【Macro/Finance webinar】Tokenomics: When Tokens Beat Equity

  • 研討會日期 : 2021-07-08
  • 時間 : 09:00
  • 主講人 : Professor Katya Malinova
  • 地點 : online
  • 演講者簡介 : Professor Malinova received her Ph.D. in Economics from University of Michigan in 2006. She is currently an Associate Professor at McMaster University. She specializes in financial market microstructure and FinTech, with her empirical work focused on Canadian equity markets.
  • 演講摘要 : In an initial coin offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts are indeed economically inferior to equity and lead to over- or under-production. However, an optimally designed token contract, which is a combination of an output presale and an incremental revenue sharing agreement, yields the same payoffs as equity. Moreover, with entrepreneurial moral hazard, tokens can finance a strictly larger set of ventures than equity.