We develop a model for pricing tokens that can be used to get access to industrial production. Our model accounts for the possibility of multiple product lines and the evolution of industrial demand. We apply our model to pricing the ICO of a Swiss startup

We analyze output growth risk with respect to financial conditions across U.S. manufacturing industries. Using a multi-level quantile regression approach, we find strong heterogeneity in growth risk, particularly between the more vulnerable durable goods sector and the more resilient nondurable...