Search Advanced

Quantitative Finance and Economics

2020, Volume 4, Issue 4: 608-639. doi: 10.3934/QFE.2020028
Previous Article Next Article
Research article

Cheap signals in security token offerings (STOs)

  • 1.
    Blockchain Research Lab, Max-Brauer-Allee 46, 22765 Hamburg, Germany
  • 2.
    Faculty of Business, Economics & Social Sciences, University of Hamburg, Hamburg, Germany
  • 3.
    Faculty of Arts & Science, Concordia University, Montreal, Canada
  • Received: 07 July 2020 Accepted: 16 September 2020 Published: 21 September 2020

  • JEL Codes: C1, C5, G15, G3

  • Blockchain-based security token offerings (STOs) provide a new way of crowdfunding and corporate financing. Tokens are immediately transferable and can be traded 24/7 on secondary markets, clearing and settlement is a matter of only a few minutes, tokens can be held personally, i.e. brokers and custody accounts are no longer required and the underlying blockchain ensures transparency of all transactions. This study provides an overview of security tokens and the STO model for corporate financing. Our analysis investigates security tokens from the perspective of a firm looking to raise capital. Building on signaling theory, this paper examines 1) whether companies conducting an STO make use of cheap signals to influence investment behavior and 2) if such use of cheap signals is effective. We analyze a dataset of 151 STOs and identify that cheap signals of human capital and social media are used by projects and have a positive effect on funding success. The type of signals influencing funding success indicate that the market is still immature, as projects have a clear incentive to enlarge the level of asymmetric information between them and potential investors. The anticipated level of punishment for misusing cheap signaling is low, as the mechanism does not represent fraud but "cheating". This is a concern for investor protection.

    Citation: Lennart Ante, Ingo Fiedler. Cheap signals in security token offerings (STOs)[J]. Quantitative Finance and Economics, 2020, 4(4): 608-639. doi: 10.3934/QFE.2020028

    Related Papers:

  • Blockchain-based security token offerings (STOs) provide a new way of crowdfunding and corporate financing. Tokens are immediately transferable and can be traded 24/7 on secondary markets, clearing and settlement is a matter of only a few minutes, tokens can be held personally, i.e. brokers and custody accounts are no longer required and the underlying blockchain ensures transparency of all transactions. This study provides an overview of security tokens and the STO model for corporate financing. Our analysis investigates security tokens from the perspective of a firm looking to raise capital. Building on signaling theory, this paper examines 1) whether companies conducting an STO make use of cheap signals to influence investment behavior and 2) if such use of cheap signals is effective. We analyze a dataset of 151 STOs and identify that cheap signals of human capital and social media are used by projects and have a positive effect on funding success. The type of signals influencing funding success indicate that the market is still immature, as projects have a clear incentive to enlarge the level of asymmetric information between them and potential investors. The anticipated level of punishment for misusing cheap signaling is low, as the mechanism does not represent fraud but "cheating". This is a concern for investor protection.


