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The EU has committed itself to ambitious environmental, social, and techno-productive goals, and national development banks (NDBs) in the European financial architecture can be key actors in investment to finance them. However, not all EU member states have large and mature NDBs. In this light, this article examines the role of Spain´s mid-sized Instituto de Crédito Oficial and concludes that its dual nature, between the investment state and the private sector, provides it with levers to pursue EU goals effectively. Certain elements of this case could be used as lessons for other EU countries with smaller or underdeveloped NDBs. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic triggered a sudden drop in companies' sales and turnover, which resulted in serious liquidity and solvency problems. In an effort to cushion these unfavourable effects, a credit guarantee plan was launched in 2020 by the Spanish Government to mitigate the effects of COVID-19 by injecting firms with liquidity. This paper seeks to analyse the impact of this public policy on SMEs' optimal debt levels and to examine whether the allocation of this public funding has been efficiently targeted at those SMEs suffering temporary distress as a result of the pandemic. Based on a sample of 3,305 Spanish SMEs, our results show that the government's interventionist policy swelled excess debt levels – mainly due to the increase in excess long-term debt – and deviated them from the optimum. Moreover, although these public guarantees should mostly have been aimed at SMEs experiencing a temporary decline due to COVID-19, we find that these SMEs were the least likely to receive liquidity injections. [ABSTRACT FROM AUTHOR]

Initial coin offerings (ICO) have emerged as a niche financing arrangement, primarily used by budding tech-savvy entrepreneurs to fund their projects through token sales. This paper explores the various research dimensions on this complex means of raising funds, primarily its relevance, grey aspects, and offers future research directions. The theoretical underpinnings of various scholarly articles in reputed journals are reviewed to gauge the continuously expanding ICO domain. To recognize key aspects of ICO, this study relies on a three-tier analysis comprising of systematic literature review, bibliometric analysis and content analysis. The study identifies five distinct clusters: dynamics influencing ICO, drivers facilitating ICO investments, empirical validation of ICO success factors, adopting best practices for efficacious ICO and emerging perspectives on ICO. Based on these clusters, future research directions are offered. This study is a ready reckoner for scholars, aspiring to identify the evolution of ICO, current dynamics, and future research directions. This study not only offers existing and prospective entrepreneurs into efficiently designing and deploying ICO, but also highlights determinants that should be considered by investors while investing in ICO. Further, the study also illustrates several key challenges that requires adequate global regulation to ensure its sustainability and advancement. [ABSTRACT FROM AUTHOR]

We investigate potential factors influencing token after-market returns to explain the extreme levels of underpricing experienced in the cryptocurrencies market. This research analyses a sample of 300 tokens issued between September 2015 and May 2018, fully capturing the window of maximum ICO activity. The results confirm the presence of significant underpricing with an average of 180.66% and a median of 32.21%, which far exceed that of the IPO market. The cumulative after-market mean returns at three months, six months, nine months, and twelve months continue to be remarkably high and above 100%. However, the return distributions exhibit substantial negative median values, highlighting the poor post-ICO performance of most tokens. The research also confirms the IPO 'fads hypothesis' as a reasonable explanation of token underpricing, which attributes positive initial returns to investor overreactions. This hypothesis provides a rationale for ICO higher underpricing with respect to the IPO market as well. Finally, the quality of the management team positively affects token after-market returns while the project technical validity does not significantly impact on them. Blockchain entrepreneurs may use these results to design tokens and the offering campaigns with the aim of reducing negative swings in the after-market. [ABSTRACT FROM AUTHOR]

