Investment Decision

Working Paper

ICO Investors

We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4,700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product...Read more

Ruediger Fahlenbrach
Marc Frattaroli
05 August 2019

Low-carbon Mutual Funds

We show that mutual funds compete for climate-conscious investment flows. In April 2018, Morningstar introduced a climate-focused label for mutual funds. The release of the “Low Carbon Designation” induced reactions on both the demand and supply...Read more

Marco Ceccarelli
Stefano Ramelli
Alexander Wagner
19 March 2020