    加载中


    [1] Adhami S, Giudici G, Martinazzi S (2018) Why do businesses go crypto? An empirical analysis of Initial Coin Offerings. J Econ Bus 100: 64-75. doi: 10.1016/j.jeconbus.2018.04.001
    [2] Ahlers GK, Cumming D, Günther C, et al. (2015) Signaling in equity crowdfunding. Entrep Theory Pract 39: 955-980. doi: 10.1111/etap.12157
    [3] Agrawal AK, Catalini C, Goldfarb A (2010) The geography of crowdfunding. NBER working paper No. w16820.
    [4] Akerlof GA (1970) The market for "lemons": Quality uncertainty and the market mechanism. Q J Econ 84: 488-500. doi: 10.2307/1879431
    [5] Amsden R, Schweizer D (2018) Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings. Working paper.
    [6] Anglin AH, Short JC, Drover W, et al. (2018) The power of positivity? The influence of positive psychological capital language on crowdfunding performance. J Bus Ventur 33: 470-492. doi: 10.1016/j.jbusvent.2018.03.003
    [7] Ante L (2018) Cryptocurrency, Blockchain and Crime, In McCarthy, K. (ed.), The Money Laundering Market: Regulating the criminal economy, Agenda Publishing, 171-198.
    [8] Ante L, Sandner P, Fiedler I (2018) Blockchain-based ICOs: Pure Hype or the Dawn of a New Era of Startup Financing? J Risk Financ Manag 11: 80.
    [9] Ante L (2019) Market reaction to exchange listings of cryptocurrencies. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3450301.
    [10] Ante L, Meyer A (2019) Cross‐listings of blockchain‐based tokens issued through initial coin offerings: do liquidity and specific cryptocurrency exchanges matter? BRL Working Paper No. 5
    [11] Ante L (2020) A place next to Satoshi: foundations of blockchain and cryptocurrency research in business and economics. Scientometrics 124: 1-29. doi: 10.1007/s11192-020-03436-2
    [12] Ante L (2020b) Smart Contracts on the Blockchain—A Bibliometric Analysis and Review. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3576393.
    [13] Ante L (2020c) Bitcoin transactions, information asymmetry and trading volume. Quant Financ Econ 4: 365-381. doi: 10.3934/QFE.2020017
    [14] Ante L, Fiedler I (2020) Market Reaction to Large Transfers on the Bitcoin Blockchain-Do Size and Motive Matter? Financ Res Let [In Press].
    [15] BaFin (2017) Bundesanstalt für Finanzaufsicht. Hinweisschreiben (WA) GZ: WA 11-QB 4100-2017/0010 Aufsichtsrechtliche Einordnung von sog. Initial Coin Offerings (ICOs) zugrundeliegenden Token bzw. Kryptowä hrungen als Finanzinstrumente im Bereich der Wertpapieraufsicht. Available from: https://www.bafin.de/SharedDocs/Downloads/DE/Merkblatt/WA/dl_hinweisschreiben_einordnung_ICOs.pdf?_blob=publicationFile&v=2.
    [16] Baker M, Wurgler J (2002) Market timing and capital structure. J Financ 57: 1-32. doi: 10.1111/1540-6261.00414
    [17] Batiz-Benet J, Santori M, Clayburgh J (2017) The SAFT Project: Toward a Compliant Token Sale Framework. SAFT Project White Paper, Cooley. Available from: https://saftproject.com/static/SAFT-Project-Whitepaper.pdf.
    [18] Baydakova (2018) Binance Partners with Malta to Launch Security Token Trading Platform. Available from: https://www.coindesk.com/binance-partners-with-malta-to-launch-security-token-trading-platform.
    [19] Becker GS (1968) Crime and Punishment: An Economic Approach. J Polit Econ 76: 169-217. doi: 10.1086/259394
    [20] Becker GS (1993) Nobel Lecture: The Economic Way of Looking at Behavior. J Polit Econ 101: 385-409. doi: 10.1086/261880
    [21] eatty RP (1989) Auditor reputation and the pricing of initial public offerings. Account Rev 64: 693-709.
    [22] Bhattacharya S (1979) Imperfect information, dividend policy, and "the bird in the hand" fallacy. Bell J Econ 10: 259-270. doi: 10.2307/3003330
