Several countries have already introduced restrictions on trading of cryptocurrencies, and many more are evaluating whether to follow suit. We document an unprecedented drop in trading volume on the Chinese cryptocurrency market after a recent regulatory change by the Chinese authorities that...

We propose a model of startup staged financing where entrepreneurs choose between ICO and traditional entrepreneurial finance sources such as Venture Capital (VC). While in early stages token sales allow startups to leverage network externalities by building a large customer base, VC's...

In this paper we use CoVaR to estimate the conditional tail-risk in the markets for bitcoin, ether, ripple and litecoin and find that these cryptocurrencies are highly exposed to tail-risk within cryptomarkets, while they are not exposed to tail-risk with respect to other global assets, like the...

This paper studies risk premia in a large cross-section of cryptocurrency. We characterize the stochastic discount factor in terms of latent factors and obtain risk premia estimates for a large set of observable factors that are robust to omitted variable and measurement error. These are...