题目：Initial Coin Offerings and Team Networks
报告人：邓辛上海财经大学金融学院
时间：2019年11月22日上午9:00 -11:00
地点：信息楼530
报告摘要：While Initial coin offerings (ICOs) enable individual investors to participate in early-stages of start-ups, disclosures are unregulated and governance mechanisms are self-imposed in this market. We argue that the market influence of blockchain venture teams serves as an important signal of quality to individual investors. Using a proprietary dataset, we find that our network-based measure of market influence of team increases the likelihood of ICO fundraising success, but negatively correlates with post-fundraising development progress. Our results suggest the limit of relying on team influence as a credible signal for post-fundraising fundamental performance of ICOs embedded with an immediate exit option.
报告人简介：邓辛,现为上海财经大学金融学院副教授、博士生导师，研究领域包括公司金融、金融科技，她先后主持国家自然科学基金2项，在Journal of Financial Economics, Journal of Financial and Quantitative Analysis等国际顶级学术期刊发表论文多篇。
代表性论文：
[1]Deng X., Kang J., Low B.S., Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers[J],Journal of Financial Economics ,2013,110(1):87-109. [2]Deng X., Gao H., Nonmonetary Benefits, Quality of Life, and Executive Compensation[J],Journal of Financial and Quantitative Analysis , 2013,48(01):197-218.
[3]Deng X., Hung S., Qiao Z., Mutual Fund Herding and Stock Price Crash[J],Journal of Banking and Finance , 2018(94):166-184.
