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The Pricing and Performance of Cryptocurrency

1. Paul P. MomtazUCLA Anderson School of Management, University of California, Los Angeles,

2019

Initial coin offering, token sale, token offering, cryptocurrency, blockchain, smart contracts

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.

Momtaz, Paul P. “The pricing and performance of cryptocurrency.” The European Journal of Finance (2019): 1-14.

1. https://www.tandfonline.com/doi/abs/10.1080/1351847X.2019.1647259
2. https://eyun.baidu.com/s/3mkmLLhQ

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