学术研讨会丨加密资产市场的上市溢价


学术研讨会丨加密资产市场的上市溢价

学术研讨会

Seminar

5月8日(周五)上午10:30-11:50,社会枢纽创新创业与公共政策学域(IPE)将举办学术研讨会。本次研讨会将由南洋理工大学副教授Te Bao老师带来分享,题目为Listing Premium in Crypto-Asset Markets。欢迎广大师生参与。

Information

Title

Listing Premium in Crypto-Asset Markets

Time

8 May 2026 (Fri)

10:30-11:50 AM

Language

English

Format(Offline+Online)  

Venue: W1 – 221

Zoom ID: 961 2987 1049

Pc: ipe

Abstract

This paper systematically documents the listing premium in the cryptocurrency markets. We find statistically significant and substantial premium for listings on top-tier exchanges: the average cumulative abnormal return (CAR) around the listing date is 7.2\% for top-tier exchanges, compared with only 0.1\% for bottom-tier exchanges. We pay special attention to two structural features of the crypto market: a crypto asset can be listed on multiple exchanges either sequentially over time (“sequential listings”) or simultaneously in time (“simultaneous listings”). By focusing on the overlapping private information revealed through listings of the same asset on different exchanges, we address these two features associated with multi-venue listings by extending the two-announcement conditional event-study framework of \textcite{nayak2001disentangling} to a multivariate setting.

With the innovative framework, we find that a substantial share of abnormal returns reflects market reactions to implied uplistings, as if investors were partially observing the actual uplistings themselves. Our findings refine the interpretation of private information conveyed by IPOs and cross-listings on sub-top venues while demonstrating the practical value of our empirical framework for analyzing simultaneous multiple announcements.

Speaker Bio

TeBao is an associate professor of economics at the School of Social Sciences, Nanyang Technological University, Singapore. He obtained his Ph.D in Economics in 2012 from CeNDEF, University of Amsterdam. His research interest includes experimental economics, behavioral finance and real estate economics. His works are published in Economic Journal, European Economic Review, Experimental Economics, Journal of Economic Behavior and Organization and Journal of Economic Dynamics and Control.

关于创新创业与公共政策学域

About IPE

创新创业与公共政策是一门新兴的跨学科领域,近年来在应对治理和提供私人及公共产品与服务的全球挑战方面日显重要。

创新创业与公共政策学域专注研究社会发展中创新、创业与公共政策之间的联系,通过科技、制度、政策、创业和商业模式的创新,培养有能力解决科技与社会交叉领域问题的新一代领导者。