Publicação
Ensaio sobre o underpricing em Icos
| Resumo: | This investigation analyzes the relationship between the phenomenon of underpricing and financing in decentralized finance. The study examines a sample of 343 projects, covering the period from the beginning of token issuance in 2014 to 2024, including the pre-pandemic and post-pandemic phases. The levels of underpricing were quantified using statistical measures and evaluated using event methodology. Subsequently, their determinants were analyzed, excluding the period of the ICO bubble. The results reveal a positive association between underpricing levels and token issuance, also highlighting the significant impact of the bubble on these levels. It was observed that financing through IEOs tends to present, on average, higher levels of underpricing. Additionally, it was found that the highest levels of underpricing occur during the period between issuance and first day of trading, followed by corrections on the first day of trading in the secondary market. Several variables influencing this financial phenomenon were identified, including the price of Bitcoin, the price of the ICO, and the amount of funds raised. |
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| Autores principais: | Ferreira, Beatriz Pereira |
| Assunto: | Underpricing Overpricing ICO IDO IEO OPR period INTRAday period ICO bubble Bitcoin price DeFi Secondary market Event study methodology Tokens Cryptocurrencies Período OPR Período INTRAday Bolha ICOs Preço da Bitcoin De-Fi Mercado secundário Metodologia de Eventos Tokens Cripto moedas |
| Ano: | 2025 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | português |
| Origem: | Repositório da Universidade de Lisboa |
| Resumo: | This investigation analyzes the relationship between the phenomenon of underpricing and financing in decentralized finance. The study examines a sample of 343 projects, covering the period from the beginning of token issuance in 2014 to 2024, including the pre-pandemic and post-pandemic phases. The levels of underpricing were quantified using statistical measures and evaluated using event methodology. Subsequently, their determinants were analyzed, excluding the period of the ICO bubble. The results reveal a positive association between underpricing levels and token issuance, also highlighting the significant impact of the bubble on these levels. It was observed that financing through IEOs tends to present, on average, higher levels of underpricing. Additionally, it was found that the highest levels of underpricing occur during the period between issuance and first day of trading, followed by corrections on the first day of trading in the secondary market. Several variables influencing this financial phenomenon were identified, including the price of Bitcoin, the price of the ICO, and the amount of funds raised. |
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