Browse through our publications

2020-03-30T08:44:31+00:00

Market Reaction to Large Transfers on the Bitcoin Blockchain – Do Size and Motive Matter?

Cryptocurrency markets are often deemed inefficient. This paper explores how the market reacts to a specific form of public information: large Bitcoin transactions. The event study examines the price effects of 2,132 transactions involving at least 500 Bitcoins...

2020-03-24T15:21:59+00:00

Perceptions towards the Digital Currency Project Libra: Germany Q4 2019

Based on a representative survey among 3,059 German adult Internet, this report captures users’ perceptions and anticipations towards Libra. Libra is a blockchain-based payment token that is backed by a basket of financial assets, such as the Dollar and the Euro. It is developed by...

2020-03-19T19:00:51+00:00

Effects of Initial Coin Offering Characteristics on Cross-listing Returns

This paper examines how initial coin offering (ICO) characteristics affect cross-listing returns, i.e. whether or not the available information is a valuable signal of quality. For this purpose, we analyze 250 cross-listings of 135 different tokens issued via ICOs and calculate abnormal returns for specific samples using event study methodology.

2020-02-19T11:53:25+00:00

Returns from Investing in Cryptocurrency: Evidence from German Individual Investors

We analyze a subpopulation of 225 cryptocurrency owners who classify as investors. 56% of them experienced positive returns, while 29% had negative results. The remaining respondents broke even. The average investment was €1,773 in a portfolio ...