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Baranès, Edmond
, Hege, Ulrich
ORCID: https://orcid.org/0000-0003-4625-5212 and Kim, Jin-Hyuk
(2026)
Token Financing vs. Equity and Crowdfunding.
Economics Letters (n° 112964).
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Official URL : http://tse-fr.eu/pub/131655
Identification Number : 10.1016/j.econlet.2026.112964
Abstract
We present a stylized model of three entrepreneurial financing methods based on two tradeoffs. First, token financing and crowdfunding reveal consumer-investors’ demand for the product prior to investment, but upfront purchase weakens the entrepreneur’s incentive to deliver. Second, token financing permits a bubble component in token value, but reduces consumer surplus.
| Item Type: | Article |
|---|---|
| Language: | English |
| Date: | 30 March 2026 |
| Refereed: | Yes |
| Uncontrolled Keywords: | crowdfunding, entrepreneurial financing, initial coin offering, token regulation,, financement participatif, financement des entreprises, offre initiale de jetons, réglementation des jetons, jeton utilitaire, utility token |
| JEL Classification: | G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure G38 - Government Policy and Regulation L26 - Entrepreneurship |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Site: | UT1 |
| Date Deposited: | 02 Apr 2026 13:02 |
| Last Modified: | 03 Apr 2026 09:13 |
| OAI Identifier: | oai:tse-fr.eu:131655 |
| URI: | https://publications.ut-capitole.fr/id/eprint/53012 |
Available Versions of this Item
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Token Financing vs. Equity and Crowdfunding. (deposited 02 Apr 2026 12:28)
- Token Financing vs. Equity and Crowdfunding. (deposited 02 Apr 2026 13:02) [Currently Displayed]