    [23] Bogusz CI, Laurell C, Sandström C (2020) Tracking the Digital Evolution of Entrepreneurial Finance: The Interplay Between Crowdfunding, Blockchain Technologies, Cryptocurrencies, and Initial Coin Offerings. IEEE Tran Eng Manage, 1-10.
    [24] Börse D (2018) Deutsche Börse Group and HQLAX partner to build securities lending solution on the R3 Corda blockchain platform. Available from: http://www.deutsche-boerse-cash-market.com/dbcm-en/newsroom/press-releases/Deutsche-Boerse-Group-and-HQLAX-partner-to-build-securities-lending-solution-on-the-R3-Corda-blockchain-platform/3357600.
    [25] runnermeier MK, Pedersen LH (2008) Market liquidity and funding liquidity. Rev Financ Stud 22: 2201-2238. doi: 10.1093/rfs/hhn098
    [26] Buterin V (2013) Ethereum: A next-generation smart contract and decentralized application platform. Available from: https://www.weusecoins.com/assets/pdf/library/Ethereum_white_paper-a_next_generation_smart_contract_and_decentralized_application_platform-vitalik-buterin.pdf.
    [27] Carpenter MA, Pollock TG, Leary MM (2003) Testing a model of reasoned risk‐taking: governance, the experience of principals and agents, and global strategy in high‐technology IPO firms. Strategic Manage J 24: 803-820. doi: 10.1002/smj.338
    [28] Carpenter RE, Petersen BC (2002) Is the growth of small firms constrained by internal finance? Rev Econ Stat 84: 298-309.
    [29] Carter R, Manaster S (1990) Initial public offerings and underwriter reputation. J Financ 45: 1045-1067. doi: 10.1111/j.1540-6261.1990.tb02426.x
    [30] Carter SM (2006) The interaction of top management group, stakeholder, and situational factors on certain corporate reputation management activities. J Manage Stud 43: 1146-1176.
    [31] Certo ST (2003) Influencing initial public offering investors with prestige: Signaling with board structures. Acad Manage Rev 28: 432-446. doi: 10.5465/amr.2003.10196754
    [32] Chen H, Gompers P, Kovner A, et al. (2009) Buy local? The geography of successful and unsuccessful venture capital expansion. NBER working paper No. w15102.
    [33] Chen XP, Yao X, Kotha S (2009). Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists' funding decisions. Acad Manage J 52: 199-214. doi: 10.5465/amj.2009.36462018
    [34] Cholakova M, Clarysse B (2015) Does the possibility to make equity investments in crowdfunding projects crowd out reward‐based investments? Entrep Theory Pract 39: 145-172.
    [35] Coinschedule (2018) Cryptocurrency ICO Stats 2018. Available from: https://www.coinschedule.com/stats.html.
    [36] Colombo MG, Meoli M, Vismara S (2019) Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists. J Bus Ventur 34: 141-177. doi: 10.1016/j.jbusvent.2018.04.009
    [37] Connelly BL, Certo ST, Ireland RD, et al. (2011) Signaling theory: A review and assessment. J Manage 37: 39-67.
    [38] Cook RD (1977) Detection of influential observation in linear regression. Technometrics 19: 15-18.
    [39] Corbet S, Lucey B, Yarovaya L (2018) Datestamping the Bitcoin and Ethereum bubbles. Financ Res Lett 26: 81-88. doi: 10.1016/j.frl.2017.12.006
    [40] Cosh A, Cumming D, Hughes A (2009) Outside entrepreneurial capital. Econ J 119: 1494-1533. doi: 10.1111/j.1468-0297.2009.02270.x
    [41] Cresci S, Di Pietro R, Petrocchi M, et al. (2015) Fame for sale: efficient detection of fake Twitter followers. Decis Support Syst 80: 56-71. doi: 10.1016/j.dss.2015.09.003
    [42] Cumming DJ, Hornuf L, Karami M, et al. (2017) Disentangling crowdfunding from fraudfunding. Max Planck Institute for Innovation & Competition Research Paper No. 16-09.
