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Special Issues
Token Offerings, Cryptocurrencies and Blockchain Technology
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Token Offerings, Cryptocurrencies and Blockchain Technology

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: closed (20 August 2022) | Viewed by 9785

Special Issue Editor

Dr. Paul P. Momtaz

E-Mail Website
Guest Editor
1. UCLA Anderson School of Management, Los Angeles, CA 90055, USA
2. Faculty of Economics and Business Administration, Goethe University Frankfurt, 60629 Frankfurt am Main, Germany
Interests: entrepreneurial finance; decentralized finance; token offerings; corporate strategy; innovation; entrepreneurship

Special Issue Information

Dear Colleagues,

Token offerings have gained prominence among entrepreneurs in relation to acquiring venture capital from crowd investors leveraging blockchain technology. This Special Issue invites interdisciplinary research on token offerings from finance, entrepreneurship, strategy scholars, among others. In particular, research that uses the recently established Token Offerings Research Database (TORD) is encouraged. This Special Issue aims to help consolidate the existing body of knowledge and set out the agenda for future research on token offerings.

Dr. Paul P. Momtaz
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Token Offerings
  • Initial Coin Offering (ICO)
  • Security Token Offering (STO)
  • Initial Exchange Offering (IEO)
  • Crowdfunding
  • Blockchain
  • Cryptocurrency
  • Entrepreneurial Finance.

Published Papers (2 papers)

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Research

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29 pages, 1310 KiB  
Article
The Crowdfunding of Altruism
by Luisa Faust, Maura Kolbe, Sasan Mansouri and Paul P. Momtaz
J. Risk Financial Manag. 2022, 15(3), 138; https://doi.org/10.3390/jrfm15030138 - 15 Mar 2022
Cited by 6 | Viewed by 3133
Abstract
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding [...] Read more.
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding outcomes in Initial Coin Offerings (ICOs). The main result suggests that altruism and ICO firm valuation are negatively related. We, then, explore several channels to shed some light on whether the negative altruism-valuation relation is causal. Our findings suggest that it is not altruism that causes lower firm valuation; rather, low-quality entrepreneurs select into altruistic projects, while the marginal effect of altruism on high-quality entrepreneurs is actually positive. Altruism increases the funding amount in ICOs in the presence of high-quality projects, low asymmetric information, and strong corporate governance. Full article
(This article belongs to the Special Issue Token Offerings, Cryptocurrencies and Blockchain Technology)
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Review

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28 pages, 492 KiB  
Review
Theories of Crowdfunding and Token Issues: A Review
by Anton Miglo
J. Risk Financial Manag. 2022, 15(5), 218; https://doi.org/10.3390/jrfm15050218 - 13 May 2022
Cited by 6 | Viewed by 5154
Abstract
Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. The latest inventions are crowdfunding and token issues. In contrast to traditional ways of raising funds [...] Read more.
Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. The latest inventions are crowdfunding and token issues. In contrast to traditional ways of raising funds these innovations: (1) use modern technology (online transactions, blockchain, etc.) much more actively; (2) are usually quicker in reaching potential investors/funders; (3) use more active network benefits such as, for example, a large number of interactions between investors/funders and between funders and firms. These changes are so significant that some experts list them among the top business inventions of the 21st century. This article provides a review of the growing number of theoretical papers in the areas of crowdfunding and token issues, compares their findings with empirical evidence and discusses directions for future research. The research shows that a large gap exists between the theoretical literature and empirical literature. Full article
(This article belongs to the Special Issue Token Offerings, Cryptocurrencies and Blockchain Technology)
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