Table 7.
Token holding period as a function of the investment amount
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Ln(contribution in USD) |
− 0.454*** (− 153.87) |
− 0.240*** (− 88.33) |
− 0.449*** (− 24.30) |
− 0.189*** (− 43.74) |
− 0.257*** (− 32.98) |
− 0.499*** (− 17.63) |
| Ln(contribution in USD)2 |
0.015*** (11.44) |
0.017*** (8.90) |
||||
| Ln(contribution in USD) * presale |
− 0.084*** (− 15.08) |
|||||
| Ln(contribution in USD) * Presale discount |
− 0.103*** (− 4.08) |
− 0.064** (− 2.52) |
||||
| Constant |
7.672*** (384.48) |
6.432*** (73.28) |
7.107*** (67.17) |
6.661*** (74.72) |
6.776*** (68.40) |
7.519*** (58.01) |
| Token FE | No | Yes | Yes | Yes | Yes | Yes |
| N | 264,439 | 264,439 | 264,439 | 264,439 | 158,575 | 158,575 |
| Pseudo R2 | 0.03 | 0.12 | 0.12 | 0.12 | 0.09 | 0.09 |
The table presents results of Tobit regressions of the number of days until the first sale of tokens by an ICO contributor on the size of the contributor’s investment in US dollars, both in natural logarithms. The unit of observation is an investor in an ICO. The sample used for this test is the “investor sample” consisting of 98 ICOs conducted on the Ethereum platform. The number of days is measured from the last day of the crowdsale period and is right-censored at 270. All continuous variables have been winsorized at the 1 and 99% level. Presale is an indicator variable equal to one if the ICO had a presale, and zero otherwise. The presale discount is defined as the difference between the maximum crowdsale price and the minimum presale price, measured as a fraction of the former. Standard errors are clustered by ICO. T-statistics are reported in parentheses below the coefficient. One, two and three asterisks indicate statistical significance at the 10, 5 and 1% level, respectively