Ban, boom, and echo! Entrepreneurship and initial coin offerings
- Author
- Cristiano Bellavitis, Douglas Cumming and Tom Vanacker (UGent)
- Organization
- Abstract
- Regulatory spillovers occur when regulation in one country affects either the expected regulatory approach and/or entrepreneurial finance markets in other countries. Drawing on institutional theory, we investigate the global implications of a regulatory spillover on entrepreneurship. We argue that regulatory spillovers have both short- and long-term effects on the number and quality of entrepreneurial finance initiatives such as Initial Coin Offerings (ICOs). Based on a large-scale sample of ICOs in 108 countries, we find that a regulatory ban of ICOs in one country causes a short-term increase in the number of low-rated ICOs in other countries and a long-term drop in the number of ICOs, especially low-rated, which increases the average ICO rating. That is, a restrictive regulation triggered a process of increased market selection.
- Keywords
- Economics and Econometrics, Business and International Management, entrepreneurial finance, entrepreneurship, institutions, blockchain, initial coin offering
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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-8746217
- MLA
- Bellavitis, Cristiano, et al. “Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings.” ENTREPRENEURSHIP THEORY AND PRACTICE, vol. 46, no. 5, 2022, pp. 1136–69, doi:10.1177/1042258720940114.
- APA
- Bellavitis, C., Cumming, D., & Vanacker, T. (2022). Ban, boom, and echo! Entrepreneurship and initial coin offerings. ENTREPRENEURSHIP THEORY AND PRACTICE, 46(5), 1136–1169. https://doi.org/10.1177/1042258720940114
- Chicago author-date
- Bellavitis, Cristiano, Douglas Cumming, and Tom Vanacker. 2022. “Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings.” ENTREPRENEURSHIP THEORY AND PRACTICE 46 (5): 1136–69. https://doi.org/10.1177/1042258720940114.
- Chicago author-date (all authors)
- Bellavitis, Cristiano, Douglas Cumming, and Tom Vanacker. 2022. “Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings.” ENTREPRENEURSHIP THEORY AND PRACTICE 46 (5): 1136–1169. doi:10.1177/1042258720940114.
- Vancouver
- 1.Bellavitis C, Cumming D, Vanacker T. Ban, boom, and echo! Entrepreneurship and initial coin offerings. ENTREPRENEURSHIP THEORY AND PRACTICE. 2022;46(5):1136–69.
- IEEE
- [1]C. Bellavitis, D. Cumming, and T. Vanacker, “Ban, boom, and echo! Entrepreneurship and initial coin offerings,” ENTREPRENEURSHIP THEORY AND PRACTICE, vol. 46, no. 5, pp. 1136–1169, 2022.
@article{8746217,
abstract = {{Regulatory spillovers occur when regulation in one country affects either the expected regulatory approach and/or entrepreneurial finance markets in other countries. Drawing on institutional theory, we investigate the global implications of a regulatory spillover on entrepreneurship. We argue that regulatory spillovers have both short- and long-term effects on the number and quality of entrepreneurial finance initiatives such as Initial Coin Offerings (ICOs). Based on a large-scale sample of ICOs in 108 countries, we find that a regulatory ban of ICOs in one country causes a short-term increase in the number of low-rated ICOs in other countries and a long-term drop in the number of ICOs, especially low-rated, which increases the average ICO rating. That is, a restrictive regulation triggered a process of increased market selection.}},
author = {{Bellavitis, Cristiano and Cumming, Douglas and Vanacker, Tom}},
issn = {{1042-2587}},
journal = {{ENTREPRENEURSHIP THEORY AND PRACTICE}},
keywords = {{Economics and Econometrics,Business and International Management,entrepreneurial finance,entrepreneurship,institutions,blockchain,initial coin offering}},
language = {{eng}},
number = {{5}},
pages = {{1136--1169}},
title = {{Ban, boom, and echo! Entrepreneurship and initial coin offerings}},
url = {{http://doi.org/10.1177/1042258720940114}},
volume = {{46}},
year = {{2022}},
}
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