    [43] Davila A, Foster G, Gupta M (2003) Venture capital financing and the growth of startup firms. J Bus Ventur 18: 689-708. doi: 10.1016/S0883-9026(02)00127-1
    [44] Davis BC, Hmieleski KM, Webb JW, et al. (2017) Funders' positive affective reactions to entrepreneurs' crowdfunding pitches: The influence of perceived product creativity and entrepreneurial passion. J Bus Ventur 32: 90-106. doi: 10.1016/j.jbusvent.2016.10.006
    [45] Deakins D, Freel M (1998) Entrepreneurial learning and the growth process in SMEs. Learn Organ 5: 144-155. doi: 10.1108/09696479810223428
    [46] Duan W, Gu B, Whinston AB (2009) Informational Cascades And Software Adoption On The Internet: An Empirical Investigation. MIS Q 33: 23-48. doi: 10.2307/20650277
    [47] Elitzur R, Gavious A (2003) Contracting, signaling, and moral hazard: a model of entrepreneurs, 'angels', and venture capitalists. J Bus Ventur 18: 709-725. doi: 10.1016/S0883-9026(03)00027-2
    [48] Fiedler I, Ante L, Steinmetz F, et al. (2018) Distributed Ledger Technology: A Possible Way Forward for Securities Clearing. Binary District. Available from: https://journal.binarydistrict.com/distributed-ledger-technology-a-possible-way-forward-for-securities-clearing.
    [49] Finma (2018) Swiss Financial Market Supervisory Authority. FINMA publishes ICO guidelines. Available from: https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung.
    [50] Fisch C (2019) Initial coin offerings (ICOs) to finance new ventures. J Bus Ventur 34: 1-22. doi: 10.1016/j.jbusvent.2018.09.007
    [51] Fisch C, Momtaz PP (2020) Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs). J Corp Financ 64: 101679.
    [52] Fischer E, Reuber R (2007) The good, the bad, and the unfamiliar: The challenges of reputation formation facing new firms. Entre Theory Pract 31: 53-75. doi: 10.1111/j.1540-6520.2007.00163.x
    [53] Fondevila-Gascón JF, Rom-Rodríguez J, Mata-Monforte J, et al. (2015) Crowdfunding as a Formula for the Financing of Projects: An Empirical Analysis. Rev Cient Hermes 14: 24-47. doi: 10.21710/rch.v14i0.230
    [54] Gimmon E, Levie J (2010) Founder's human capital, external investment, and the survival of new high-technology ventures. Res Policy 39: 1214-1226. doi: 10.1016/j.respol.2010.05.017
    [55] Griffin ZJ (2012) Crowdfunding: fleecing the American masses. Case W Res JL Tech Int 4: 375.
    [56] Gryglewicz S, Mayer S, Morellec E (2019) Optimal Financing with Tokens. Swiss Finance Institute Research Paper, 19-78.
    [57] Gulati R, Higgins MC (2003) Which ties matter when? The contingent effects of interorganizational partnerships on IPO success. Strategic Manage J 24: 127-144. doi: 10.1002/smj.287
    [58] Hannan MT, Freeman J (1989) Organizational Ecology, Harvard university press.
    [59] Hellmann T, Puri M (2002) Venture capital and the professionalization of start‐up firms: Empirical evidence. J Financ 57: 169-197. doi: 10.1111/1540-6261.00419
    [60] Hobbs J, Grigore G, Molesworth M (2016) Success in the Management of Crowdfunding Projects in the Creative Industries. Int Res 26: 146-166.
    [61] Hong Y, Hu Y, Burtch G (2015) How does social media affect contribution to public versus private goods in crowdfunding campaigns? Thirty Sixth International Conference on Information Systems, Fort Worth.
    [62] Hornuf L, Schwienbacher A (2017) Market mechanisms and funding dynamics in equity crowdfunding. J Corp Financ 50: 556-574. doi: 10.1016/j.jcorpfin.2017.08.009
    [63] Howell ST, Niessner M, Yermack D (2018) Initial coin offerings: Financing growth with cryptocurrency token sales. NBER working paper No. w24774.
    [64] Hsu DH (2007) Experienced entrepreneurial founders, organizational capital, and venture capital funding. Res Policy 36: 722-741. doi: 10.1016/j.respol.2007.02.022
