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Essays on Cryptocurrency
dc.contributor.authorCao, Guangye
dc.date.accessioned2023-05-25T14:39:11Z
dc.date.available2023-05-25T14:39:11Z
dc.date.issued2023
dc.date.submitted2023
dc.identifier.urihttps://hdl.handle.net/2027.42/176513
dc.description.abstractThis dissertation consists of three essays. The first essay provides background on blockchain, cryptocurrency, and venture capital. It will explain the evolution of token distribution models, regulatory concerns, and the industry adoption of the technology. The second essay presents a model of startup financing that reflects regulatory concerns of the first essay. It develops a three-period model that compares token financing with traditional VC equity financing, where the key difference between the two is that tokens can be sold earlier than equity, which allows them to meet the liquidity needs of investors. The third essay combines token financial data and onchain transaction data from the Ethereum blockchain, to study the relationship between token liquidity, returns, and onchain market maker inventory.
dc.language.isoen_US
dc.subjectBlockchain
dc.subjectCryptocurrency
dc.subjectMarket maker
dc.subjectLiquidity
dc.titleEssays on Cryptocurrency
dc.typeThesis
dc.description.thesisdegreenamePhDen_US
dc.description.thesisdegreedisciplineEconomics
dc.description.thesisdegreegrantorUniversity of Michigan, Horace H. Rackham School of Graduate Studies
dc.contributor.committeememberLeahy, John V
dc.contributor.committeememberRajan, Uday
dc.contributor.committeememberHouse, Christopher L
dc.contributor.committeememberOttonello, Pablo
dc.subject.hlbsecondlevelEconomics
dc.subject.hlbtoplevelBusiness and Economics
dc.subject.hlbtoplevelSocial Sciences
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/176513/1/guangye_1.pdf
dc.identifier.doihttps://dx.doi.org/10.7302/7362
dc.identifier.orcid0000-0001-7427-0802
dc.identifier.name-orcidCao, Guangye; 0000-0001-7427-0802en_US
dc.working.doi10.7302/7362en
dc.owningcollnameDissertations and Theses (Ph.D. and Master's)


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