Initial Coin Offerings: What Rights Do Investors Have (If Any)?

Understanding China’s fintech sector: development, impacts and risks

“…She discovers that adoption of mobile payment would significantly increase a farmer's probability of becoming an informal business owner in the following period and would also markedly raise their income. An and Rau (2020), Momtaz (2020) and Zhao et al (2020) emphasize the innovativeness of incorporating blockchain and smart contracts in fundraising of projects yet to be developed through technology advances such as ICOs.…”

“…While relative slow to come up with regulatory framework for most fintech businesses, the Chinese authorities were quick in restricting and even prohibiting trading of crypto currencies and issuance of the initial currency offerings (ICOs) (Zhao et al 2020). Regulators had at least two main concerns.…”

“…There are also some more general concerns in this industry. These include increasing threats to privacy, investor protection, information monopoly and access inequality as well (Frost et al 2019;An and Rau 2020;Zhao et al 2020). In many fintech business models, data sharing is essential and critical, which makes it very hard to protect privacy.…”

A topic modelling analysis of white papers in security token offerings: Which topic matters for funding?

“…However, research on STOs is nascent and limited to a small number of papers (Ante and Fiedler, 2019;Beinke et al, 2021;Lambert et al, 2021;Miglo, 2021;Myalo, 2019). In contrast, because ICOs emerged before STOs, the literature on ICOs is more mature and has produced significant insights into the functioning of this market (Bellavitis et al, 2021;Huang et al, 2020) and the determinants of venture funding (Adhami et al, 2018;Ante et al, 2018;Fish, 2019;Fish and Momtaz, 2020;Howell et al, 2020;Meoli and Vismara, 2022;Momtaz, 2019;Xu et al, 2021;Zhao et al, 2020). Specifically, this literature has highlighted the importance of transparent and detailed disclosure of information about the issuing firm, its business, and its governance features in boosting the success of ICO campaigns (Samieifar andBaur, 2021, Zhang et al, 2019).…”

Cyber risks and initial coin offerings: Evidence from the world

“…Initial coin offerings (ICOs) have become an important financing mechanism for young ventures facing financing frictions (Fisch 2019;Howell, Niessner and Yermack 2019;Zhao et al, 2020). Agency costs and information asymmetry have long limited arms -length retail investments to those with elite professional networks or close ties to venture capitalists (Hall and Lerner 2010;An and Rau 2019;.…”