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Consider the findings of the study by Howell, Niessner, and Yermack (2018) named...

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Consider

the findings of the study by Howell, Niessner, and Yermack (2018) named

“Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales.” In

one of their regressions they test whether the characteristics of the

ICO process

affects the post-issuance

performance of the coin. Which of the following characteristics of the ICO process

does not turn out to be an important determinant of the post-issuance performance of the ICO?

I. Whether the coins/tokens had a feature of “dynamic pricing” (the price changes during the ICO in a predetermined way).

II. Whether the coins/tokens were “airdropped” (given for free to some people).

III. Whether there was a “presale” of the tokens/coins (sold to some investors before the ICO begins)

IV. Whether the ICO had a pre-specified “capped” feature limiting the number of tokens that can be sold during the ICO.

II, III and IV

100%

I, II and IV

I and III

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