| Summary: | 碩士 === 國立中央大學 === 資訊管理學系 === 107 === Information technology is popular today. It is easier for us to get more information on the Internet then before. Moreover, we can use limited time to master accurate and effective information through quantitative models in analyzing big data. This trend has become the inevitable development situation in all fields. The booming of blockchain technology has continuously attracted investment, academic sector, new companies and governments. This caused ICO (Initial Coin Offerings) has been developing rapidly in recent years.
This study selected the token price of each main cryptocurrency exchange from November 1, 2017 to April 30, 2019 as a research sample, and used the Cryptocurrency Index (CRIX) as a market index for the cryptocurrency token market. This empirical study examined the applicability and expected ability of the Capital Asset Pricing Model (CAPM) in the global token market.
The research results showed that all the models are statistically significant in each verification result, and the CAPM is valid to cryptocurrency token market research and has a certain degree of ability to explain the rate of return on investment.
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