Copyright of Revue du Financier is the property of Societe Cybel and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Can machine learning take a prediction to win an investment in ICO (Initial Coin Offering)? In this research work, our objective is to answer this question. Four popular and lower computational demanding approaches including Ridge regression (RR), Artificial neural network (ANN), Random forest regression (RFR), and a hybrid ANN-Ridge regression are compared in terms of accuracy metrics to predict ICO value after six months. We use a dataset collected from 109 ICOs that were obtained from the cryptocurrency websites after data preprocessing. The dataset consists of 12 fields covering the main factors that affect the value of an ICO. One-hot encoding technique is applied to convert the alphanumeric form into a binary format to perform better predictions; thus, the dataset has been expanded to 128 columns and 109 rows. Input data (variables) and ICO value are non-linear dependent. The Artificial neural network algorithm offers a bio-inspired mathematical model to solve the complex non-linear relationship between input variables and ICO value. The linear regression model has problems with overfitting and multicollinearity that make the ICO prediction inaccurate. On the contrary, the Ridge regression algorithm overcomes the correlation problem that independent variables are highly correlated to the output value when dealing with ICO data. Random forest regression does avoid overfitting by growing a large decision tree to minimize the prediction error. Hybrid ANN-Ridge regression leverages the strengths of both algorithms to improve prediction accuracy. By combining ANN’s ability to capture complex non-linear relationships with the regularization capabilities of Ridge regression, the hybrid can potentially provide better predictive performance compared to using either algorithm individually. After the training process with the cross-validation technique and the parameter fitting process, we obtained several models but selected three of the best in each algorithm based on metrics of RMSE (Root Mean Square Error), R2 (R-squared), and MAE (Mean Absolute Error). The validation results show that the presented Ridge regression approach has an accuracy of at most 99% of the actual value. The Artificial neural network predicts the ICO value with an accuracy of up to 98% of the actual value after six months. Additionally, the Random forest regression and the hybrid ANN-Ridge regression improve the predictive accuracy to 98% actual value.

This paper explores the potential of DAOs (Decentralized Autonomous Organizations) built on blockchain technology, which are expected to revolutionize our computing and transaction infrastructures. By combining Blockchain technology or DAGs (directed acyclic graphs)with Artificial Intelligence (AI), self-operating electronic systems could be created, making them the elementary foundations for processing, coordinating, incentivizing, and financing IoT applications and the basis of the next generation of robotics. This paper will focus on the legal classification of DAOs, with an emphasis on the mechanisms of raising capital through ICOs and NFTs as alternative financing options for easier access to capital. The potential of linking DAOs and AI is also briefly addressed. Corporate law must keep pace with this rapid change, and the question arises whether it is "sufficiently flexible to make room for the new technical possibilities" and to cover completely "new forms of organization" based on software code that may be inadequately reflected in existing regulations. Overall, this paper highlights the potential of DAOs and their impact on the future of business models, organizational structures, and financing options.

ICO (Initial Coin Offering) is blockchain based crowdfunding venture to access capital. Investors buy this coin at an unissued time at an extremely cheap price. Then these coins are listed on the exchange, their price will go up extremely fast if the coin is good. Six months after ICO issuance is the period that investors expect to make a profit. The dataset of 109 ICOs is collected from reputable websites after data preprocessing. The correlation analysis between the 12 inputs shows that the data had multicollinearity problems, which led to skewed results of the multiple regression model. Overfitting occurs when using multiple regression models. To overcome the multiple regression model limitation, the Ridge regression method solves these ICO data problems of multiple regression models. The artificial neural network model solves the complex nonlinear relationships between inputs and ICO price. By tuning parameters to get the best performance according to three performance metrics Root Mean Square Error, Rsquares, and Mean Absolute Error, the ridge regression algorithm and artificial neural network achieved an accuracy of 63% to 92% and up to 98%, respectively in forecasting ICO prices with a test set of 3 ICOs that depend on the used metrics.

The purpose of this work is to study the investment capital markets by analysing the IPO and ICO procedures, identifying the main trends, leading sectors and comparing their volumes. The methodological basis was a retrospective analysis of the development of various forms of investment attraction (IPO and ICO). The main research methods were deduction, induction, synthesis and logical analysis. This article examined the main trends taking place in the IPO and ICO markets; key types of used blockchain platforms were identified; the leading countries and sectors in terms of the amount of funds raised are presented. The ICO market showed high growth rates in 2013–2018, but did not reach volumes comparable to the IPO market. Most of the projects that used the ICO (digital token issuance) procedures chose the Ethereum blockchain system as a platform, implemented projects in the fintech and IT industries, infrastructure development and decentralized applications (DApps). The leading states, residents, which have carried out the largest number of ICO procedures, are the USA, Singapore, United Kingdom and Hong Kong. In the IPO market, the largest volume of funds was attracted by projects from such sectors as finance, consumer services, oil and gas, industry and healthcare. The US remains the main platform chosen by companies for IPOs. The US is followed by the UK, China and Hong Kong

The development of new technologies in the field of finance (fintech) creates new opportunities and ways to carry out economic activity. One of these tools is blockchain and technologies created on its basis. One of the most famous of such tools is the process of issuing and selling digital coins (tokens), called Initial coin offering (ICO). The ICO process is often mistakenly viewed as a simpler and faster alternative to the classic IPO procedure. However, these procedures have more differences than similarities. This article provides a detailed comparison of IPO and ICO in terms of a number of key parameters, key similarities and differences from the point of view of both the investor and the issuer. At the end, there are recommendations for choosing an instrument depending on the goals of the investor and the issuer.

