Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/207030 
Year of Publication: 
2018
Series/Report no.: 
Research Papers in Economics No. 4/18
Publisher: 
Universität Trier, Fachbereich IV - Volkswirtschaftslehre, Trier
Abstract: 
We analyse the triangle of Initial Coin Offerings (ICO) and cryptocurrencies, namely Bitcoin and Ethereum. So far, little is known about the relationship between ICOs, bitcoin and Ether prices. Hence, we employ both bitcoin and Ether prices but also the ICO amount to measure the future development of raised capital in ICOs. First, our results indicate that an ICO has an influence on the subsequent ICO. Second, not only bitcoin prices but also Ether prices play a considerable role with regard to the output of ICO campaigns. However, the effect of Ethereum is of shorter duration on ICO compared to Bitcoin on ICO. A further finding is that the cryptocurrency Bitcoin positively influences Ether. The implications of these findings for investors and entrepreneurial firms are discussed.
Subjects: 
blockchain
cryptocurrency
entrepreneurial finance
initial coin offering
ICO
JEL: 
G11
E22
M13
O16
Document Type: 
Working Paper

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