{"title":"初始代币发行,公司融资和金融监管","authors":"Franklin Allen","doi":"10.2139/ssrn.3664684","DOIUrl":null,"url":null,"abstract":"Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a block-chain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although many ICOs are fraudulent, most studies find positive average and median returns. Theoretical analyses suggest they can have several advantages compared to Initial Public Offerings (IPOs). They are regulated in widely differing ways with the UK, Switzerland and Singapore having regimes that make them easier to undertake than other countries.","PeriodicalId":209192,"journal":{"name":"ERN: Asset Pricing Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2020-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Initial Coin Offerings, Corporate Finance and Financial Regulation\",\"authors\":\"Franklin Allen\",\"doi\":\"10.2139/ssrn.3664684\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a block-chain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although many ICOs are fraudulent, most studies find positive average and median returns. Theoretical analyses suggest they can have several advantages compared to Initial Public Offerings (IPOs). They are regulated in widely differing ways with the UK, Switzerland and Singapore having regimes that make them easier to undertake than other countries.\",\"PeriodicalId\":209192,\"journal\":{\"name\":\"ERN: Asset Pricing Models (Topic)\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-07-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Asset Pricing Models (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3664684\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Asset Pricing Models (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3664684","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Initial Coin Offerings, Corporate Finance and Financial Regulation
Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a block-chain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although many ICOs are fraudulent, most studies find positive average and median returns. Theoretical analyses suggest they can have several advantages compared to Initial Public Offerings (IPOs). They are regulated in widely differing ways with the UK, Switzerland and Singapore having regimes that make them easier to undertake than other countries.