财务金融系系列讲座之233期

时间：2018年10月30日（周二）13:30

地点：史带楼503室

主持人：Prof.  Yan LUO　 Department of Finance, School of Management, Fudan University

主题：Decrypting Coin Winners: Disclosure Quality, Governance Mechanism, and Team Networks

演讲者：Prof. Xin DENG    Associate Professor of Finance, Head of Corporate Finance Department, Shanghai University of Finance and Economics

摘要：Using a proprietary dataset of initial coin offerings (ICOs) and cryptocurrencies, we systematically examine whether disclosure quality, governance mechanisms, and team quality can differentiate legitimate ICO projects from fraudulent ones. The three fundamental factors positively affect ICO deal completion, ICO listing status and the amount of raised capitals. In addition, we directly track entrepreneurs’ efforts after fundraising activities using the post-ICO technological development. We find that while the three factors have the same positive effects, the team with strong influence, one sub indicator of team quality, positively predicts ICO success but negatively correlates with development progress. These results suggest that ICO events are plausibly prone to coalitions of powerful players whose main objective is likely to be cashing out after ICO without pushing for the development of its purported project. Finally, we construct a token valuation measure and show that technological development and user base are two significant drivers of the token value.

简介：Xin Deng is Associate Professor in Finance, Head of Corporate Finance Department, and Assistant Dean at School of Finance, Shanghai University of Finance and Economics. She mainly works on empirical corporate finance and fintech. Her research has been published at Journal of Financial Economics, Journal of Financial and Quantitative Analysis and Journal of Banking and Finance. She received the PhD degree in Finance from Nanyang Technological University and is CFA charter holder.

财务金融系

2018-10-24