Suchergebnisse

AbstractInitial coin offerings (ICOs) represent a novel funding mechanism where digital tokens are issued on the blockchain and sold to investors. One major reason for the success of this financing model is the fact that the issued tokens can immediately be traded on secondary markets. This event study analyzes 250 exchange cross-listings of 135 different tokens issued through ICOs on 22 cryptocurrency exchanges. We find significant abnormal returns of 6.51% on the listing day and 9.97% over a seven-day window around the event. Further analysis shows that the results clearly differ for individual cryptocurrency exchanges, as listings on individual exchanges yield returns of up to 34% on the event day, while others are negligible. An investigation of liquidity-related metrics shows that lower prior trading volume and asset market capitalization have positive effect on listing returns. Investors use phases of high market liquidity to sell off positions around the period of cross-listing events. The results on the cross-listing effects of ICOs may be of relevance to investors/traders, ICO projects, cryptocurrency exchanges and regulators.

Im Rahmen des Verbundprojektes E-LANE wurden Fortbildner*innen und Teilnehmer*innen der Bundesländer Brandenburg und Schleswig-Holstein schriftlich befragt, die zuvor selbst eine Online-Fortbildung angeboten bzw. an einer Online-Fortbildung teilgenommen haben. Ziel der schriftlichen Befragungen war es, mehr über die Gestaltung, Durchführung und wahrgenommene Qualität von Online-Fortbildungen zu erfahren.