Abstract

This study reviews initial coin offerings (ICOs) based on 80 empirical studies from 2018 to 2022. We apply a blend of bibliometric and content analysis to consolidate ICOs’ prior findings, track the evolutionary impact, and explore the semantic discourse and underlying theories in entrepreneurial finance. The content analysis concludes with five main streams that extensively explain the advent of ICOs, main features, embedded technologies, pricing, valuation, regulatory frameworks, frauds, and scams. It contributes to a better understanding of the ICOs hype under the following contexts: benefits versus challenges, decentralised system versus market stability, speculative behaviour and herding versus market efficiency, and geographical spread versus systematic risk. The study is beneficial for portfolio managers, hedgers, wealth managers, investors, policymakers, regulators, and entrepreneurs.

Plain English Summary

ICO Boom and Bust: What is Next? The study fosters the knowledge of ICOs as a new financing avenue. It consolidates prior empirical studies and extracts valuable findings from different perspectives: benefits versus challenges, decentralised system versus market stability, speculative behaviour and herding versus market efficiency, and geographical spread versus systematic risk. This study reviews initial coin offerings (ICOs) based on 80 empirical studies from 2018 to 2022. It impacts portfolio managers, hedgers, wealth managers, investors, policymakers, regulators, and entrepreneurs.

中文翻译：

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首次代币发行：混合实证回顾

摘要

本研究基于 2018 年至 2022 年的 80 项实证研究回顾了首次代币发行 (ICO)。我们采用文献计量学和内容分析相结合的方法来巩固 ICO 的先前发现，追踪演化影响，并探索创业中的语义话语和基础理论金融。内容分析以五个主要方面作为结尾，广泛解释了 ICO 的出现、主要特征、嵌入式技术、定价、估值、监管框架、欺诈和诈骗。它有助于更​​好地理解以下背景下的 ICO 炒作：收益与挑战、去中心化系统与市场稳定性、投机行为和羊群与市场效率、地理分布与系统风险。该研究有利于投资组合经理、套期保值者、财富管理人、投资者、

简单的英语摘要

ICO 繁荣与萧条：下一步是什么？该研究培养了 ICO 作为新融资渠道的知识。它整合了先前的实证研究，并从不同的角度提取了有价值的发现：利益与挑战、去中心化系统与市场稳定性、投机行为和羊群与市场效率、地理分布与系统风险。本研究基于 2018 年至 2022 年的 80 项实证研究回顾了首次代币发行 (ICO)。它影响了投资组合经理、对冲者、财富管理机构、投资者、政策制定者、监管机构和企业家。