The term initial coin offering (ICO) seems to be the new hype of the crypto community. It offers never before seen possibilities for consumers and companies but suffers from draw backs like a lack of regulation.
In 2017, an impressive number of 4.6 billion USD was invested in ICOs. Consequently, ICOs are of large public interest. Therefore, it is interesting to determine what influences the behaviour of investors.
Accordingly, the aim of this thesis is to investigate how general investment factors change in the disruptive environment of ICOs. Hence, in this context, relevant general investment factor - such as reputation, media coverage, corporate social responsibility, risk and other factors including macroeconomic situation, past performance and technological uncertainty - are considered.
The results show that, due to a lack of reliable measures for quantitative factors, qualitative investment factors gain greater importance for ICOs. Furthermore, the highest importance was assigned to media coverage, which is important for investors who want to overcome the high information asymmetries that exist for ICOs.
Table of Contents
1 Introduction
1.1 ICO as an emerging investment trend?
1.2 How do general investment factors change in the context of ICOs?
1.3 Theoretical approach to develop general investment factors for ICOs
2 Theoretical Foundation
2.1 The phenomenon of ICOs as a new investment form
2.1.1 Blockchain the underlying technology of ICOs
2.1.2 Functioning of cryptocurrency/tokens
2.1.3 Wallet the storage for cryptocurrencies
2.1.4 Whitepaper the company masterplan
2.1.5 Functioning of ICOs in detail
2.1.6 Comparing ICOs to other financing forms: Crowdfunding, VC and IPO
2.1.7 Discussion of the advantages of ICOs
2.1.8 Discussion of the disadvantages of ICOs
2.2 Introducing relevant management theories
2.2.1 How can agency theory help ICO investors?
2.2.2 Why is adverse selection theory relevant for ICOs?
3 Analysing general investment factors in the specific context of ICOs
3.1 What is the role of reputation in context of ICOs?
3.2 Importance of corporate social responsibility for ICOs?
3.3 What is the influence of media coverage on the investment decision?
3.4 How important is risk for an investment in ICOs?
3.5 Other factors that are important for ICO investment
3.5.1 Which impact has past performance for ICOs?
3.5.2 Can the macroeconomic situation influence investments in ICOs?
3.5.3 How does technological uncertainty influence the investment in ICOs?
4 Discussion
4.1 Extending existing investment-decisions literature into the context of ICOs
4.2 Helping managers to align ICOs to the investors' preferences
4.3 ICO as an emerging field that needs more research
5 Conclusion
References
Abbreviations
- Citation du texte
- Anonyme,, 2018, Initial Coin Offerings as a new way to raise money? Investigating risks and opportunities from a consumer perspective, Munich, GRIN Verlag, https://www.grin.com/document/541441
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