Investor Reactions to Crypto Token Regulation

References

• Admati, A. R., & Pfleiderer, P. (1988). A theory of intraday patterns: Volume and price variability. Review of Financial Studies, 1(1), 3–40. https://doi.org/10.1093/rfs/1.1.3
   Web of Science ®Google Scholar
• Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., & Riedl, E. J. (2010). Market reactions to the adoption of IFRS in Europe. The Accounting Review, 85(1), 31–61. https://doi.org/10.2308/accr.2010.85.1.31
   Web of Science ®Google Scholar
• Auer, R., & Claessens, S. (2018). Regulating cryptocurrencies: Assessing market reactions. BIS Quarterly Review, 3, 51–65.
   Google Scholar
• Barton, J., & Waymire, G. (2004). Investor protection under unregulated financial reporting. Journal of Accounting and Economics, 38(1), 65–116. https://doi.org/10.1016/j.jacceco.2004.06.001
   Web of Science ®Google Scholar
• Bhambhwani, S., Delikouras, S., & Korniotis, G. M. (2019). Do fundamentals drive cryptocurrency prices? https://ssrn.com/abstract=3342842
   Google Scholar
• BitForex (2019). The new token zone: Introduction of token listing. https://www.bitforex.com/en/tokenListing/introduce
   Google Scholar
• Boulland, R., Bourveau, T., & Breuer, M. (2021). Corporate websites: A new measure of voluntary disclosure. https://ssrn.com/abstract=3816623
   Google Scholar
• Bourveau, T., De George, E. T., Ellahie, A., & Macciocchi, D. (2022). The role of disclosure and information intermediaries in an unregulated capital market: Evidence from initial coin offerings. Journal of Accounting Research, 60(1), 129–167. https://doi.org/10.1111/1475-679X.12404
   Web of Science ®Google Scholar
• Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205–258. https://doi.org/10.1016/0304-405X(80)90002-1
   Web of Science ®Google Scholar
• Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
   Web of Science ®Google Scholar
• Bushee, B., & Leuz, C. (2005). Economic consequences of SEC disclosure regulation: Evidence from the OTC bulletin board. Journal of Accounting and Economics, 39(2), 233–264. https://doi.org/10.1016/j.jacceco.2004.04.002
   Web of Science ®Google Scholar
• Canepa, F. (2018). G20 agrees to ‘monitor’ cryptocurrencies but no action yet. https://www.reuters.com/article/us-g20-argentina-bitcoin/g20-agrees-to-monitor-cryptocurrencies-but-no-action-yet-idUSKBN1GW2R9
   Google Scholar
• Chae, J. (2005). Trading volume, information asymmetry, and timing information. The Journal of Finance, 60(1), 413–442. https://doi.org/10.1111/j.1540-6261.2005.00734.x
   Web of Science ®Google Scholar
• Cheah, E. T., & Fry, J. (2015). Speculative bubbles in bitcoin markets? An empirical investigation into the fundamental value of bitcoin. Economics Letters, 130(C), 32–36. https://doi.org/10.1016/j.econlet.2015.02.029
   Web of Science ®Google Scholar
• Cheung, A., Roca, E., & Su, J. J. (2015). Cryptocurrency bubbels: An application of the Phillips–Shi–Yu (2013) methodology on Mt. Gox Bitcoin Prices. Applied Economics, 47(23), 2348–2358. https://doi.org/10.1080/00036846.2015.1005827
   Web of Science ®Google Scholar
• Chod, J., & Lyandres, E. (2022). A theory of ICOs: Diversification, agency, and information asymmetry. Management Science, 67(10), 5969–6627. https://doi.org/10.1287/mnsc.2020.3754
   Web of Science ®Google Scholar
• Cong, L. W., Li, X., Tang, K., & Yang, Y. (2021). Crypto wash trading. https://ssrn.com/abstract=3530220
   Google Scholar
• Conley, J. P. (2017). The economics of crypto-tokens and initial coin offerings. https://jpconley.files.wordpress.com/2017/04/the-economics-of-crypto-tokens-and-icos2.pdf
   Google Scholar
• Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the bitcoin and ethereum bubbles. Finance Research Letters, 26, 81–88. https://doi.org/10.1016/j.frl.2017.12.006
   Web of Science ®Google Scholar
• Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085–1142. https://doi-org.eur.idm.oclc.org/10.1111/j.1475-679X.2008.00306.x
   Web of Science ®Google Scholar
• Fidelity (2019). New research from fidelity finds institutional investments in digital assets are likely to increase over the next five years. https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/institutional-investments-in-digital-assets-050219.pdf
   Google Scholar
• GDAX (2017). GDAX digital asset framework. https://pro.coinbase.com/static/digital-asset-framework-2017-11.pdf
   Google Scholar
• Global Legal Research Center (2018). Regulation of cryptocurrency around the world. The Law Library of Congress.
