TY - THES A1 - Tran Bui, Minh Anh T1 - Initial Exchange Offerings and the Presence of Underpricing N2 - Cryptocurrency and blockchain entail various disruptive aspects, especially in finance. One of them is the formation of new financing mechanisms through the offer of tokens. Although they have opened new avenues for investors and allowed a vast number of entrepreneurs to raise a substantial amount of capital, the knowledge about their economic purposes and performance remains fragmented and heterogeneous. While initial coin offering (ICO) has been a more prominent focus in past studies, few to none encompass initial exchange offering (IEO). This paper is leveraged to address this gap and to provide a better understanding of IEO by primarily analysing the shift from crowdfunding, then, it considers the underlying technology and the wide variety of tokens. Subsequently, the main rationales are underlined, dividing into the incentives for both entrepreneurs and investors as well as challenges around the concept. Followed by an empirical examination and theoretical explanations for the findings of underpricing in this novel mechanism, in certain cases, results are connected to earlier ICO and IPO studies. For this research, a sample of 105 IEOs was manually collected and statistical descriptive tools, as well as a robust regression model, were conducted. It is discovered that the presence of underpricing is significant and IEOs are subject to heavy underpricing. Moreover, a set of variables that could influence the magnitude of underpricing was presented, suggesting for instance that greater issue size has significant effects whereas an optimistic market would likely increase underpricing. Y1 - 2022 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:hbz:1383-opus4-14682 ER -