Security token offerings
نویسندگان
چکیده
Abstract This paper posits that distinguishing security token offerings (STOs) from initial coin (ICOs) is important for the study of entrepreneurial finance. We first provide a working definition and present an overview STO market using unique sample. The activity developed after end ICO bubble. is, however, still nascent market. STOs are geographically dispersed but concentrated in jurisdictions with accommodating securities laws. Next, we explore success factors. show various issuer offering characteristics traditionally used literature also matter success. find associated good governance practices, consistent corporate finance literature. conclude by discussing implications native digital securities, next generation tokens,
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ژورنال
عنوان ژورنال: Small Business Economics
سال: 2021
ISSN: ['1573-0913', '0921-898X']
DOI: https://doi.org/10.1007/s11187-021-00539-9