Abstract
Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. Although they have recently sprouted up all over the world, raising millions of dollars for early-stage firms, few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2018, our study reveals that ICOs take place more frequently in countries with developed financial systems, public equity markets, and advanced digital technologies. The availability of investment-based crowdfunding platforms is also positively associated with the emergence of ICOs, while debt and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not clearly related to ICOs.
| Original language | English |
|---|---|
| Pages (from-to) | 1-26 |
| Number of pages | 26 |
| Journal | Small Business Economics |
| Early online date | 1 Feb 2019 |
| DOIs | |
| Publication status | E-pub ahead of print - 1 Feb 2019 |
Keywords
- Initial Coin Offerings
- ICOs
- Entrepreneurial Finance
- Crowdfunding
- Geography
- Geography
- Crowdfunding
- Entrepreneurial finance
- Initial coin offerings
- ICOs
ASJC Scopus subject areas
- Economics and Econometrics
- Business, Management and Accounting(all)
Cite this
The Geography of Initial Coin Offerings. / Huang, Winifred; Meoli, Michele; Vismara, Silvio.
In: Small Business Economics, 01.02.2019, p. 1-26.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - The Geography of Initial Coin Offerings
AU - Huang, Winifred
AU - Meoli, Michele
AU - Vismara, Silvio
PY - 2019/2/1
Y1 - 2019/2/1
N2 - Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. Although they have recently sprouted up all over the world, raising millions of dollars for early-stage firms, few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2018, our study reveals that ICOs take place more frequently in countries with developed financial systems, public equity markets, and advanced digital technologies. The availability of investment-based crowdfunding platforms is also positively associated with the emergence of ICOs, while debt and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not clearly related to ICOs.
AB - Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. Although they have recently sprouted up all over the world, raising millions of dollars for early-stage firms, few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2018, our study reveals that ICOs take place more frequently in countries with developed financial systems, public equity markets, and advanced digital technologies. The availability of investment-based crowdfunding platforms is also positively associated with the emergence of ICOs, while debt and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not clearly related to ICOs.
KW - Initial Coin Offerings
KW - ICOs
KW - Entrepreneurial Finance
KW - Crowdfunding
KW - Geography
KW - Geography
KW - Crowdfunding
KW - Entrepreneurial finance
KW - Initial coin offerings
KW - ICOs
UR - http://www.scopus.com/inward/record.url?scp=85060914230&partnerID=8YFLogxK
U2 - 10.1007/s11187-019-00135-y
DO - 10.1007/s11187-019-00135-y
M3 - Article
SP - 1
EP - 26
JO - Small Business Economics
JF - Small Business Economics
SN - 0921-898X
ER -