Returns and network growth of digital tokens after cross-listings
研究了3625个代币在108个交易所首次跨交易所上市前后的价格、交易量、网络增长和链上活动变化，发现上市两周内代币获得16%的加密市场调整回报，日网络增长翻三倍，并识别了价值创造渠道。
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 3625 tokens traded in 108 marketplaces, we 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, we identify specific value-creation channels. We provide the first evidence supporting value creation through network externalities proposed by recent token-valuation models. Consistent with equity cross-listing theory, we find higher returns for cross-listings that reduce market segmentation and improve information production. Our reported findings have significant policy implications in terms of more transparent regulations to reduce financial misconduct in the digital marketplace.