Regulatory Migration to Europe: ICO Reallocation Following U.S. Securities Enforcement

Battle Count: 84

The paper is primarily about regulatory policy and geographic reallocation of ICO issuance activity. It has limited direct relevance to quantitative trading strategies. However, understanding regulatory-driven geographic shifts in crypto markets could inform broader market structure analysis and regulatory risk assessment for crypto-asset portfolios. The findings are more relevant to policy analysis and market structure than to trading signal generation.

The econometric methodology is standard in applied economics: panel OLS with two-way fixed effects, event study, Poisson PPML, and various robustness checks. Implementation requires constructing a region-month panel from multiple data sources, which involves data cleaning and harmonization. The statistical methods themselves are well-established and available in standard econometric software (Stata, R, Python). The main complexity lies in data construction rather than model estimation.

Data constructed from publicly available sources (TORD, ICOBench, ICODrops, TokenData, CoinSchedule, archived whitepapers). Replication data and files available from corresponding author upon reasonable request. However, the multi-source data construction process involves subjective decisions (cross-verification, exclusion criteria) that may be difficult to exactly replicate. No GitHub repository or public code is mentioned.