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Article: Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings

TitleHistorical Determinants of Fintech Development: Evidence from Initial Coin Offerings
Authors
KeywordsFinancial development
Fintech
History
ICO
Institutions
Issue Date2021
Citation
Finance Research Letters, 2021, article no. 102472 How to Cite?
AbstractThis paper examines the impact of historical endowment on the Initial Coin Offering (ICO) market. Leveraging a sample of 1,617 hand collected ICOs over 2015-2019 and regressions models, we find that a country's legal origin, disease environment, exposure to slave trade, and proximity to ancient trade routes are important determinants of the total amount of capital raised through ICOs. Further analyses suggest that the impact of historical endowment operates through legal and information sharing institutions. This finding suggests that traumatic shocks in the history plays an important role in shaping current Fintech development through long-run persistence of formal and informal institutions. This research highlights the importance to enlarge the scope of Fintech research and the importance to take institutions into account in relevant policy designs to promote financial development.
Persistent Identifierhttp://hdl.handle.net/10722/311972
ISSN
2023 Impact Factor: 7.4
2023 SCImago Journal Rankings: 1.903
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorAn, Jiafu-
dc.contributor.authorHou, Wenxuan-
dc.contributor.authorLiu, Xianda-
dc.date.accessioned2022-04-06T04:31:53Z-
dc.date.available2022-04-06T04:31:53Z-
dc.date.issued2021-
dc.identifier.citationFinance Research Letters, 2021, article no. 102472-
dc.identifier.issn1544-6123-
dc.identifier.urihttp://hdl.handle.net/10722/311972-
dc.description.abstractThis paper examines the impact of historical endowment on the Initial Coin Offering (ICO) market. Leveraging a sample of 1,617 hand collected ICOs over 2015-2019 and regressions models, we find that a country's legal origin, disease environment, exposure to slave trade, and proximity to ancient trade routes are important determinants of the total amount of capital raised through ICOs. Further analyses suggest that the impact of historical endowment operates through legal and information sharing institutions. This finding suggests that traumatic shocks in the history plays an important role in shaping current Fintech development through long-run persistence of formal and informal institutions. This research highlights the importance to enlarge the scope of Fintech research and the importance to take institutions into account in relevant policy designs to promote financial development.-
dc.languageeng-
dc.relation.ispartofFinance Research Letters-
dc.subjectFinancial development-
dc.subjectFintech-
dc.subjectHistory-
dc.subjectICO-
dc.subjectInstitutions-
dc.titleHistorical Determinants of Fintech Development: Evidence from Initial Coin Offerings-
dc.typeArticle-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.frl.2021.102472-
dc.identifier.scopuseid_2-s2.0-85116140550-
dc.identifier.spagearticle no. 102472-
dc.identifier.epagearticle no. 102472-
dc.identifier.isiWOS:000816923500029-

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