{"id":"https://openalex.org/W7125916633","doi":"https://doi.org/10.1109/tem.2026.3658843","title":"Initial Coin Offerings Versus Equity Financing Strategies Under Cournot Competition","display_name":"Initial Coin Offerings Versus Equity Financing Strategies Under Cournot Competition","publication_year":2026,"publication_date":"2026-01-01","ids":{"openalex":"https://openalex.org/W7125916633","doi":"https://doi.org/10.1109/tem.2026.3658843"},"language":null,"primary_location":{"id":"doi:10.1109/tem.2026.3658843","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2026.3658843","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5124142532","display_name":"Zhiyuan Chen","orcid":null},"institutions":[{"id":"https://openalex.org/I37461747","display_name":"Wuhan University","ror":"https://ror.org/033vjfk17","country_code":"CN","type":"education","lineage":["https://openalex.org/I37461747"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Zhiyuan Chen","raw_affiliation_strings":["School of Economics and Management, Wuhan University, Wuhan, China"],"affiliations":[{"raw_affiliation_string":"School of Economics and Management, Wuhan University, Wuhan, China","institution_ids":["https://openalex.org/I37461747"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5124102749","display_name":"Qiaoyun Gong","orcid":null},"institutions":[{"id":"https://openalex.org/I37461747","display_name":"Wuhan University","ror":"https://ror.org/033vjfk17","country_code":"CN","type":"education","lineage":["https://openalex.org/I37461747"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Qiaoyun Gong","raw_affiliation_strings":["School of Economics and Management, Wuhan University, Wuhan, China"],"affiliations":[{"raw_affiliation_string":"School of Economics and Management, Wuhan University, Wuhan, China","institution_ids":["https://openalex.org/I37461747"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5124126507","display_name":"Jianhong Zhou","orcid":null},"institutions":[{"id":"https://openalex.org/I37461747","display_name":"Wuhan University","ror":"https://ror.org/033vjfk17","country_code":"CN","type":"education","lineage":["https://openalex.org/I37461747"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jianhong Zhou","raw_affiliation_strings":["School of Economics and Management, Wuhan University, Wuhan, China"],"affiliations":[{"raw_affiliation_string":"School of Economics and Management, Wuhan University, Wuhan, China","institution_ids":["https://openalex.org/I37461747"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5124142532"],"corresponding_institution_ids":["https://openalex.org/I37461747"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.16915958,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"73","issue":null,"first_page":"1587","last_page":"1601"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.505299985408783,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.505299985408783,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.08250000327825546,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.03970000147819519,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cournot-competition","display_name":"Cournot competition","score":0.6313999891281128},{"id":"https://openalex.org/keywords/equity","display_name":"Equity (law)","score":0.5228999853134155},{"id":"https://openalex.org/keywords/incentive","display_name":"Incentive","score":0.46639999747276306},{"id":"https://openalex.org/keywords/product-market","display_name":"Product market","score":0.46320000290870667},{"id":"https://openalex.org/keywords/external-financing","display_name":"External financing","score":0.429500013589859},{"id":"https://openalex.org/keywords/transaction-cost","display_name":"Transaction cost","score":0.4140999913215637},{"id":"https://openalex.org/keywords/competition","display_name":"Competition (biology)","score":0.4050999879837036},{"id":"https://openalex.org/keywords/corporate-finance","display_name":"Corporate finance","score":0.35670000314712524},{"id":"https://openalex.org/keywords/product","display_name":"Product (mathematics)","score":0.34860000014305115}],"concepts":[{"id":"https://openalex.org/C16520705","wikidata":"https://www.wikidata.org/wiki/Q601799","display_name":"Cournot competition","level":2,"score":0.6313999891281128},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5407999753952026},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5228999853134155},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4763000011444092},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.46639999747276306},{"id":"https://openalex.org/C123336316","wikidata":"https://www.wikidata.org/wiki/Q7247776","display_name":"Product market","level":3,"score":0.46320000290870667},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.462799996137619},{"id":"https://openalex.org/C2778776786","wikidata":"https://www.wikidata.org/wiki/Q1455109","display_name":"External financing","level":3,"score":0.429500013589859},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.41429999470710754},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.4140999913215637},{"id":"https://openalex.org/C91306197","wikidata":"https://www.wikidata.org/wiki/Q45767","display_name":"Competition (biology)","level":2,"score":0.4050999879837036},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.37630000710487366},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.35670000314712524},{"id":"https://openalex.org/C90673727","wikidata":"https://www.wikidata.org/wiki/Q901718","display_name":"Product (mathematics)","level":2,"score":0.34860000014305115},{"id":"https://openalex.org/C63479239","wikidata":"https://www.wikidata.org/wiki/Q7353546","display_name":"Robustness (evolution)","level":3,"score":0.34150001406669617},{"id":"https://openalex.org/C19351080","wikidata":"https://www.wikidata.org/wiki/Q1395034","display_name":"New product development","level":2,"score":0.3312000036239624},{"id":"https://openalex.org/C2781198186","wikidata":"https://www.wikidata.org/wiki/Q701521","display_name":"Collusion","level":2,"score":0.31850001215934753},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.3172000050544739},{"id":"https://openalex.org/C47702881","wikidata":"https://www.wikidata.org/wiki/Q1303118","display_name":"Internal financing","level":3,"score":0.3116999864578247},{"id":"https://openalex.org/C151913843","wikidata":"https://www.wikidata.org/wiki/Q3454555","display_name":"Dominance (genetics)","level":3,"score":0.305400013923645},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.30469998717308044},{"id":"https://openalex.org/C121398111","wikidata":"https://www.wikidata.org/wiki/Q103639","display_name":"Oligopoly","level":3,"score":0.29190000891685486},{"id":"https://openalex.org/C58546491","wikidata":"https://www.wikidata.org/wiki/Q1150207","display_name":"Competitive advantage","level":2,"score":0.289000004529953},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.2791000008583069},{"id":"https://openalex.org/C73795354","wikidata":"https://www.wikidata.org/wiki/Q287618","display_name":"Sequential game","level":3,"score":0.2775999903678894},{"id":"https://openalex.org/C26578527","wikidata":"https://www.wikidata.org/wiki/Q183384","display_name":"Perfect competition","level":2,"score":0.2696000039577484},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.2639000117778778},{"id":"https://openalex.org/C177142836","wikidata":"https://www.wikidata.org/wiki/Q44455","display_name":"Game theory","level":2,"score":0.260699987411499},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.25999999046325684},{"id":"https://openalex.org/C185798385","wikidata":"https://www.wikidata.org/wiki/Q1161707","display_name":"Benchmark (surveying)","level":2,"score":0.2531000077724457},{"id":"https://openalex.org/C84265765","wikidata":"https://www.wikidata.org/wiki/Q193219","display_name":"Subsidy","level":2,"score":0.2529999911785126}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/tem.2026.3658843","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2026.3658843","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/9","display_name":"Industry, innovation and