Publication Cover
Venture Capital
An International Journal of Entrepreneurial Finance
Volume 24, 2022 - Issue 3-4
247
Views
1
CrossRef citations to date
0
Altmetric
Research Articles

The dark side of initial coin offering: the case of corporate misconduct

, , &
Pages 335-358 | Received 03 Mar 2021, Accepted 04 Oct 2022, Published online: 19 Oct 2022

References

  • Adhami, S., G. Giudici, and S. Martinazzi. 2018. “Why Do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings.” Journal of Economics and Business 100: 64–75. doi:10.1016/j.jeconbus.2018.04.001.
  • Ali, U., and D. Hirshleifer. 2017. “Opportunism as a Firm and Managerial Trait: Predicting Insider Trading Profits and Misconduct.” Journal of Financial Economics 126 (3): 490–515. doi:10.1016/j.jfineco.2017.09.002.
  • Arnaboldi, F., B. Casu, A. Gallo, E. Kalotychou, and A. Sarkisyan. 2021. “Gender Diversity and Bank Misconduct.” Journal of Corporate Finance 71: 101834. https://www.sciencedirect.com/science/article/pii/S0929119920302789
  • Arora, A. S., K. Sivakumar, and P. A. Pavlou. 2021. “Social Capacitance: Leveraging Absorptive Capacity in the Age of Social Media.” Journal of Business Research 124: 342–356. doi:10.1016/j.jbusres.2020.11.035.
  • Balsam, S., G. D. Fernando, and A. Tripathy. 2011. “The Impact of Firm Strategy on Performance Measures Used in Executive Compensation.” Journal of Business Research 64 (2): 187–193. doi:10.1016/j.jbusres.2010.01.006.
  • Becker, G. S. 1968. “Crime and Punishment: An Economic Approach.” The Journal of Political Economy 76 (2): 169–217. doi:10.1086/259394.
  • Block, J. H., A. Groh, L. Hornuf, T. Vanacker, and S. Vismara. 2021. “The Entrepreneurial Finance Markets of the Future: A Comparison of Crowdfunding and Initial Coin Offerings.” Small Business Economics 57 (2): 865–882.
  • Boreiko, D., and D. Risteski. 2021. “Serial and Large Investors in Initial Coin Offerings.” Small Business Economics 57 (2): 1053–1071.
  • Chod, J., and E. Lyandres. 2021. “A Theory of Icos: Diversification, Agency, and Information Asymmetry.” Management Science 67 (10): 5969–5989. doi:10.1287/mnsc.2020.3754.
  • Cong, L. W., and Z. He. 2019. “Blockchain Disruption and Smart Contracts.” The Review of Financial Studies 32 (5): 1754–1797.
  • Cumming, D., and S. Johan. 2013. “Listing Standards and Fraud.” Managerial and Decision Economics 34 (7–8): 451–470. doi:10.1002/mde.2622.
  • Deng, H., R. H. Huang, and Q. Wu. 2018. “The Regulation of Initial Coin Offerings in China: Problems, Prognoses and Prospects.” European Business Organization Law Review 19 (3): 465–502. doi:10.1007/s40804-018-0118-2.
  • Dobrauz-Saldapenna, G., and U. Klebeck. 2019. “Initial Coin Offering—legal and Regulatory Challenges of Crossing the Borders.” Journal of Alternative Investments 21 (4): 81–94.
  • Dong, W., H. Han, Y. Ke, and K. C. Chan. 2018. “Social Trust and Corporate Misconduct: Evidence from China.” Journal of Business Ethics 151 (2): 539–562. doi:10.1007/s10551-016-3234-3.
  • Dyck, A., A. Morse, and L. Zingales. 2010. “Who Blows the Whistle on Corporate Fraud?” The Journal of Finance 65 (6): 2213–2253.
  • Fisch, Christian, Christian Masiak, Silvio Vismara, and Joern Block. 2021. “Motives and Profiles of ICO Investors.” Journal of Business Research 125: 564–576. doi:10.1016/j.jbusres.2019.07.036.
  • Fisch, C., and P. P. Momtaz. 2020. “Institutional Investors and Post-ICO Performance: An Empirical Analysis of Investor Returns in Initial Coin Offerings (ICOs).” Journal of Corporate Finance 64: 101679. doi:10.1016/j.jcorpfin.2020.101679.
