research Contribution. 16
1.4 Delimitation. 17
1.5 Research Structure. 17
CHAPTER TWO LITERATURE REVIEW 19
2.1 Related IPO Literature. 19
2.2 Related Crowdfunding Literature. 23
2.3 How to Evaluate a Cryptocurrency. 26
2.3.1 What Kind of Assets Are Cryptocurrencies. 26
2.3.2 Factors for Price Discovery. 30
2.4 ICO Valuation. 32
2.5. Theory of Initial Returns. 38
2.6 Hypothesis Development. 40
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 47
3.1 Data Collection. 47
3.2 Data Analysis. 49
3.2.1 Dependent Variable for the Initial Return. 50
3.2.2 Independent Variables. 51
3.3 Methodology and Regression Model. 59
CHAPTER FOUR RESEARCH RESULTS 63
4.1 Investment Returns. 63
4.2 Descriptive Statistics. 67
4.3 Correlation. 72
4.4 Initial Returns on ICOs. 77
4.4.1 Basic ICO Characteristics. 77
4.4.2 Jurisdiction. 81
4.4.3 Influence of Traditional Markets. 85
4.4.4 Influence of the Crypto Market. 87
4.4.5 Effects of Different Bubble Cycle Periods. 90
4.5 Robustness Test. 92
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 96
5.1 Conclusion. 96
5.2 Limitation and Challenges. 97
5.3 Prospects. 98
REFERENCES. 101
APPENDICES 106
Appendix 1: Overview of the Jurisdictions in the Sample. 106
Appendix 2: Determination of the Bubble Cycle Periods. 107

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