    [65] Jin F, Wu A, Hitt L (2017) Social Is the New Financial: How Startup Social Media Activity Influences Funding Outcomes, In: Academy of Management Proceedings, Briarcliff Manor, NY: Academy of Management, 13329.
    [66] Johnstone RA, Grafen A (1993) Dishonesty and the handicap principle. Anim Behav 46: 759-764. doi: 10.1006/anbe.1993.1253
    [67] Kim JH, Wagman L (2016) Early-stage entrepreneurial financing: A signaling perspective. J Bank Financ 67: 12-22. doi: 10.1016/j.jbankfin.2016.03.004
    [68] Koshy P, Koshy D, McDaniel P (2014) An analysis of anonymity in bitcoin using p2p network traffic, In: International Conference on Financial Cryptography and Data Security, Springer, Berlin, Heidelberg, 469-485.
    [69] Kromidha E, Robson P (2016) Social identity and signalling success factors in online crowdfunding. Entrep Reg Dev 28: 605-629. doi: 10.1080/08985626.2016.1198425
    [70] ousseeuw PJ, Leroy AM (1987) Robust regression and outlier detection, New York: Wiley.
    [71] Luca M, Zervas G (2016) Fake it till you make it: Reputation, competition, and Yelp review fraud. Manage Sci 62: 3412-3427. doi: 10.1287/mnsc.2015.2304
    [72] Gafni H, Marom D, Sade O (2018) Are the life and death of an early stage venture indeed in the power of the tongue? Lessons from online crowdfunding pitches. Strategic Entrep J 13: 3-23. doi: 10.1002/sej.1293
    [73] Macht SA, Robinson J (2009) Do business angels benefit their investee companies? Int J Entrep Behav Res15: 187-208.
    [74] Mavlanova T, Benbunan-Fich R, Koufaris M (2012) Signaling theory and information asymmetry in online commerce. Inf Manage 49: 240-247. doi: 10.1016/j.im.2012.05.004
    [75] Mazzorana-Kremer F (2019) Blockchain-Based Equity and STOs: Towards a Liquid Market for SME Financing? Theore Econ Lett 9: 1534-1552.
    [76] Megginson WL, Weiss KA (1991) Venture capitalist certification in initial public offerings. J Financ 46: 879-903. doi: 10.1111/j.1540-6261.1991.tb03770.x
    [77] Merkle RC (1989) A certified digital signature, In: Conference on the Theory and Application of Cryptology, Springer, New York, NY, 218-238.
    [78] Merton RC (1981) On market timing and investment performance. I. An equilibrium theory of value for market forecasts. J Bus 54: 363-406.
    [79] Meyer A, Ante L (2020) Effects of Initial Coin Offering Characteristics on Cross-listing Returns. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3557733.
    [80] Mills DC, Wang K, Malone B, et al. (2016) Distributed ledger technology in payments, clearing, and settlement. Finance and Economics Discussion Series 2016-095.
    [81] Moisseyev A (2013) Effect of social media on crowdfunding project results. Dissertations, University of Nebraska, Lincoln, USA.
    [82] Mollick E (2012) The dynamics of crowdfunding: Determinants of success and failure. Available at SSRN, 2088298.
    [83] Mollick ER (2013) Swept away by the crowd? Crowdfunding, venture capital, and the selection of entrepreneurs. Available from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2239204.
    [84] Mollick E (2014) The dynamics of crowdfunding: An exploratory study. J Bus Ventur 29: 1-16. doi: 10.1016/j.jbusvent.2013.06.005
    [85] Mollick E, Nanda R (2016) Wisdom or Madness? Comparing Crowds with Expert Evaluation in Funding the Arts. Manage Scienc 62: 1533-1553. doi: 10.1287/mnsc.2015.2207
    [86] Momtaz PP (2020) Entrepreneurial finance and moral hazard: evidence from token offerings. J Bus Ventur [In Press].
    [87] Mukaka MM (2012) A guide to appropriate use of correlation coefficient in medical research. Malawi Med J 24: 69-71.
