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

Medientyp: E-Book

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

Beteiligte: Zhao, Xiaoju [Verfasser:in]; Hou, Wenxuan [Sonstige Person, Familie und Körperschaft]; An, Jiafu [Sonstige Person, Familie und Körperschaft]; Liu, Xianda [Sonstige Person, Familie und Körperschaft]; Zhang, Yun [Sonstige Person, Familie und Körperschaft]

Erschienen: [S.l.]: SSRN, [2020]

Umfang: 1 Online-Ressource (29 p)

Sprache: Englisch

DOI: 10.2139/ssrn.3576553

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Entstehung:

Anmerkungen: In: European Journal of Finance, forthcoming
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 15, 2020 erstellt

Beschreibung: This introduction reviews the growing literature on initial coin offerings (ICOs), summaries the articles included this special issue and also provides original evidence of the investor protection on ICOs from 37 countries. We show that the anti-director rights and anti-self-dealing index are positively associated with the country-level raised fund of ICOs after controlling for economic and culture factors. The disclosure quality and investor rights as specified in the Whitepapers are generally poor and they are found to be important to raise more funds in ICOs. We argue that the lack of (self-) discipline poses a threat to investor protections. Around 60% Whitepaper do not disclose information on the use of proceeds or management team. Around 80% ICOs do not entitle investors the rights for dividend or vote. Our findings suggest the needs of regulating ICOs to protect investors

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