Decentralized Autonomous Organization (DAO) is a new form of organization, the innovation of which consists in the use of blockchain technology to record the applicable rules governing the project as well as the rights and obligations of its members, usually investors. Moreover, the method of financing the project is also new here, since tokens (cryptocurrency), which are acquired by investors for the capital contributed, are most frequently used. Management in DAO is previously unheard of (until the creation of DAO-2016), since there are no governing bodies, and all decisions are made by the voting of all members of the organization. In the article, an attempt is made to assess the DAO management process, having previously analyzed blockchain technology and the specificity of this new form of organization. The own research was conducted on a selected DAO project, when analyzing the management process implemented by voting by the members of this organization from its launch (May 2022) to 11 May 2023. The obtained results confirmed the dominance of majority shareholders in DAO votes, although the method of voting (Qudratic voting) used in the project under study to protect the rights of small shareholders significantly reduced this impact. The unusual unanimity of decision-makers was also noted (as much as 65% of unanimous votes), which, as it turned out, could be the result of information campaigns conducted before each vote by groups of small investors deeply involved in the project. These activities should also translate into the accuracy of the decisions made, and thus the quality of the DAO management process. [ABSTRACT FROM AUTHOR]

In August of 2022, the United States Department of Treasury sanctioned the virtual currency mixer Tornado Cash, an open-source and fully decentralised piece of software running on the Ethereum blockchain, subsequently leading to the arrest of one of its developers in the Netherlands. Not only was this the first time the Office of Foreign Assets Control (OFAC) extended its authority to sanction a foreign 'person' to software, but the decentralised nature of the software and global usage highlight the challenge of establishing jurisdiction over decentralised software and its global user base. The government claims jurisdiction over citizens, residents, and any assets that pass through the country's territory. As a global financial center with most large tech companies, this often facilitates the establishment of jurisdiction over global conduct that passes through US servers. However, decentralised programs on blockchains with nodes located around the world challenge this traditional approach as either nearly all countries can claim jurisdiction over users, subjecting users to criminal laws in countries with which they have no true interaction, or they limit jurisdiction, thereby risking abuse by bad actors. This article takes a comparative approach to examine the challenges to establishing criminal jurisdiction on cryptocurrency-related crimes. [ABSTRACT FROM AUTHOR]

Copyright of Vilnius University Open Series is the property of Vilnius University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper discusses the organizational forms of venture financing using Internet technologies (crowdfunding, crypto fund and ICO). The results of the analysis of the main disadvantages and advantages of venture financing through crowdfunding and ICO are presented. Provides regulatory restrictions for crowdfunding platforms used in the EU countries. Identification of the main barriers to the development of collective forms of venture investment through crowdfunding in the Republic of Belarus and practical recommendations for its development.

The paper focuses on the legislative changes from 2021 that the Law on Digital Assets introduced into the legal system of the Republic of Serbia and contextualizes the amendments from the perspective of existing practice. Introductory part evaluates the issue of whether blockchain technology can secure trust and safety in the transactions that are executed via Internet by parties from all over the world, as well as reasons that created the regulatory framework for values that are transferred over distributed ledger technologies infrastructures. Main part of the paper examines in detail the legislative solutions within the Law on Digital Assets as well as key exceptions and terms and their impact on the local economy. The section is followed by an overview of the draft legislation in EU in the field as well as how it may impact Serbian economy as a third country. Aside from concluding remarks on legislative changes domestically, the paper outlines potential upcoming challenges related to blockchain and instruments that may require a different approach in regulation.

The article analyses national and foreign approaches to the legal regulation of ICO, STO and cryptocurrencies from a comparative perspective, examines the models of taxation of crypto assets in Lithuania and Japan, and pays special attention to the legal regulation in Germany as an EU country. It concludes that the tax and legal regulation of cryptocurrencies in Lithuania and Germany is similar, as both countries follow the principle of neutrality – they do not prohibit, but they do not regulate by law. The paper also makes recommendations for recognising cryptocurrencies as legal tender by including regulation of crypto assets in national tax laws, defining types of crypto assets, uniform concepts, and taxation principles. According to the authors, such a solution would provide more legal certainty for natural and legal persons and would help to manage the risks associated with crypto assets.