    [88] Myers SC (1984) The capital structure puzzle. J Financ 39: 574-592. doi: 10.1111/j.1540-6261.1984.tb03646.x
    [89] Nakamoto S (2008) Bitcoin: A peer-to-peer electronic cash system. Available from: https://bitcoin.org/bitcoin.pdf.
    [90] Nevin S, Gleasure R, O'Reilly P, et al. (2017) Social Identity and Social Media Activities in Equity Crowdfunding, In: Proceedings of the 13th International Symposium on Open Collaboration, ACM, 11.
    [91] Parhankangas A, Renko M (2017) Linguistic style and crowdfunding success among social and commercial entrepreneurs. J Bus Ventur 32: 215-236. doi: 10.1016/j.jbusvent.2016.11.001
    [92] Pazos J (2019) Valuation method of equity-based security token offerings (sto) for start-up companies. J Br Blockchain Assoc 2: 7180.
    [93] Petersen MA, Rajan RG (1995) The effect of credit market competition on lending relationships. Q J Econ 110: 407-443. doi: 10.2307/2118445
    [94] Pfeffer J, Zorbach T, Carley KM (2014) Understanding online firestorms: Negative word-of-mouth dynamics in social media networks. J Mark Commun 20: 117-128. doi: 10.1080/13527266.2013.797778
    [95] Pinna A, Ruttenberg W (2016) Distributed ledger technologies in securities post-trading. Revolution or evolution. European Central Bank Occasional Paper No. 172. Available from: https://www.ecb.europa.eu/pub/pdf/scpops/ecbop172.en.pdf.
    [96] Pegulation (EU) 2017/1129 (2017) Regulation (Eu) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. Available from: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R1129.
    [97] Ross SA (1973) The economic theory of agency: The principal's problem. Am Econ Rev 63: 134-139.
    [98] Roth J, Schä r F, Schöpfer A (2019) The Tokenization of assets: using blockchains for equity crowdfunding. Available at SSRN 3443382.
    [99] Sanders WG, Boivie S (2004) Sorting things out: Valuation of new firms in uncertain markets. Strategic Manage J 25: 167-186. doi: 10.1002/smj.370
    [100] Shifflet S, Jones C (2018) Buyer Beware: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud. Available from: https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115.
    [101] Schwienbacher A, Larralde B (2010) Crowdfunding of small entrepreneurial ventures. Handbook of entrepreneurial finance, Oxford University Press, [In Press].
    [102] Scovotti C, Jones SK (2011) From Web 2.0 to Web 3.0: Implications for advertising courses. J Advertising Educ 15: 6-15.
    [103] SEC (2017a) U.S. Securities and Exchange Commission. Investor Bulletin: Initial Coin Offerings. Available from: https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings.
    [104] SEC (2017b) U.S. Securities and Exchange Commission. Securities and exchange commission, securities exchange act of 1934, Release No. 81207/July 25, 2017, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO. Available from: www.sec.gov/litigation/investreport/34-81207.pdf.
    [105] SEC (1946) SEC v. WJ Howey Co., Supreme Court of United States. Available from: https://supreme.justia.com/cases/federal/us/328/293/.
    [106] Shapiro SS, Wilk MB (1965) An analysis of variance test for normality (complete samples). Biometrika 52: 591-611. doi: 10.1093/biomet/52.3-4.591
    [107] Sliwka D (2007) Trust as a signal of a social norm and the hidden costs of incentive schemes. Am Econ Rev 97: 999-1012. doi: 10.1257/aer.97.3.999
    [108] Smith JM (1994) Must reliable signals always be costly? Anim Behav 47: 1115-1120.
    [109] Spence M (1973) Job market signaling. Q J Econ 87: 355-374. doi: 10.2307/1882010
    [110] Steinmetz F, Ante L, Fiedler I (2020) Blockchain and the Digital Economy, Agenda Publishing.