infrastructure","score":0.5272790789604187}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":31,"referenced_works":["https://openalex.org/W1485535210","https://openalex.org/W1976868103","https://openalex.org/W2041317668","https://openalex.org/W2062957830","https://openalex.org/W2301321055","https://openalex.org/W2923038366","https://openalex.org/W2946445857","https://openalex.org/W3011999035","https://openalex.org/W3017297775","https://openalex.org/W3106094474","https://openalex.org/W3123844866","https://openalex.org/W3124658224","https://openalex.org/W3125554925","https://openalex.org/W4213025756","https://openalex.org/W4220844780","https://openalex.org/W4285736269","https://openalex.org/W4309326671","https://openalex.org/W4367663331","https://openalex.org/W4386865006","https://openalex.org/W4387903958","https://openalex.org/W4389665997","https://openalex.org/W4403863502","https://openalex.org/W4404239100","https://openalex.org/W4404594880","https://openalex.org/W4404862955","https://openalex.org/W4405278530","https://openalex.org/W4406142001","https://openalex.org/W4407457447","https://openalex.org/W4409494772","https://openalex.org/W4416295394","https://openalex.org/W4417051930"],"related_works":[],"abstract_inverted_index":{"Enabled":[0],"by":[1,102],"blockchain":[2],"progress,":[3],"ICOs":[4,27,183],"emerged":[5],"as":[6,169,192],"an":[7],"alternative":[8],"to":[9,44,64,174,221],"traditional":[10],"equity":[11,203],"financing,":[12],"with":[13],"global":[14],"investor":[15],"reach,":[16],"decentralized":[17],"governance,":[18],"and":[19,48,77,85,98,134,171,178,194,201,219],"reduced":[20,202],"transaction":[21],"costs.":[22],"However,":[23],"the":[24,107,110,114,136,143,146,211],"performance":[25],"of":[26,109,145,214,225],"under":[28,51,217],"competitive":[29],"product":[30,58,75,130],"market":[31,73,127],"conditions":[32],"remains":[33],"underexplored.":[34],"This":[35,205],"paper":[36],"develops":[37],"a":[38,95,222],"game":[39],"theoretic":[40],"Cournot":[41],"competition":[42,133,218],"model":[43,97],"compare":[45],"firms'":[46],"financing":[47,83,122,140,151,215,227],"operational":[49,179],"strategies":[50],"two":[52],"benchmark":[53,115],"scenarios,":[54],"depending":[55],"on":[56,126],"whether":[57],"value":[59],"is":[60,152],"insensitive":[61],"or":[62,159],"sensitive":[63],"managerial":[65,78,208],"effort.":[66],"The":[67,117],"analysis":[68],"examines":[69],"how":[70],"cost":[71],"structure,":[72],"volatility,":[74],"substitutability,":[76],"risk":[79,156,176],"attitude":[80],"jointly":[81],"affect":[82],"choices":[84,123],"production":[86],"decisions.":[87],"To":[88],"ensure":[89],"research":[90],"rigor,":[91],"we":[92],"further":[93],"analyze":[94],"generalized":[96],"conduct":[99],"robustness":[100],"checks":[101],"varying":[103],"key":[104],"parameters,":[105],"confirming":[106],"stability":[108],"equilibrium":[111],"outcomes":[112],"beyond":[113],"settings.":[116],"results":[118],"show":[119],"that":[120],"optimal":[121],"depend":[124],"critically":[125],"structure.":[128],"Greater":[129],"substitutability":[131,166],"intensifies":[132],"widens":[135],"utility":[137],"gap":[138],"between":[139],"modes,":[141],"strengthening":[142],"dominance":[144],"more":[147,153],"suitable":[148],"strategy.":[149],"Equity":[150],"favorable":[154],"for":[155,187],"averse":[157],"firms":[158],"those":[160],"operating":[161],"in":[162,228],"low":[163],"innovation,":[164],"high":[165],"industries":[167],"such":[168,191],"manufacturing":[170],"utilities,":[172],"due":[173],"its":[175],"sharing":[177],"flexibility.":[180],"In":[181],"contrast,":[182],"are":[184],"better":[185],"suited":[186],"innovation":[188],"driven":[189],"ventures":[190],"DeFi":[193],"NFTs,":[195],"which":[196],"benefit":[197],"from":[198],"incentive":[199],"alignment":[200],"dilution.":[204],"study":[206],"provides":[207],"insights":[209],"into":[210],"strategic":[212],"selection":[213],"mechanisms":[216],"contributes":[220],"deeper":[223],"understanding":[224],"token":[226],"modern":[229],"capital":[230],"markets.":[231]},"counts_by_year":[],"updated_date":"2026-03-27T05:58:40.876381","created_date":"2026-01-29T00:00:00"}