This paper highlights two channels through which blockchain-enabled tokenization can alleviate moral hazard frictions between founders, investors, and users of a platform: token financing and decentralized governance. We consider an entrepreneur who uses outside financing and exerts private effort to build a platform and users who decide whether to join in response to the platform's dynamic transaction fee policy. We first show that raising capital by issuing tokens rather than equity mitigates effort under-provision because the payoff to equity investors depends on profit, whereas the payoff to token investors depends on transaction volume, which is less sensitive to effort. Second, we show that decentralized governance associated with tokenization eliminates a potential holdup of platform users, which in turn alleviates the need to provide users with incentives to join, reducing the entrepreneur's financing burden. The downside of tokenization is that it puts a cap on how much capital the entrepreneur can raise. Namely, if tokens are highly liquid, that is, they change hands many times per unit of time, their market capitalization is small relative to the net present value (NPV) of the platform profits, limiting how much money one can raise by issuing tokens rather than equity. If building the platform is expensive, this can distort the capacity investment. The resulting tradeoff between the benefits and costs of tokenization leads to several predictions regarding adoption. This paper was accepted by Vishal Gaur, operations management. [ABSTRACT FROM AUTHOR]

The recently approved Law 16/2022 amending the Insolvency Law has introduced a special framework for credits issued with the public guarantee of the Instituto de Crédito Oficial in the context of the COVID-19 crisis and Ukraine war. This framework has established important conditions on the effects that the new restructuring plans can impose on these credits, hindering the ultimate purpose of the reform: to enable viable companies to restructure their debt. This article analyses these conditions and provides a practical overview of the different scenarios that may arise. [ABSTRACT FROM AUTHOR]

This article consists of a comparative study of approaches to crypto-assets in the USA and EU, as well as an exploration of the reasons behind such differences. These two jurisdictions vary dramatically in their history, economy and legal systems. Therefore, differences in legal regulation regarding the Initial Coin Offering are to be expected. Doctrinal comparisons of legal regulation rarely shed light on the way that law actually operates, but are necessary to answer the question of why countries do not enact similar approaches to the regulation of the Initial Coin Offering. This leads to the conclusion that, in both jurisdictions, there exists no legal certainty. Meanwhile, the failure of either the United States or the European Union to regulate the crypto-assets market effectively will have spill over effects for other jurisdictions. There is, therefore, an urgent need for strengthening international standards in the regulation of crypto assets. Therefore, this article intends to contribute to the search for a necessary, appropriate, and transnational way to chart the contemporary legal landscape of Initial Coin Offerings. The most favourable form of legal convergence regarding the Initial Coin Offering should provide increased legal certainty while protecting consumers and fostering substantial investment in innovation.

Clear legal content of white papers provides certainty, stability and trust in the relations between all the participants in initial coins offering (ICO) procedures and contributes to the successful introduction of blockchain technologies in business. A white paper defines the relationship and interaction between a regulated social reality and program code, which is by itself not susceptible to legal regulation. This article investigates the legal conditions of the white papers that describe the projects of ICO. The author provides a legal analysis of numerous white papers published during ICO implementation around the world. Based on extensive data on implemented ICO projects, the correlation between the legal content of a white paper and the amount of funds collected as a result of the ICO is considered. Having analysed the determinants of the white paper legal content, the author suggests the legal provisions that any ICO white paper should have. [ABSTRACT FROM AUTHOR]

Smart contracts belong to the most rapidly growing aspect of the world of cryptocurrencies. This phenomenon attracts great attention from researchers but also the business community, and the development brings daily a lot of novel applications. Smart contracts allow running contract code transparently for all parties, without the need for a centralized authority. One of the smart contract applications is the issuance of digital assets, so-called tokens, serving as fundraising fuel for Initial Coin Offerings. ICOs bring a new easy, and bureaucracy-less way for startups to raise considerable funds from crowds with incredible speed. However, the technology hides a dark side in the form of speculative scams, hardly distinguishable from genuine fundraising activities. Evaluation audit of ICOs associated with the underlying security of smart contracts is a complex issue requiring many efforts. This paper focuses on one of the most popular blockchain frameworks, Ethereum, a prominent ICO and smart contract platform, and its dominant programming language, Solidity.

