Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/207030 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Research Papers in Economics No. 4/18
Verlag: 
Universität Trier, Fachbereich IV - Volkswirtschaftslehre, Trier
Zusammenfassung: 
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.
Schlagwörter: 
blockchain
cryptocurrency
entrepreneurial finance
initial coin offering
ICO
JEL: 
G11
E22
M13
O16
Dokumentart: 
Working Paper

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