Title: Performance analysis of crypto coins and crypto tokens using data envelopment analysis and propensity score matching

Authors: Mathew Abraham

Addresses: Faculty in Finance, Jain School of Global Management, Lidcombe, Sydney, Australia

Abstract: The rise in blockchain technology has given excellent opportunities for investors to diversify their investments in crypto coins and crypto tokens. Using a sample period from 28 April 2013 to 31 December 2020, the present study conducts a performance analysis of crypto coins and tokens using data envelopment analysis (DEA) and propensity score matching (PSM). The evidence from DEA and PSM shows that the DEA efficient crypto coins and the crypto tokens with a whitepaper and expert credit ratings are likely to succeed as a good investment option. Not only does the evidence suggest the importance of benchmarking crypto coins through DEA, but also demonstrates ICOs as an equitable and accessible innovation by start-ups.

Keywords: data envelopment analysis; propensity score matching; initial coin offerings; crypto tokens; crypto coins; blockchain; whitepaper.

DOI: 10.1504/IJEF.2023.131749

International Journal of Electronic Finance, 2023 Vol.12 No.3, pp.295 - 314

Received: 13 Aug 2021
Accepted: 28 Aug 2022
Published online: 30 Jun 2023 *

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