Cryptocurrencies and distributed registers (blockchains) have recently attracted increased interest among specialists from the widest variety of fields. In turn, the public has generated a pool of regularly asked questions, which have not yet been answered thoroughly. This article provides lines of reasoning with regard to several popular questions linked to this subject. It also addresses issues such as the creation of national cryptocurrencies and use of blockchain technology by businesses and governments. In addition, it analyzes the opinion that cryptocurrencies are a financial pyramid. Finally, it briefly examines the configuration of Bitcoin's distributed register and looks at how this register could be affected by the hypothetical creation of a quantum computer. [ABSTRACT FROM AUTHOR]

Copyright of Cuadernos de Contabilidad is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Anuario Español de Derecho Internacional Privado is the property of Iprolex SL and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Cuadernos de Contabilidad is the property of Pontificia Universidad Javeriana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines whether the unique and common content of initial coin offering (ICO) white papers is related to ICO fund raising and post‐ICO trading activities. Based on the signalling theory, we expect that high‐quality ICOs can provide more unique content in their white papers to distinguish themselves from low‐quality ICOs because it may be costly for low‐quality ICOs to provide unique and specific information. Our results show that ICOs that have more unique or less common content in their white papers raise more funds or are subject to more active trading and higher market values in the post‐ICO period. [ABSTRACT FROM AUTHOR]

The icozeiro (Capparis yco) is an endemic plant in the northeastern Brazil, with spontaneous access occurring in micro regions of the semi-arid region of Paraíba. However, there is practically no information about the plant or the characterization of its fruits from Curimataú in Paraíba. Based on that, this research aimed to describe the biometric characteristics of plants and the physical and chemical attributes of icozeiro fruits coming from spontaneous accesses. In plants, the variables evaluated were the following: height, stem diameter, crown diameter, leaf length and width, length of floral rachis, number of flowers per panicle and number of fruits. In the fruits, the physical characters were analyzed (equatorial diameter and length, total fresh mass, peel mass, seed mass, pulp mass, number of seeds, percentage of peel, percentage of peel, peel thickness and pulp yield), and chemical attributes (contents of soluble solids and pH). The plants presented average heights of 2.7 ± 0.8 m. Average canopy diameter was 2.4 ± 1.0 m, and average floral rachis length was 10.8 ± 4.9 cm and between 3.0 and 58.0 flowers per panicle. Analysis of fruits indicated an average mass of 77.7 ± 35.7 g, 12 ± 7.2 seeds per fruit, average pulp yield of 44.1 ± 8.5%, soluble solids between 11.0 oBrix and 33.0 oBrix and pH between 3.3 and 6.4. The icozeiro has a low medium size, being characterized as a shrubby plant, resistant to the edaphoclimatic weather of the region, remaining green, producing flowers and fruits in periods of drought. With regards to fruits, they presented aspects that are compatible with the requirements for industrial processing and fresh consumption in the domestic consumer market, which does not impede studies about their processing. Considering results presented and the domestic market, fresh consumption can be advantageous.

Децентралізовані системи займають особливу роль у сучасному житті, а проблеми їх регулювання починають обговорюватися та вирішуватися на державному рівні. Аналіз проекту, який за своїми масштабами та охопленням здатний вплинути на світову економіку та технології в цілому є актуальним та необхідним з точки зору спостереження за технологічними інноваціями. Майбутній повномасштабний запуск комплексної системи з великим потенційним числом користувачів потребує виконання її ретельного дослідження, задля забезпечення усвідомленого використання можливостей системи, а також захисту від потенційних загроз. В статті наведено офіційні матеріали, які проливають світло на внутрішні компоненти, виконуючі роль основних складових системи, а також описано проблеми, які стосуються майбутнього регулювання системи, а також користувацького досвіду, пов’язаного з використанням вбудованих процесів та сервісів, присутніх у системі на етапі запуску. Проведення дослідження та опису основних складових проекту, виявлення їх основних переваг та недоліків, висвітлення основних структурних елементів та понять, реалізованих при розробці складових, можливих нюансів, які матимуть вплив на майбутній досвід користування внутрішніми сервісами проекту. Винесення висновків щодо інноваційності та децентралізованості проекту, його майбутнього потенціалу та впливу на інформаційне середовище в цілому. В статті розглянуто наступні базові компоненти: TON P2P Network, TON DNS, TON Storage, TON Services, TON Payments, TON Blockchain, Gram token, а також складові, використані при їх реалізації. Також описані основні потенційні можливості при майбутньому використанні даних технологій, з’ясовані під час дослідження та аналізу документації складових проекту. Детально описано проблеми технології Blockchain та їх вирішення у реалізованому TON Blockchain. У підсумку приведено висновки щодо проекту в цілому, його складових, можливих проблем у процесі роботи, а також минулі конфузи, що могли підірвати довіру потенційних користувачів. Також наведені висновки щодо можливого майбутнього криптовалюти Gram, її ціни та розповсюдження в мережі, цінності для звичаних користувачів та «валідаторів» мережі

