Initial coin offerings (ICOs) represent a novel funding mechanism where digital tokens are issued on the blockchain and sold to investors. One major reason for the success of this financing model is the fact that the issued tokens can immediately be traded on secondary markets. This event study analyzes 250 exchange cross-listings of 135 different tokens issued through ICOs on 22 cryptocurrency exchanges. We find significant abnormal returns of 6.51% on the listing day and 9.97% over a seven-day window around the event. Further analysis shows that the results clearly differ for individual cryptocurrency exchanges, as listings on individual exchanges yield returns of up to 34% on the event day, while others are negligible. An investigation of liquidity-related metrics shows that lower prior trading volume and asset market capitalization have positive effect on listing returns. Investors use phases of high market liquidity to sell off positions around the period of cross-listing events. The results on the cross-listing effects of ICOs may be of relevance to investors/traders, ICO projects, cryptocurrency exchanges and regulators.

初始代币发行（ICO）代表了一种新颖的筹资机制，其中数字代币在区块链上发行并出售给投资者。这种融资模式成功的一个主要原因是，已发行的代币可以立即在二级市场上交易。该事件研究分析了22个加密货币交易所中通过ICO发行的135个不同代币的250个交易所交叉列表。我们发现，上市当天的异常收益率高达6.51％，而在活动进行7天的时间内，收益率高达9.97％。进一步的分析表明，各个加密货币交易所的结果明显不同，因为在单个交易所上市的股票在活动当天的回报率高达34％，而其他交易所可以忽略不计。对流动性相关指标的调查表明，较低的先前交易量和资产市值对上市收益产生积极影响。在交叉上市事件期间，投资者利用高市场流动性阶段卖出头寸。ICO交叉上市效应的结果可能与投资者/交易者，ICO项目，加密货币交易所和监管机构有关。