====== The Pricing and Performance of Cryptocurrency ======


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===== 文献基本信息 =====

==== 标题 ====
The Pricing and Performance of Cryptocurrency


==== 作者 ====
  - Paul P. MomtazUCLA Anderson School of Management, University of California, Los Angeles, 


==== 出版年份 ====
2019

==== 来源 ====


==== 关键词 ====
Initial coin offering, token sale, token offering, cryptocurrency, blockchain, smart contracts

==== 摘要 ====
This paper examines the performance of cryptocurrencies issued in initial coin offerings (ICOs) over a three-year period after the initial exchange listing. Average (median) ICO underpricing amounts to 15% (3%), even though 4 out of 10 ICOs destroy value on the first trading day. Liquidity, market capitalization, and high-low price ratios predict returns. Long-run buy-and-hold returns are positive for the mean and negative for the median. For holding periods between one and twenty-four months, the median ICO depreciates by 30%. Evidently, there is substantial positive skewness in the cryptocurrency market. Further, a size effect emerges from the data as an empirical regularity: Large ICOs are more often overpriced and underperform in the long run.


==== 引用方式 ====
Momtaz, Paul P. "The pricing and performance of cryptocurrency." The European Journal of Finance (2019): 1-14.

==== 链接 ====
  - https://www.tandfonline.com/doi/abs/10.1080/1351847X.2019.1647259
  - https://eyun.baidu.com/s/3mkmLLhQ

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==== 文献评价 ====
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=== 创新性 ===
研究问题、建模、方法等


=== 相关性 ===
研究问题、发现


=== 严谨性 ===
适当的方法、分析的正确性等


==== 需改改进之处 ====
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