Eine empirische Analyse von Initial Coin Offerings (ICO)

Initial coin offerings (ICOs) have become the most important capital-raising channel for firms operating in the blockchain sphere. Due to the uncertainty about the applicability of existing laws and due to less restrictive regulatory measures, the ICOs appear ex-ante attractive for firms but less so for investors. This paper describes the process of an ICO and highlights the commonalities and differences to existing forms of financing. The empirical study of 825 ICOs estimates a new issue underpricing of more than 400 percent for the first trading day. Additionally, the empirical results suggest that the order of magnitude of the underpricing does not depend on liquidity or the amount of capital raised