Capital market based on blockchain technology and the efficient market hypothesis: theoretical and conceptual analysis

IF 0.8 Q4 MANAGEMENT International Journal of Business Performance Management Pub Date : 2021-07-21 DOI:10.1504/ijbpm.2021.116414

Mohamed Lachaari, Mustapha Benmahane

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Abstract

The purpose of this paper is to describe the theory of market efficiency and verify if their characteristics and principals are applied to the digital capital market based on blockchain technology, such as initial coin offerings (ICOs). Indeed, this work presents a comparative approach between the efficient capital market principals and the fundamentals of ICOs based on a documentary and qualitative analysis of the scientific literature and ICOs professional reports concerning the most relevant keywords related to the conceptual framework of market efficiency. As a result, we conclude according to our comparative conceptual model that ICOs market based on smart contract has many similarities with the efficient capital market where the self-regulation is the rule and each investor has free access to relevant information, and then all transactions are executed in such trust and transparency. Moreover, many factors such as regulation and institutional disclosure, liquidity and systemic risk have a significant impact on the market efficiency according to the scientific literature and professional experiences.

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基于区块链技术的资本市场与有效市场假说:理论与概念分析

本文的目的是描述市场效率理论，并验证其特征和原理是否适用于基于区块链技术的数字资本市场，如首次代币发行（ICO）。事实上，这项工作基于对科学文献和ICO专业报告的文献和定性分析，提出了有效资本市场原则和ICO基本原理之间的比较方法，这些文献和报告涉及与市场效率概念框架相关的最相关关键词。因此，根据我们的比较概念模型，我们得出结论，基于智能合约的ICO市场与高效资本市场有很多相似之处，在高效资本市场中，自律是规则，每个投资者都可以自由获取相关信息，然后所有交易都在这种信任和透明的环境中执行。此外，根据科学文献和专业经验，监管和制度披露、流动性和系统性风险等因素对市场效率有显著影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Business Performance Management MANAGEMENT-

CiteScore

1.90

自引率

10.00%

发文量

期刊介绍： The most distinctive characteristic of a high performance organisation is a strong commitment to explore innovative thinking as a means of delivering a breakthrough in performance. IJBPM aims to examine both hard and soft perspectives in managing business performance, in both public and corporate organisations. Topics covered include: -Business strategy and business process re-engineering Corporate culture- Education and training, organisational learning- Ethical and environmental issues- Intellectual assets management- Innovation and knowledge management- Internet/intranet- Operations strategy- Outsourcing and strategic alliances- Modelling techniques- Performance benchmarking and measurement- Productivity and quality- Public sector management- Technological change and impact- Virtual team working.