簡易檢索 / 詳目顯示

回結果列表
研究生： 周呈勳
Zhou, Cheng-Xun
論文名稱： 影響加密貨幣首次交易所發行之績效因素探討
The Determinants of Crypto Initial Exchange Offerings Performance
指導教授： 張紹基
Chang, Shao-Chi
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際企業研究所
Institute of International Business
論文出版年： 2023
畢業學年度： 111
語文別： 英文
論文頁數： 51
中文關鍵詞： 首次交易所發行（IEO） 、程式碼修訂 、推特活動 、交易量 、募集資金 、代幣報酬
外文關鍵詞： initial exchange offerings (IEO), code revision, Twitter activities, transaction volume, funds raised, token returns
相關次數： 點閱：87  下載：12 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • 本論文旨在對加密貨幣市場中的首次交易所發行（IEO）進行全面的實證分析。儘管首次代幣發行（ICO）已經廣泛受到研究，但IEO這一新興趨勢在學術研究中的關注相對有限。因此，本研究旨在填補這一研究空缺，探討影響IEO成功和長期表現的因素。研究方法採用多維度的分析框架，整合了來自GitHub、Twitter、Coinmarketcap和Nansen.ai等多個資料來源的數據。分析重點在程式碼修訂、社交媒體活動、交易量等關鍵變量對IEO結果的影響。研究結果顯示，加密貨幣交易所的市值和IEO的募資時間對IEO的成功具有顯著影響。具體而言，加密貨幣交易所的資本化程度以IEO的持續時間被發現是影響筹集資金數量的重要預測因子。本研究對IEO這一新興現象的學術研究提供了有價值的見解，並豐富了IEO相關知識的研究領域。研究結果對投資者、IEO項目團隊和政策制定者提供了實際的管理啟示，有助於他們更好地理解和應對IEO在動態的加密貨幣市場中的成功因素。

    This thesis presents a comprehensive empirical analysis of initial exchange offerings (IEOs) in the cryptocurrency market. While ICOs have been widely studied, the emerging trend of IEOs has received less attention in academic research. Therefore, this study aims to fill this gap by examining the factors that contribute to the success and long-term performance of IEOs. The research utilizes a multi-dimensional approach, incorporating data from various sources such as GitHub, Twitter, Coinmarketcap, and Nansen.ai. The analysis focuses on key variables including code revision, social media activities, transaction volume, and their impact on the outcomes of IEOs.

    The findings highlight the significant influence of the capitalization of crypto exchange platforms and the days IEO lasts on the success of IEOs. Specifically, the value of the crypto exchange platforms and the duration of the IEO period are found to be significant predictors of the amount of funds raised. This study contributes to the growing body of knowledge on IEOs and sheds light on the emerging phenomenon of IEOs. The findings have practical implications for investors, project teams, and policymakers, offering valuable insights into the factors that drive the success of IEOs in the dynamic cryptocurrency market.

    ABSTRACT I 中文摘要 II LIST OF TABLES V LIST OF FIGURES VI 1 Introduction 1 2 Literature Review 4 2.1 The Evolution of Blockchain Application 4 2.2 Distributed Ledger Technology 5 2.3 Smart Contracts 5 2.4 Initial Coin Offering 6 2.5 The Transition from ICO to IEO 8 2.6 Initial Exchange Offering 9 2.7 The Comparison among IPO, ICO, and IEO 11 3. Hypothesis Development 13 3.1 Crypto Wallet 13 3.2 Inputs into Production and Product/Platform Adoption 14 3.3 Hypothesis 1 14 3.4 Hypothesis 2 15 3.5 Hypothesis 3 16 3.6 Hypothesis 4 17 4 Sample and Methodology 19 4.1 Sample Construction 19 4.2 The Categories of Tokens 20 4.3 Code Revision Data 21 4.4 Social Media Data 21 4.5 Data of Transaction and Smart Money Wallets 22 4.5 IEO Return 22 4.6 Sample Selection 23 4.7 The Model Description and Control Variables 27 5 Result 31 5.1 Code Revision 31 5.2 Twitter Activity 32 5.3 Transaction volume 34 5.4 Smart Money Wallet 36 6 Conclusion 38 7. Managerial Implication 40 8. Limitations and Future Study 42 Appendix 44 Reference 46

    -       Adhami, Saman, Giancarlo Giudici, and Stefano Martinazzi. "Why do businesses go crypto? An empirical analysis of initial coin offerings." Journal of Economics and Business 100 (2018): 64-75.

