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BEGIN:VEVENT
UID:9583ef7519b4e1e62fa4e7ebecd7eb2c
CATEGORIES:Seminars
CREATED:20190115T095902
SUMMARY:Lunch Seminar: Sergei Kovbasyuk - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Initial Coin Offerings and Seigniorage\nAbstract:\nEntrepreneurs start a fi
 nitely-lived trading platform, which can operate in fiat currency and get f
 inanced with debt or equity. Alternatively, entrepreneurs can issue platfor
 m native tokens (cryptocurrency) and require their usage on the platform as
  a means of payment. I characterize properties of optimal tokens: transacti
 on fees (subsidies) and dividends, that maximize the net present value of t
 he platform’s cash flows. I show that optimal tokens improve the platform’s
  borrowing capacity relative to a platform operating in fiat currency. \n
DTSTAMP:20260405T221559Z
DTSTART:20190117T130000Z
DTEND:20190117T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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