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The Value Of Cryptocurrency In An Efficient Portfolio, Bryn Taylor
The Value Of Cryptocurrency In An Efficient Portfolio, Bryn Taylor
Finance Undergraduate Honors Theses
With the recent approval of Bitcoin-backed exchange traded-funds, it is now easier than ever for mainstream investors to gain exposure to cryptocurrencies. This paper aims to employ the Markowitz efficient frontier model to determine the potential for cryptocurrency investment to increase the risk-adjusted performance of a diversified portfolio of stocks and bonds. The analysis finds that investors can expect a meaningful increase of 4.41% to the risk-adjusted performance of their portfolio when allocating 4.83% of their total investment to cryptocurrency. However, this potential increase is highly sensitive to cryptocurrency returns, volatility, and correlations to stock. As such, whether adding cryptocurrency …
Illustrating The Contrasts Of Initial Coin Offerings And Initial Public Offerings, Adam Jones
Illustrating The Contrasts Of Initial Coin Offerings And Initial Public Offerings, Adam Jones
Finance Undergraduate Honors Theses
This paper explores the intricacies of an Initial Coin Offering and how it differs from an Initial Public Offering, specifically in terms of its process, regulations, utility, performance, and risks. The paper begins with an introduction to cryptocurrencies that includes the development of Bitcoin to more recent developments, in order to give readers the proper background knowledge to understand Initial Coin Offerings. The paper then describes the differences between a coin and a token. Finally the paper lays out the characteristics of an Initial Coin Offerings and then compares those characteristics with that of an Initial Public Offering.