Energy Tokens as Digital Instruments of Financial Investment

• Autorzy: Kamilla Marchewka-Bartkowiak , Marcin Wiśniewski
• Języki publikacji: EN

Abstrakty

EN

The aim of the paper is to evaluate the investment attractiveness of selected energy tokens from the point of view of the effectiveness measures applied to ordinary financial instruments. The authors also classify energy tokens among climate-aligned tokens and digital instruments of green investments financing. In this way, it was possible to compare energy tokens against traditional financial instruments. Furthermore, the authors attempted to investigate the relationship between the formation of returns of the researched energy tokens and the returns on stock and commodity markets. The results of the study indicate the low investment attractiveness of energy tokens compared to investments in stock markets, commodity markets and investments in major cryptocurrencies such as Bitcoin and Ethereum. The research therefore indicates that buyers of energy tokens today should not be driven by investment or speculative motives but rather by a desire to obtain a means of clearing energy trading, or other utility. (original abstract)

Słowa kluczowe

EN

Financial investment; Virtual capital market; Efficiency of investment; Energy market

PL

Inwestycje finansowe; Wirtualny rynek kapitałowy; Efektywność inwestycji; Rynek energetyczny

• Czasopismo: Economics and Business Review
• Rocznik: 2022
• Tom: 8 (22)
• Numer: nr 3
• Strony: 109--125

Twórcy

autor

Kamilla Marchewka-Bartkowiak

• Poznań University of Economics and Business, Poznań, Poland

autor

Marcin Wiśniewski

• Poznań University of Economics and Business, Poznań, Poland

Bibliografia

• Adhami, S., Giudici, G., & Martinazzi S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 64-75. https://doi.org/10.1016/j.jeconbus.2018.04.001
• Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D. Jenkins, D., ..., Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174. https://doi.org/10.1016/j.rser.2018.10.014
• Bank for International Settlement (BIS). (2018). Central bank digital currencies. Retrieved from https://www.bis.org/cpmi/publ/d174.pdf
• Barbu, T.C., Boitan, I.A., & Cepoi, C. (2022). Are cryptocurrencies safe havens during the COVID-19 pandemic? A threshold regression perspective with pandemic-related benchmarks. Economics and Business Review, 22(2), 29-49. https://doi.org/10.18559/ebr.2022.2.3
• Basden, J., & Cottrell, M. (2017). How utilities are using blockchain to modernize the grid. Harvard Business Review.
• Climate Bond Initiative (CBI). (2022). Sustainable debt. Global state of the market 2021. Retrieved from https://www.climatebonds.net/files/reports/cbi_global_sotm_2021_02h_0.pdf
• Diedrich, H. (2016). Ethereum: Blockchains, digital assets, smart contracts, decentralized autonomous organizations. WildFire Publishing. CreateSpace Independent Publishing Platform.
• Ehlers, T., & Packer, F. (2017, September). Green bond finance and certification. BIS Quarterly Review. https://ssrn.com/abstract=3042378
• Eurelectric. (2017). Annual report 2017. Retrieved from https://cdn.eurelectric.org/media/2520/eurelectric_annual_report_2017-h-CE1D7409.pdf
• European Central Bank (ECB). (2019). Crypto-assets: Implications for financial stability, monetary policy, and payments and market infrastructures. (Occasional Paper Series No. 230).
• European Commission (EC). (2018). Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. Action Plan: Financing Sustainable Growth. COM(2018)097 final.
• European Commission (EC). (2019). Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions. The European Green Deal. COM(2019)640 final.
• European Commission (EC). (2020). Proposal for a Regulation of the European Parliament and the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937. COM(2020)593 final.
• European Parliament and the Council. (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. PE/87/2019/REV/1.
• European Securities and Market Authority (ESMA). (2018). Own initiative report on initial coin offerings and crypto-assets. Retrieved from https://www.esma.europa.eu/sites/default/files/library/esma22-106-1338_smsg_advice_-_report_on_icos_and_crypto-assets.pdf
• Finance Conduct Authority (FCA). (2018). Crypto-assets taskforce: Final report. Retrieved from https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf
• Financial Stability Board (FSB). (2018). Crypto-asset markets potential channels for future financial stability implications. Retrieved from https://www.fsb.org/wp-content/uploads/P101018.pdf
• Guseva, Y. (2021). A conceptual framework for digital-asset securities: Tokens and coins as debt and equity. Maryland Law Review, 80(1), 167-213.
• Intergovernmental Panel on Climate Change (IPCC). (2021). Climate Change 2021. The Physical Science Basis. Retrieved from https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_FullReport.pdf
• Kuryłek, Z. (2020). ICO tokens as an alternative financial instrument: A risk measurement. European Research Studies Journal, 23(4), 512-530.
• Lin, L., & Tjio, H. (2020). Alternative investments, sustainability in the digital age. European Business Organization Law Review, 20, 1-5.
• Marchewka-Bartkowiak, K., & Nowak, K. (2020). Get tokenized... The specificity of personal tokens in the context of tokenization and axiological categorization. Innovative Models to Revive the Global Economy. (Proceedings of the International Conference on Economics and Social Sciences, No. 3). https://doi.org/10.2478/9788395815072-081
• Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91. https://doi.org/10.2307/2975974
• Mougayar, W. (2017). Tokenomics - a business guide to token usage, utility and value. Retrieved from https://medium.com/@wmougayar/tokenomics-a-business-guide-to-token-usage-utility-and-value-b19242053416
• Oliveira, L., Zavolokina, L., Bauer, I., & Schwabe, G. (2018). To token or not to token: Tools for understanding blockchain tokens. Zurich: University of Zurich.
• Organisation for Economic Co-operation and Development (OECD). (2019). Initial Coin Offerings (ICOs) for SME financing. Retrieved from https://www.oecd.org/finance/ICOs-for-SME-Financing.pdf
• PriceWaterhouseCoopers (PWC). (2018). Blockchain - an opportunity for energy producers and consumers?. PwC global power & utilities. Retrieved from https://www.pwc.com/gx/en/industries/assets/pwc-blockchain-opportunity-for-energy-producers-and-consumers.pdf
• Sharpe, W.F. (1966). Mutual fund performance. The Journal of Business, 39(1), 119-138. http://doi.org/10.1086/294846
• Sharpe, W.F. (1994). The Sharpe ratio. The Journal of Portfolio Management, 21(1), 49-58. https://doi.org/10.3905/jpm.1994.409501
• SolarPlaza. (2018). Comprehensive guide to companies involved in blockchain & energy. Amsterdam: Blockchain Business.
• Tönnissen S., Beinke J.H., Teuteberg F. (2020). Understanding token-based ecosystems - a taxonomy of blockchain-based business models of start-ups. Electronic Markets, 30, 307-323.
• United Nations. (2015). Resolution adopted by the General Assembly on 25 September 2015, Transforming Our World: The 2030 Agenda for Sustainable Development, 70/1.
• Varnavskiy, A., Gruzina,. U., Rot, A., Trubnikov, V., Buryakova, A., & Sebechenko, E. (2018). Design of models for the tokenization of electric power industry basing on the blockchain technology. Communication Papers of the Federated Conference on Computer Science and Information Systems, 17, 45-50. http://doi.org/10.15439/2018F330
• Wiśniewski, M., & Zieliński, J. (2019). Green bonds as an innovative sovereign financial instrument. Ekonomia i Prawo. Economics and Law, 18(1), 83-96. https://doi.org/10.12775/EiP.2019.007

Identyfikatory

DOI

10.18559/ebr.2022.3.6