id	sid	tid	token	lemma	pos
gujaf-381	1	1	microsoft	microsoft	PROPN
gujaf-381	1	2	word	word	PROPN
gujaf-381	1	3	fk	fk	INTJ
gujaf-381	1	4	to	to	ADP
gujaf-381	1	5	mr	mr	PROPN
gujaf-381	1	6	hassan	hassan	PROPN
gujaf-381	1	7	6	6	NUM
gujaf-381	1	8	1	1	NUM
gujaf-381	1	9	gusau	gusau	ADJ
gujaf-381	1	10	journal	journal	NOUN
gujaf-381	1	11	of	of	ADP
gujaf-381	1	12	accounting	accounting	NOUN
gujaf-381	1	13	and	and	CCONJ
gujaf-381	1	14	finance	finance	NOUN
gujaf-381	1	15	,	,	PUNCT
gujaf-381	1	16	vol.6	vol.6	PROPN
gujaf-381	1	17	,	,	PUNCT
gujaf-381	1	18	issue	issue	NOUN
gujaf-381	1	19	1	1	NUM
gujaf-381	1	20	,	,	PUNCT
gujaf-381	1	21	april	april	PROPN
gujaf-381	1	22	,	,	PUNCT
gujaf-381	1	23	2025	2025	NUM
gujaf-381	1	24	229	229	NUM
gujaf-381	1	25	determinants	determinant	NOUN
gujaf-381	1	26	of	of	ADP
gujaf-381	1	27	token	token	ADJ
gujaf-381	1	28	valuation	valuation	NOUN
gujaf-381	1	29	in	in	ADP
gujaf-381	1	30	blockchain	blockchain	PROPN
gujaf-381	1	31	ecosystems	ecosystem	NOUN
gujaf-381	1	32	:	:	PUNCT
gujaf-381	1	33	evidence	evidence	NOUN
gujaf-381	1	34	from	from	ADP
gujaf-381	1	35	dynamic	dynamic	ADJ
gujaf-381	1	36	panel	panel	NOUN
gujaf-381	1	37	analysis	analysis	NOUN
gujaf-381	1	38	of	of	ADP
gujaf-381	1	39	crowdfunding	crowdfunding	NOUN
gujaf-381	1	40	and	and	CCONJ
gujaf-381	1	41	network	network	NOUN
gujaf-381	1	42	effects	effect	NOUN
gujaf-381	1	43	adedeji	adedeji	VERB
gujaf-381	1	44	daniel	daniel	PROPN
gujaf-381	1	45	gbadebo	gbadebo	PROPN
gujaf-381	1	46	department	department	PROPN
gujaf-381	1	47	of	of	ADP
gujaf-381	1	48	accounting	accounting	PROPN
gujaf-381	1	49	science	science	NOUN
gujaf-381	1	50	,	,	PUNCT
gujaf-381	1	51	walter	walter	PROPN
gujaf-381	1	52	sisulu	sisulu	PROPN
gujaf-381	1	53	university	university	PROPN
gujaf-381	1	54	,	,	PUNCT
gujaf-381	1	55	south	south	PROPN
gujaf-381	1	56	africa	africa	PROPN
gujaf-381	1	57	.	.	PUNCT
gujaf-381	2	1	orcid	orcid	NOUN
gujaf-381	2	2	:	:	PUNCT
gujaf-381	2	3	https://orcid.org/0000-0002-1929-3291	https://orcid.org/0000-0002-1929-3291	PROPN
gujaf-381	2	4	email	email	NOUN
gujaf-381	2	5	:	:	PUNCT
gujaf-381	2	6	gbadebo.adedejidaniel@gmail.com	gbadebo.adedejidaniel@gmail.com	X
gujaf-381	2	7	https://doi.org/10.57233/gujaf.v6i1.16	https://doi.org/10.57233/gujaf.v6i1.16	PROPN
gujaf-381	3	1	abstract	abstract	ADJ
gujaf-381	3	2	this	this	DET
gujaf-381	3	3	study	study	NOUN
gujaf-381	3	4	investigates	investigate	VERB
gujaf-381	3	5	the	the	DET
gujaf-381	3	6	determinants	determinant	NOUN
gujaf-381	3	7	of	of	ADP
gujaf-381	3	8	token	token	ADJ
gujaf-381	3	9	valuation	valuation	NOUN
gujaf-381	3	10	in	in	ADP
gujaf-381	3	11	blockchain	blockchain	PROPN
gujaf-381	3	12	ecosystems	ecosystem	NOUN
gujaf-381	3	13	,	,	PUNCT
gujaf-381	3	14	focusing	focus	VERB
gujaf-381	3	15	on	on	ADP
gujaf-381	3	16	the	the	DET
gujaf-381	3	17	roles	role	NOUN
gujaf-381	3	18	of	of	ADP
gujaf-381	3	19	crowdfunding	crowdfunde	VERB
gujaf-381	3	20	support	support	NOUN
gujaf-381	3	21	and	and	CCONJ
gujaf-381	3	22	network	network	NOUN
gujaf-381	3	23	centrality	centrality	NOUN
gujaf-381	3	24	.	.	PUNCT
gujaf-381	4	1	using	use	VERB
gujaf-381	4	2	a	a	DET
gujaf-381	4	3	dynamic	dynamic	ADJ
gujaf-381	4	4	panel	panel	NOUN
gujaf-381	4	5	dataset	dataset	VERB
gujaf-381	4	6	of	of	ADP
gujaf-381	4	7	token	token	ADJ
gujaf-381	4	8	projects	project	NOUN
gujaf-381	4	9	from	from	ADP