    -       Amsden, Ryan, and Denis Schweizer. "Are Blockchain Crowdsales the New'Gold Rush'? Success Determinants of Initial Coin Offerings." Success determinants of initial coin offerings (April 16, 2018) (2018).

    -       Amihud, Yakov, Haim Mendelson, and Jun Uno. "Number of shareholders and stock prices: Evidence from Japan." The Journal of finance 54.3 (1999): 1169-1184.

    -       An, Jiafu, Wenxuan Hou, and Xianda Liu. "Initial coin offerings: Investor protection and disclosure." Technical report, Working paper (2018).

    -       Albrecht, Simon, Bernhard Lutz, and Dirk Neumann. "How sentiment impacts the success of blockchain startups–an analysis of social media data and initial coin offerings." (2019).

    -       Burns, Lauren, and Andrea Moro. "What makes an ICO successful? An investigation of the role of ICO characteristics, team quality and market sentiment." An Investigation of the Role of ICO Characteristics, Team Quality and Market Sentiment (September 27, 2018) (2018).

    -       Bajo, Emanuele, and Carlo Raimondo. "Media sentiment and IPO underpricing." Journal of Corporate Finance 46 (2017): 139-153.

    -       Brown, Stephen J., and Jerold B. Warner. "Using daily stock returns: The case of event studies." Journal of financial economics 14.1 (1985): 3-31.

    -       Cong, Lin William, Ye Li, and Neng Wang. "Tokenomics: Dynamic adoption and valuation." The Review of Financial Studies 34.3 (2021): 1105-1155.

    -       Chohan, Usman W. "Assessing the differences in bitcoin & other cryptocurrency legality across national jurisdictions." Available at SSRN 3042248 (2017).

    -       Chanson, Mathieu, et al. "Initial coin offerings (ICOs): The role of social media for organizational legitimacy and underpricing." (2018).

    -       Cumming, Douglas J., Sofia Johan, and Anshum Pant. "Regulation of the crypto-economy: Managing risks, challenges, and regulatory uncertainty." Journal of Risk and Financial Management 12.3 (2019): 126.

    -       Chamorro Domínguez, María de la Concepción. "Financing of start-ups via initial coin offerings and gender equality." The Fourth Industrial Revolution and Its Impact on Ethics: Solving the Challenges of the Agenda 2030 (2021): 183-197.

    -       Doe-Bruce, Othalia. "Blockchain and alternative sources of financing." Cryptofinance and mechanisms of exchange. Springer, Cham, 2019. 91-111.

    -       Disli, Mustafa, et al. "Cryptocurrency comovements and crypto exchange movement: The relocation of Binance." Finance Research Letters 48 (2022): 102989.

    -       Dean, Tobias, Dulani Jayasuriya Daluwathumullagamage, and Alastair Marsden. "Predictability of ICO success and returns." Journal of Applied Business and Economics 22.13 (2020): 20-36.

    -       Furnari, Salvatore Luciano. "Trough equity crowdfunding evolution and involution: Initial coin offering and initial exchange offering." Lex Russica 1 (170) (2021): 101-117.

    -       Felix, Thomas Heine, and Henk von Eije. "Underpricing in the cryptocurrency world: evidence from initial coin offerings." Managerial Finance (2019).

    -       Gan, Jingxing, Gerry Tsoukalas, and Serguei Netessine. "Initial coin offerings, speculation, and asset tokenization." Management Science 67.2 (2021): 914-931.

    -       Guldiken, Orhun, et al. "The impact of media coverage on IPO stock performance." Journal of Business Research 72 (2017): 24-32.

    -       Giudici, Giancarlo, and Saman Adhami. "The impact of governance signals on ICO fundraising success." Journal of Industrial and Business Economics 46.2 (2019): 283-312.

    -       Gkillas, Konstantinos, and Paraskevi Katsiampa. "An application of extreme value theory to cryptocurrencies." Economics Letters 164 (2018): 109-111.

    -       Hu, Albert S., Christine A. Parlour, and Uday Rajan. "Cryptocurrencies: Stylized facts on a new investible instrument." Financial Management 48.4 (2019): 1049-1068.

    -       Hacker, Philipp, and Chris Thomale. "Crypto-securities regulation: ICOs, token sales and cryptocurrencies under EU financial law." European Company and Financial Law Review15.4 (2018): 645-696.

    -       Howell, S. T., Niessner, M., & Yermack, D. (2020). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925-3974.

    -       Karantias, Kostis. "Sok: A taxonomy of cryptocurrency wallets." Cryptology ePrint Archive (2020).