   Google Scholar
• Greenstone, M., Oyer, P., & Vissing-Jorgensson, A. (2006). Mandated disclosure, stock returns and the 1964 securities acts amendments. Quarterly Journal of Economics, 121(2), 399–460. https://doi.org/10.1162/qjec.2006.121.2.399
   Web of Science ®Google Scholar
• Howell, S. T., Niessner, M., & Yermack, D. (2020). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925–3974. https://doi.org/10.1093/rfs/hhz131
   Web of Science ®Google Scholar
• Johan, S., & Pant, A. (2019). Regulation of the crypto-economy: Managing risks, challenges, and regulatory uncertainty. Journal of Risk and Financial Management, 12(3), 126–140. https://doi.org/10.3390/jrfm12030126
   Web of Science ®Google Scholar
• Joos, P. P. M., & Leung, E. (2013). Investor perceptions of potential IFRS adoption in the United States. The Accounting Review, 88(2), 577–609. https://doi.org/10.2308/accr-50338
   Web of Science ®Google Scholar
• Kakushadze, Z. (2018). Cryptoasset factor models. Algorithmic Finance, 7(3–4), 87–104. https://doi.org/10.48550/arXiv.1811.07860
   Google Scholar
• Kharpal, A. (2018). Cryptocurrencies: Regulating the new economy. https://www.cnbc.com/2018/08/09/cryptocurrencies–regulating-the-new–economy.html
   Google Scholar
• Kim, O., & Verrecchia, R. E. (1994). Market liquidity and volume around earnings announcements. Journal of Accounting and Economics, 17(1–2), 41–67. https://doi.org/10.1016/0165-4101(94)90004-3
   Web of Science ®Google Scholar
• Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385–420. https://doi.org/10.1111/joar.2007.45.issue-2
   Web of Science ®Google Scholar
• Leuz, C., & Wysocki, P. D. (2016). The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Journal of Accounting Research, 54(2), 525–622. https://doi.org/10.1111/joar.2016.54.issue-2
   Web of Science ®Google Scholar
• Long, C. (2018). ICOs were 45% of IPOs in Q2 2018, as cryptos disrupt investment banks. https://www.forbes.com/sites/caitlinlong/2018/07/22/icos-were-45-of-ipos-in-q2-2018-as-cryptos-disrupt-investment-banks/#182b1f3e794c
   Google Scholar
• Olsson, L. (2018). ICO funding has overtaken angel & seed venture capital. https://medium.com/cashlink-crypto/ico-funding-has-overtaken-angel-seed-venture-capital-c44affbb6dd3
   Google Scholar
• Perez, Y. B. (2015). The real cost of applying for a New York bitlicense. https://www.coindesk.com/real-cost-applying-new-york-bitlicense
   Google Scholar
• Pieters, G. C., & Vivanco, S. (2017). Financial regulations and price inconsistencies across bitcoin markets. Information Economics and Policy, 39, 1–14. https://doi.org/10.1016/j.infoecopol.2017.02.002
   Web of Science ®Google Scholar
• PwC (2019). 2019 crypto hedge fund report. https://www.pwc.com/gx/en/financial-services/fintech/assets/pwc-elwood-2019-annual-crypto-hedge-fund-report.pdf
   Google Scholar
• Rooney, K. (2018). Crypto industry leaders warn congress: Figure out regulation, or watch innovation leave the US. https://www.cnbc.com/2018/09/26/crypto-leaders-to-congress-figure-out-regulation-or-innovation-leaves.html
   Google Scholar
• SEC (2017, December). Statement on cryptocurrencies and initial coin offering by sec chairman jay clayton. https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11
   Google Scholar
• SEC (2018, February). Chairman testimony on virtual currencies: The roles of the SEC and CFTC. https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission
   Google Scholar
• SEC (2019). Framework for ‘Investment contract’ analysis of digital assets. https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets
   Google Scholar
• Shleifer, A., & Wolfenzon, D. (2002). Investor protection and equity markets. Journal of Financial Economics, 66(1), 3–27. https://doi.org/10.1016/S0304-405X(02)00149-6
   Web of Science ®Google Scholar
• Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1–3), 97–180. https://doi.org/10.1016/S0165-4101(01)00025-8
   Web of Science ®Google Scholar
• Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, 11(2), 801–827. https://doi.org/10.1111/care.1995.11.issue-2
   Google Scholar
• Wieczner, J. (2018). Inside New York's bitlicense bottleneck: An ‘Absolute failure?’. https://fortune.com/2018/05/25/bitcoin-cryptocurrency-new-york-bitlicense/3
   Google Scholar
• Zetsche, D. A., Buckley, R. P., Warner, D. A., & Fohr, L. (2019). The ICO gold rush: It's a scam, it's a bubble, it's a super challenge for regulators. Harvard International Law Journal, 60(2), 267–316.
   Google Scholar
• Zhang, I. X. (2007). Economic consequences of the Sarbanes-Oxley act of 2002. Journal of Accounting and Economics, 44(1), 74–115. https://doi.org/10.1016/j.jacceco.2007.02.002
   Web of Science ®Google Scholar
• Zhou, M., Lei, L., Wang, J., Fan, W., & Wang, A. (2015). Social media adoption and corporate disclosure. Journal of Information Systems, 29(2), 23–50. https://doi.org/10.2308/isys-50961
   Web of Science ®Google Scholar