Nimalendran, Mahendrarajah; Pathak, Praveen; Petryk, Mariia - 2021
We study the price discovery process of cryptocurrencies that trade in unregulated and fragmented markets and have a non-traditional business model. ICOs exhibit significant inefficiencies with VRs (Variance Ratios) less than 0.7 for up to 5-years from the issue date. IEOs with a similar...