    [111] Stelzner MA (2010) 2013 Social media marketing industry report: How marketers are using social media to grow their businesses. Available from: https: //www.SocialMediaExaminer.com.
    [112] Stiglitz JE (2000) Capital market liberalization, economic growth, and instability. World Dev 28: 1075-1086. doi: 10.1016/S0305-750X(00)00006-1
    [113] Stiglitz JE (2002) Information and the Change in the Paradigm in Economics. Am Econ Rev 92: 460-501. doi: 10.1257/00028280260136363
    [114] Stuart TE, Hoang H, Hybels RC (1999) Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Sci Q 44: 315-349. doi: 10.2307/2666998
    [115] Stuart TE, Sorenson O (2003) Liquidity events and the geographic distribution of entrepreneurial activity. Administrative Sci Q 48: 175-201. doi: 10.2307/3556656
    [116] Stuart TE, Sorenson O (2007) Strategic networks and entrepreneurial ventures. Strategic Entrep J 1: 211-227. doi: 10.1002/sej.18
    [117] Thaler RH, Johnson EJ (1990) Gambling with the house money and trying to break even: The effects of prior outcomes on risky choice. Manage Sci 36: 643-660. doi: 10.1287/mnsc.36.6.643
    [118] Tucker C, Zhang J (2011) How Does Popularity Information Affect Choices? A Field Experiment. Manage Sci 57: 828-842. doi: 10.1287/mnsc.1110.1312
    [119] Twitter (2018) Tweet by @cz_binance. Available from: https://twitter.com/cz_binance/status/1069563071436181505.
    [120] Wang Q, Koval JJ, Mills CA, et al. (2007) Determination of the selection statistics and best significance level in backward stepwise logistic regression. Commun Stat-Simul Comput 37: 62-72. doi: 10.1080/03610910701723625
    [121] Wessel M, Thies F, Benlian A (2015) A Lie Never Lives to be Old: The Effects of Fake Social Information on Consumer Decision-Making in Crowdfunding. ECIS 2015 Completed Research Papers. Paper 201.
    [122] Wessel M, Thies F, Benlian A (2016) The emergence and effects of fake social information: Evidence from crowdfunding. Decis Support Syst 90: 75-85. doi: 10.1016/j.dss.2016.06.021
    [123] Westphal JD, Zajac EJ (2001) Decoupling policy from practice: The case of stock repurchase programs. Administrative Sci Q 46: 202-228. doi: 10.2307/2667086
    [124] Wood G (2014) Ethereum: A secure decentralised generalised transaction ledger. Ethereum Project Yellow Pap 151: 1-32.
    [125] Yang S, Berger R (2017) Relation between start-ups' online social media presence and fundraising. J Sci Technol Policy Manage 8: 161-180. doi: 10.1108/JSTPM-09-2016-0022
    [126] Zelizer VAR (2017) The social meaning of money, Princeton University Press.
    [127] Zhao W (2018a) Coinbase Says It Now Has Regulatory Approval to List Security Tokens. Available from: https://www.coindesk.com/coinbase-claims-it-now-has-regulatory-approval-to-list-security-tokens.
    [128] Zhao W (2018b) Singapore Central Banker: No Securities Crypto Token Approved to Date. Available from: https://www.coindesk.com/singapore-central-bank-no-tokens-weve-seen-are-securities.
    [129] Zheng N, Kaizoji N (2019) Bitcoin-based triangular arbitrage with the Euro/U.S. dollar as a foreign futures hedge: modeling with a bivariate GARCH model. Quant Financ Econ 3: 347-365.
  • Reader Comments
  • © 2020 the Author(s), licensee AIMS Press. This is an open access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0)
通讯作者: 陈斌, bchen63@163.com
  • 1. 

    沈阳化工大学材料科学与工程学院 沈阳 110142

  1. 本站搜索
  2. 百度学术搜索
  3. 万方数据库搜索
  4. CNKI搜索
Quantitative Finance and Economics
3.2 0.3

Metrics

Article views(11029) PDF downloads(616) Cited by(27)

Preview PDF
Download XML
Export Citation
Article outline

Figures and Tables

Figures(1)  /  Tables(4)

Other Articles By Authors

Related pages

Tools

/

DownLoad:  Full-Size Img  PowerPoint
Return
Return

Catalog