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New Research On Security Token Offerings (STOs) Discussed On Oxford Blog

Singapore, 14.06.2020: Researchers of Erasmus University today announced the publication of a new blogpost on the prestigious University of Oxford Business Law Blog entitled: “The Nascent Primary Market of Security Token Offerings”.

The post is based on the author’s working paper with the title “Security Token Offerings”. It is the first empirical paper studying security tokens defined by the authors as “a digital representation of an investment product, recorded on a distributed ledger, subject to regulation under securities laws.”

'The Nascent Primary Market of Security Token Offerings' by @lambert_thom (@RSMErasmus), @liebauda (@RSMErasmus, @sgSMU) and Peter Roosenboom (@RSMErasmus) – #Blockchain #EntrepreneurialFinance #ICO #SecurityTokenOffering #Tokenization #OBLB — OBLB (@OxfordBLB) July 14, 2020

Authors argue that STOs are not ICOs or a subset of it, which has important implications for the study of entrepreneurial finance where start-up financing and development are the outcomes under study.

The researchers also investigate whether corporate governance matters in the STO context: Regression results show that, even in the STOs’ more ‘transparent’ blockchain-based context, unbundling voting rights and cashflow rights negatively correlates with success outcomes, consistent with the traditional corporate finance view.


Link to Oxford Business Law Blog post:

The full working paper:

Media contact:

About The Authors

  1. Thomas Lambert, Assistant Professor of Finance, Rotterdam School of Management:

  2. Daniel Liebau, Lecturer in FinTech, Rotterdam School of Management and Singapore Management University:

  3. Peter Roosenboom, Professor of Finance, Rotterdam School of Management: