Signaling in the Market for Security Tokens

URN to cite this document:: urn:nbn:de:bvb:355-epub-545867
DOI to cite this document:: 10.5283/epub.54586

Kreppmeier, Julia

; Laschinger, Ralf

License: Creative Commons Attribution 4.0
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Date of publication of this fulltext: 17 Aug 2023 05:37

Alternative links to fulltext:DOI Publisher

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Abstract

Security token offerings (STOs) are a new means for ventures to raise funding, where digital tokens are issued as regulated investment products on the blockchain. We study market outcomes in the primary and secondary markets for security tokens and examine the associated determinants in the context of signaling theory. We analyze success determinants of 138 STOs and find that a pre-sale and the ...