Token Offerings: A Revolution in Corporate Finance?

对本文的总体评价为：分

可参考以下标准：

• 5分：佳作、开创性成果
• 4分：合格的优秀论文、可直接接收发表
• 3分：小改（Minor）后可接收
• 2分：需要大改（Major）
• 1分：价值有限，即使修改后亦不能发表
• 0分：本wiki不收录0分的论文。。。

有必要时，可以在文中任何地方插入你的签名。

Token Offerings: A Revolution in Corporate Finance?

1. Paul P. Momtaz, University of California, Los Angeles (UCLA) - Anderson School of Management; University College London Center for Blockchain Technologies
2. Kathrin Rennertseder, University of Hamburg
3. Henning Schröder, University of Hamburg - Hamburg Business School; Hamburg Financial Research Center

2019

SSRN

Initial Coin Offerings, Token Offerings, Token Sales, ICOs, Crowdfunding, Blockchain, Distributed Ledger Technology, Corporate Finance, Entrepreneurial Finance

Token offerings or initial coin offerings (ICOs) are smart contracts based on blockchain technology designed to raise external finance without an intermediary. The new technology might herald a revolution in entrepreneurial and corporate finance, with soaring market growth rates over the last two years. This paper surveys the market evolution, offering mechanisms, and token types. Stylized facts on the pricing and long-term performance of ICOs are presented, and practical implications for this young market to thrive are discussed.

Momtaz, Paul P., Kathrin Rennertseder, and Henning Schroeder. “Token Offerings: A Revolution in Corporate Finance?.” Available at SSRN 3346964 (2019).

1. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3346964
2. https://eyun.baidu.com/s/3oAfqfGY

1. 论文是关于什么的？[请提供该论文的简要摘要。]

2. 这篇论文的长处和短处是什么？[请以以下角度评述：（a）创新（研究问题、建模、方法等）；（b）相关性（研究问题、发现等）；（c）严谨性（适当的方法、分析的正确性等）]

研究问题、建模、方法等

研究问题、发现

适当的方法、分析的正确性等

3.如果有的话，潜在改进的主要地方是什么？[如果这些关键要求和建议能够被适当处理，请重点关注能使文章发表的关键要求和建议。如果你看到不可逾越的障碍，请清楚地描述你的担忧。如果能为编辑和作者提供具体有建设性的意见最好不过了，并在可能的情况下，提出可行的建议。同样，应避免含糊不清和/或含糊不清的批评。]

4.如果有的话，潜在改进的微小地方是什么？[再次，请具体说明。]

5.有没有机会做一项新的研究？