{"title":"Are ICOs the best? A comparison of different fundraising models in blockchain-based fundraising","authors":"Yan Sun, Sung-Byung Yang","doi":"10.1016/j.jfs.2024.101288","DOIUrl":null,"url":null,"abstract":"<div><p>Blockchain is a ground-breaking technology with potential applications in fundraising. In this study, we analyze the blockchain-based fundraising data from 2019 to 2021 to investigate the differences between various fundraising models (i.e., ICO, IEO, IDO, and MIX). More specifically, in Study 1, we conduct ANCOVA and ANOVA to examine differences in fundraising success and token performance after listing between different fundraising models. In Study 2, we first explore the factors that affect fundraising success and token performance, and then verify whether the impact of these factors varies between fundraising models. The findings of our research have implications for both firms and investors, assisting firms in selecting the most effective fundraising models and aiding investors in identifying tokens with the greatest potential.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101288"},"PeriodicalIF":6.1000,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Stability","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1572308924000731","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Blockchain is a ground-breaking technology with potential applications in fundraising. In this study, we analyze the blockchain-based fundraising data from 2019 to 2021 to investigate the differences between various fundraising models (i.e., ICO, IEO, IDO, and MIX). More specifically, in Study 1, we conduct ANCOVA and ANOVA to examine differences in fundraising success and token performance after listing between different fundraising models. In Study 2, we first explore the factors that affect fundraising success and token performance, and then verify whether the impact of these factors varies between fundraising models. The findings of our research have implications for both firms and investors, assisting firms in selecting the most effective fundraising models and aiding investors in identifying tokens with the greatest potential.
期刊介绍：
The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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