Discovering market prices: Which price formation model best predicts the next trade?

For most purposes of technical analysis, the price of the last transaction is considered representative of the market price. However, on closer examination, the question arises as to why a past event should be relevant to the future, and why other, potentially more recent information should not be used to discover a future price.

Cheap Signals in Security Token Offerings (STOs)

This study provides the first overview of security tokens and the STO model for corporate financing. Our analysis investigates security tokens from the perspective of a firm looking to raise capital. The results show that cheap signals are effective, which raises concerns for investor protection.