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BEGIN:VEVENT
UID:9583ef7519b4e1e62fa4e7ebecd7eb2c
CATEGORIES:Seminars
CREATED:20190115T095902
SUMMARY:Lunch Seminar: Sergei Kovbasyuk - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong><span style="font-size: 11pt; font-
 family: 'Calibri','sans-serif';">Initial Coin Offerings and Seigniorage</sp
 an></strong></p><p style="text-align: justify;"><span style="font-size: 11p
 t; font-family: 'Calibri','sans-serif';">Abstract:</span></p><p style="text
 -align: justify;"><span style="font-size: 11pt; font-family: 'Calibri','san
 s-serif';">Entrepreneurs start a finitely-lived trading platform, which can
  operate in fiat currency and get financed with debt or equity. Alternative
 ly, entrepreneurs can issue platform native tokens (cryptocurrency) and req
 uire their usage on the platform as a means of payment. I characterize prop
 erties of optimal tokens: transaction fees (subsidies) and dividends, that 
 maximize the net present value of the platform’s cash flows. I show that op
 timal tokens improve the platform’s borrowing capacity relative to a platfo
 rm operating in fiat currency. </span></p>
DTSTAMP:20260405T221656Z
DTSTART:20190117T130000Z
DTEND:20190117T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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