Today financial innovations seem ubiquitous. A new way of attracting capital by startups based on the blockchain such as ICO (initial coin offering) is similar to crowdfunding, selling produced tokens to the pool of investors. With the assistance of this source, startups collected 22 billion dollars in 2018, but in 2019 the market began to fall, so many researchers noted the danger of the ICO bubble. The low survival rate of ICO-projects led to the development of STO (security token offering) market, which guarantees the investor’s secured rights. It has been examined in the article how the new financing instruments can replace traditional ones and how they are adapted to existing legislation. For this purpose, the development of market for these instruments in comparison with traditional ones has been analyzed. The legislation in this area has been studied.

The article examines the problem of the ICO (Initial Coin Offering, from English — “initial offer of coins, initial placement of coins”). The information source is the ICO rating data of the return on investment in blockchain startups. The methodological base of the research is a situational comparative analysis of the ICO, DAOICO, IEO and STO and systematization of information. The author analyzes three new ICO models. The first one includes elements of Decentralized Autonomous Organizations (DAO). Its aim is to minimize the difficulties and risks associated with the ICO. The second model (Initial Exchange Offering (IEO), from English — “primary exchange offer”) is designed to minimize risks, liquidity problems and a delay in listing tokens at the end of the token sale. The third model — the Security Token Offering (STO, from English — “offer of security token”) — was designed to support real assets and comply with the SEC requirements. These models are a new direction for small and medium enterprises and investors. The absence of any scientific work emphasizes the relevance and scientific novelty of the study. The article is a follow-up of the empirical work related to the success of the ICO, as well as the basis for its revision using the case study results.

Carme Pinós. Escenarios para la vida es el catálogo de la exposición con el mismo título que realiza un recorrido por la obra de la arquitecta catalana, celebrada en el Museo ICO de Madrid entre el 10 de febrero y el 9 de mayo de 2021. La Fundación ICO investiga y divulga las figuras relevantes de la arquitectura española y, con tal propósito, realiza anualmente tres exposiciones y tres publicaciones en forma de catálogo. En este que nos ocupa, así como en la exposición correspondiente, colabora Arquitectura Viva. Todos los catálogos de la Fundación quedan como estimable referencia bibliográfica de la obra de los arquitectos a quienes se dedican las retrospectivas. En este caso, la contribución directa de la arquitecta aporta la explicación no solo de su obra, sino también de sus procesos.

This paper develops a theory of financing of entrepreneurial ventures via crypto tokens, which is not limited to platform-based ventures. We compare token financing with traditional equity financing, focusing on agency problems and information asymmetry frictions associated with the two financing methods, as well as on risk sharing between entrepreneurs and investors. Token financing introduces an agency problem not present under equity financing (underproduction), while mitigating an agency problem often associated with equity financing (entrepreneurial effort underprovision). Our theory abstracts from all institutional and potentially transient differences between tokens and equity and is based on a single intrinsic characteristic of tokens: they represent claims to a venture's output. We show that tokens are likely to dominate equity for ventures developing goods or services that involve low marginal production costs, those for which entrepreneurial effort is crucial, and/or those with relatively low payoff volatility. In addition, tokens can have an advantage over equity in signaling venture quality to outside investors. This paper was accepted by Kay Giesecke, finance. [ABSTRACT FROM AUTHOR]

Initial coin offerings have recently become one of the most important funding resources for ventures in the blockchain area. However, often ventures do not rely solely on initial coin offerings as funding source but receive also investments from more established investors prior or during their initial coin offering. In particular, blockchain related ventures have drawn the attention of (corporate) venture capitalists but only less is known on the interplay of these different funding sources and their influence on initial coin offerings as well as on ventures' further development. Based on the signaling theory as well as the resource-based-view our empirical study find that venture capital investors as well as corporate venture capital investors have a significantly positive effect on initial coin offerings. Further, we find that the reputation, the time of treatment as well as the specialization of investors have a positive influence on the initial coin offering. Finally, our results indicate that the positive effect of venture capital investors as well as the specialization of an investor continues to influence blockchain based ventures' success in the mid-term. [ABSTRACT FROM AUTHOR]