Titulo: "The Economics of Digital Token Cross-Listings" 


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 value-creation channels. I provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, I find higher returns for cross-listings that reduce market segmentation and improve information production.

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Fecha y hora: 22 de agosto de 2019 | 13:00 hrs
Lugar: Sala P302 (Diagonal Paraguay # 257, Santiago, Chile)

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