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The objective of this thesis is to identify the determinants of the failure of Initial Coin Offerings (ICOs). ICOs are a new, innovative form of corporate financing: The company sells digital tokens to investors, who can then participate in the company's future development. Intermediaries like banks are no longer required. ICOs have been enjoying a lot of popularity lately. However, the market suffers from high uncertainty and asymmetric information. Therefore, further research is needed. Some studies have already analyzed the determinants of the success (esp. the amount raised) of ICOs. This thesis instead, aims to identify the determinants of failure. These are to be determined with multivariate data analysis. It is suggested to indicate the dependent variable of the failure of an ICO by the listing and/or the trading activity of its token on a secondary exchange.

ICO --- Initial Coin Offering --- Corporate Financing --- Crypto --- Signaling Theory --- Sciences économiques & de gestion > Comptabilité & audit

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During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors.

Asian Financial Crisis --- Corporate Bond Markets --- Corporate Financing --- Finance and Financial Sector Development --- Global Financial Crisis --- International Financial Markets --- SME Capital Markets --- Stock Markets --- Syndicated Loan Markets

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This paper surveys the literature to document the main stylized facts, risks, and policy challenges related to the expansion of global nonfinancial corporate debt after the 2008-09 global financial crisis. Nonfinancial corporate debt steadily increased after the crisis, especially in emerging economies. Between 2008 and 2018, corporate debt increased from 56 to 96 percent of gross domestic product in emerging economies, whereas this ratio remained stable in developed economies. Nonfinancial corporate debt was mainly issued through bond markets, and its growth can be largely attributed to accommodative monetary policies in developed economies. Whereas increased debt financing has some positive aspects, it has also amplified firms' solvency risks and exposure to changes in market conditions, such as the economic downturn triggered by the COVID-19 pandemic. Because capital markets have a larger role in firm financing, policy makers have limited tools to mitigate the risks of growing firm debt.

Capital Flows --- Capital Markets and Capital Flows --- Capital Raising --- Corporate Bonds --- Corporate Financing --- Currencies and Exchange Rates --- Currency Risk --- Debt --- Debt Markets --- Emerging Market Economies --- Emerging Markets --- Finance and Financial Sector Development --- Foreign Currency Debt --- Global Financial Crisis --- International Economics and Trade --- Private Sector Development --- Solvency Risk