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Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the … functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the … reciprocal interactions of analysts with ICO team members. Ratings predict ICO success, but imperfectly. Even favorably rated …
Persistent link: https://www.econbiz.de/10012487990
reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend … to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a … literature on equity analysts and rating agencies. …
Persistent link: https://www.econbiz.de/10013336270
. Overall, our results suggest analysts' intermediary role in ICOs, a type of direct placement in the FinTech era …Certification by online analysts and early investors can generate excitement among potential token investors, leading …
Persistent link: https://www.econbiz.de/10012899037
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The paper constructs a search-theoretic model of credit markets with a bilateral trading mechanism that enables the manageable introduction of asymmetric information. Borrowers´ success probabilities are unobservable to financiers, but the degree of risk in observable projects can be used as a...
Persistent link: https://www.econbiz.de/10005207166
We propose a theory of security design in financing entrepreneurial production, positing that the investor can acquire costly information on the entrepreneur's project before making the financing decision. When the entrepreneur has enough bargaining power in security design, the optimal security...
Persistent link: https://www.econbiz.de/10012974734
The rise of Fintech in the past decade has received growing scholarly attention. This paper surveys Fintech … Fintech and accumulate knowledge in the fields of text analytics, algorithmic trading, Fintech lending, blockchains … research agendas in Fintech are suggested …
Persistent link: https://www.econbiz.de/10012834155
Certifiers contribute to the sound functioning of markets by reducing a symmetric information. They, however, have been heavily criticized during the 2008-09 financial crisis. This paper investigates on which side of the market a monopolistic profit-maximizing certifier offers his service. If...
Persistent link: https://www.econbiz.de/10008822613
We study how statutory-law changes relate to disclosure, pricing, and liquidity in the used-car market. Federal odometer laws mandated disclosure of mileage on car titles upon ownership transfer and thereby enhanced enforcement of odometer-fraud prohibitions. Exploiting time variations in state...
Persistent link: https://www.econbiz.de/10012847265