  • Gao, Y., H. Yang, and M. Zhang. 2021. “Too Bad to Fear, Too Good to Dare? Performance Feedback and Corporate Misconduct.” Journal of Business Research 131: 1–11. doi:10.1016/j.jbusres.2021.03.041.
  • Gormley, T. A., and D. A. Matsa. 2014. “Common Errors: How to (And Not To) Control for Unobserved Heterogeneity.” The Review of Financial Studies 27 (2): 617–661. doi:10.1093/rfs/hht047.
  • Hochberg, Y. V., A. Ljungqvist, and Y. Lu. 2007. “Whom You Know Matters: Venture Capital Networks and Investment Performance.” The Journal of Finance 62 (1): 251–301.
  • Howell, S. T., M. Niessner, and D. Yermack. 2020. “Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales.” The Review of Financial Studies 33 (9): 3925–3974.
  • Huang, W., M. Meoli, and S. Vismara. 2020. “The Geography of Initial Coin Offerings.” Small Business Economics 55 (1): 77–102. doi:10.1007/s11187-019-00135-y.
  • Jia, R. 2014. “The Legacies of Forced Freedom: China’s Treaty Ports.” The Review of Economics and Statistics 96 (4): 596–608.
  • Jiang, F., W. Cai, X. Wang, and B. Zhu. 2018. “Multiple Large Shareholders and Corporate Investment: Evidence from China.” Journal of Corporate Finance 50: 66–83. doi:10.1016/j.jcorpfin.2018.02.001.
  • Kandel, E., M. Massa, and A. Simonov. 2011. “Do Small Shareholders Count?” Journal of Financial Economics 101 (3): 641–665. doi:10.1016/j.jfineco.2011.03.018.
  • Karpoff, J. M., and X. Lou. 2010. “Short Sellers and Financial Misconduct.” The Journal of Finance 65 (5): 1879–1913.
  • Li, J., and X. Han. 2019. “Bayesian Lassos for Spatial Durbin Error Model with Smoothness Prior: Application to Detect Spillovers of China’s Treaty Ports.” Regional Science and Urban Economics 77: 38–74.
  • Lins, K. V., H. Servaes, and A. Tamayo. 2017. “Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility During the Financial Crisis.” The Journal of Finance 72 (4): 1785–1824.
  • Liu, X. 2016. “Corruption Culture and Corporate Misconduct.” Journal of Financial Economics 122 (2): 307–327. doi:10.1016/j.jfineco.2016.06.005.
  • Ma, J., J. Shi, D. Luo, and Y. Che. 2019. “Effect of Trade Openness on Regional Economic Growth in China: Revisiting the Discussion.” Applied Economics Letters 26 (16): 1313–1316. doi:10.1080/13504851.2018.1558331.
  • Momtaz, P. P. 2020. “Initial Coin Offerings, Asymmetric Information, and Loyal CEOs.” Small Business Economics 57 (2): 1–23. doi:10.1007/s11187-020-00335-x.
  • Mukhopadhaya, K. 2003. “Jury Size and the Free Rider Problem.” Journal of Law, Economics, and Organization 19 (1): 24–44. doi:10.1093/jleo/19.1.24.
  • Murphy, D. L., R. E. Shrieves, and S. L. Tibbs. 2009. “Understanding the Penalties Associated with Corporate Misconduct: An Empirical Examination of Earnings and Risk.” Journal of Financial and Quantitative Analysis 44 (1): 55–83. doi:10.1017/S0022109009090036.
  • Samieifar, S., and D. G. Baur. 2021. “Read Me if You Can! An Analysis of ICO White Papers.” Finance Research Letters 38: 101427. doi:10.1016/j.frl.2020.101427.
  • Serfling, M. 2016. “Firing Costs and Capital Structure Decisions.” The Journal of Finance 71 (5): 2239–2286.
  • Wang, Xiaolu, Gang Fan, and Lipeng Hu. (2019). Marketization Index of China’s Provinces. NERI Report 2018. Beijing: Social Science Academic Press (China).
  • Yang, Duanliu, and Houpei Hou. (1931). ”Statistics of China's Foreign Trade during the Last Sixty-Five Years (1864-1928).” National Research Institute of Social Science Academia Sinica Monograph.
  • Yermack, D. 2017. “Corporate Governance and Blockchains.” Review of Finance 21 (1): 7–31. doi:10.1093/rof/rfw074.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.