    -       Karpenko, Oksana A., Tatiana K. Blokhina, and Lali V. Chebukhanova. "The Initial Coin Offering (ICO) Process: Regulation and Risks." Journal of Risk and Financial Management 14.12 (2021): 599.

    -       Kraaijeveld, Olivier, and Johannes De Smedt. "The predictive power of public Twitter sentiment for forecasting cryptocurrency prices." Journal of International Financial Markets, Institutions and Money 65 (2020): 101188.

    -       Kursh, Steven R., and Natalia A. Gold. "Adding fintech and blockchain to your curriculum." Business Education Innovation Journal 8.2 (2016): 6-12.

    -       Kondova, Galia, and Geremia Simonella. "Blockchain in startup financing: ICOs and STOs in Switzerland." Journal of Strategic Innovation and Sustainability 14.6 (2019): 43-48.

    -       Lyandres, Evgeny, Berardino Palazzo, and Daniel Rabetti. "Do tokens behave like securities? An anatomy of initial coin offerings." SSRN Electronic Journal (2019).

    -       Lyandres, Evgeny, Berardino Palazzo, and Daniel Rabetti. "ICO success and post-ICO performance." (2020).

    -       Lin, Iuon-Chang, and Tzu-Chun Liao. "A survey of blockchain security issues and challenges." Int. J. Netw. Secure. 19.5 (2017): 653-659.

    -       Myalo, Alina, and Nikita Glukhov. "Comparison analysis of ICO, DAOICO, IEO, and STO. Case study." Case Study. (September 4, 2019) (2019).

    -       Miglo, Anton. "Theories of crowdfunding and token issues: a review." Journal of Risk and Financial Management 15.5 (2022): 218.

    -       Merton, Robert C. "A simple model of capital market equilibrium with incomplete information." (1987).

    -       Momtaz, Paul P. "Entrepreneurial finance and moral hazard: evidence from token offerings." Journal of Business Venturing36.5 (2021): 106001.

    -       Nawari, Nawari O., and Shriraam Ravindran. "Blockchain and the built environment: Potentials and limitations." Journal of Building Engineering 25 (2019): 100832.

    -       Nakamoto, Satoshi. "Bitcoin: A peer-to-peer electronic cash system." Decentralized business review (2008): 21260.

    -       Roosenboom, P., van der Kolk, T., & de Jong, A. (2020). What determines success in initial coin offerings?. Venture Capital, 22(2), 161-183.

    -       Stephen, Remya, and Aneena Alex. "A review on blockchain security." IOP Conference Series: Materials Science and Engineering. Vol. 396. No. 1. IOP Publishing, 2018.

    -       Suratkar, Saurabh, Mahesh Shirole, and Sunil Bhirud. "Cryptocurrency wallet: A review." 2020 4th International Conference on Computer, Communication and Signal Processing (ICCCSP). IEEE, 2020.

    -       Stacher, David. "Regulation of Initial Coin Offering (ICO)." Chair of Economic Theory Universität Basel.[online] Available at: https://wwz. unibas. ch/fileadmin/user_upload/wwz/00_Professuren/Berentsen_Wirtschaftstheorie/Lecture_Material/Master_s_Thesis/Completed_ Master_s_Theses/Master_Thesis_David_Stacher. pdf [read 03.06. 2019] (2018).

    -       Swartz, Lana. "Theorizing the 2017 blockchain ICO bubble as a network scam." new media & society 24.7 (2022): 1695-1713.

    -       Sunyaev, Ali, and Ali Sunyaev. "Distributed ledger technology." Internet computing: Principles of distributed systems and emerging internet-based technologies (2020): 265-299.

    -       Tran Bui, Minh Anh. Initial Exchange Offerings and the Presence of Underpricing. Diss. Hochschule Rhein-Waal, 2022.

    -       Yli-Huumo, Jesse, et al. "Where is current research on blockchain technology?—a systematic review." PloS one 11.10 (2016): e0163477.

    -       Zheng, Zibin, et al. "An overview on smart contracts: Challenges, advances and platforms." Future Generation Computer Systems105 (2020): 475-491.

    -       Zhang, Shuyu, et al. "Readability of token whitepaper and ICO first-day return." Economics Letters 180 (2019): 58-61.

    -       Zetzsche, Dirk A., et al. "The ICO Gold Rush: It's a scam, it's a bubble, it's a super challenge for regulators." University of Luxembourg Law Working Paper 11 (2017): 17-83.

    下載圖示 校內：立即公開
    校外：立即公開
    QR CODE