Seminario académico de Finanzas y Contabilidad

22 de agosto, 13:00 horas, sala P302, Facultad de Economía y Negocios

Título: ¿The Economics of Digital Token Cross-Listings

Expositor: Hugo Benedetti, ESE Business School, Universidad de Los Andes

Abstract

This paper examines the role of cross-listings in the digital token marketplace ecosystem. Using a unique set of publicly available and hand-collected data from 3,625 tokens traded in 108 marketplaces, I find significant increases in price, trading volume, network growth and on-chain activity around the date of a token’s first cross-listing. Tokens earn a 16% crypto-market adjusted return in the two weeks around the cross-listing date. Daily network growth triples on the day of cross-listing. Using the uniquely heterogeneous characteristics of token marketplaces, I am able to identify specific valuecreation channels. I provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity crosslisting theory, I find higher returns for cross-listings that reduce market segmentation and improve information production.