gujaf-381	4	10	2015	2015	NUM
gujaf-381	4	11	to	to	ADP
gujaf-381	4	12	2023	2023	NUM
gujaf-381	4	13	,	,	PUNCT
gujaf-381	4	14	we	we	PRON
gujaf-381	4	15	apply	apply	VERB
gujaf-381	4	16	the	the	DET
gujaf-381	4	17	arellano	arellano	NOUN
gujaf-381	4	18	-	-	PUNCT
gujaf-381	4	19	bond	bond	NOUN
gujaf-381	4	20	generalized	generalize	VERB
gujaf-381	4	21	method	method	NOUN
gujaf-381	4	22	of	of	ADP
gujaf-381	4	23	moments	moment	NOUN
gujaf-381	4	24	(	(	PUNCT
gujaf-381	4	25	gmm	gmm	NOUN
gujaf-381	4	26	)	)	PUNCT
gujaf-381	4	27	estimator	estimator	NOUN
gujaf-381	4	28	to	to	PART
gujaf-381	4	29	control	control	VERB
gujaf-381	4	30	for	for	ADP
gujaf-381	4	31	valuation	valuation	NOUN
gujaf-381	4	32	persistence	persistence	NOUN
gujaf-381	4	33	and	and	CCONJ
gujaf-381	4	34	address	address	VERB
gujaf-381	4	35	potential	potential	ADJ
gujaf-381	4	36	endogeneity	endogeneity	NOUN
gujaf-381	4	37	.	.	PUNCT
gujaf-381	5	1	the	the	DET
gujaf-381	5	2	analysis	analysis	NOUN
gujaf-381	5	3	reveals	reveal	VERB
gujaf-381	5	4	that	that	SCONJ
gujaf-381	5	5	crowdfunding	crowdfunde	VERB
gujaf-381	5	6	backing	back	VERB
gujaf-381	5	7	significantly	significantly	ADV
gujaf-381	5	8	increases	increase	VERB
gujaf-381	5	9	token	token	ADJ
gujaf-381	5	10	valuation	valuation	NOUN
gujaf-381	5	11	,	,	PUNCT
gujaf-381	5	12	while	while	SCONJ
gujaf-381	5	13	network	network	NOUN
gujaf-381	5	14	centrality	centrality	NOUN
gujaf-381	5	15	exerts	exert	VERB
gujaf-381	5	16	a	a	DET
gujaf-381	5	17	positive	positive	ADJ
gujaf-381	5	18	but	but	CCONJ
gujaf-381	5	19	nonlinear	nonlinear	ADJ
gujaf-381	5	20	effect	effect	NOUN
gujaf-381	5	21	.	.	PUNCT
gujaf-381	6	1	additionally	additionally	ADV
gujaf-381	6	2	,	,	PUNCT
gujaf-381	6	3	ownership	ownership	NOUN
gujaf-381	6	4	concentration	concentration	NOUN
gujaf-381	6	5	negatively	negatively	ADV
gujaf-381	6	6	impacts	impact	VERB
gujaf-381	6	7	valuation	valuation	NOUN
gujaf-381	6	8	,	,	PUNCT
gujaf-381	6	9	whereas	whereas	SCONJ
gujaf-381	6	10	project	project	NOUN
gujaf-381	6	11	age	age	NOUN
gujaf-381	6	12	contributes	contribute	VERB
gujaf-381	6	13	positively	positively	ADV
gujaf-381	6	14	.	.	PUNCT
gujaf-381	7	1	robustness	robustness	NOUN
gujaf-381	7	2	checks	check	NOUN
gujaf-381	7	3	using	use	VERB
gujaf-381	7	4	a	a	DET
gujaf-381	7	5	nonlinear	nonlinear	ADJ
gujaf-381	7	6	specification	specification	NOUN
gujaf-381	7	7	and	and	CCONJ
gujaf-381	7	8	instrumental	instrumental	ADJ
gujaf-381	7	9	variable	variable	NOUN
gujaf-381	7	10	(	(	PUNCT
gujaf-381	7	11	2sls	2sls	NOUN
gujaf-381	7	12	)	)	PUNCT
gujaf-381	7	13	approach	approach	NOUN
gujaf-381	7	14	confirm	confirm	VERB
gujaf-381	7	15	these	these	DET
gujaf-381	7	16	findings	finding	NOUN
gujaf-381	7	17	.	.	PUNCT
gujaf-381	8	1	the	the	DET
gujaf-381	8	2	results	result	NOUN
gujaf-381	8	3	underscore	underscore	VERB
gujaf-381	8	4	the	the	DET
gujaf-381	8	5	importance	importance	NOUN
gujaf-381	8	6	of	of	ADP
gujaf-381	8	7	transparent	transparent	ADJ
gujaf-381	8	8	crowdfunding	crowdfunding	NOUN
gujaf-381	8	9	,	,	PUNCT
gujaf-381	8	10	diversified	diversify	VERB
gujaf-381	8	11	network	network	NOUN
gujaf-381	8	12	ties	tie	NOUN
gujaf-381	8	13	,	,	PUNCT
gujaf-381	8	14	and	and	CCONJ
gujaf-381	8	15	decentralized	decentralize	VERB
gujaf-381	8	16	ownership	ownership	NOUN
gujaf-381	8	17	structures	structure	NOUN
gujaf-381	8	18	in	in	ADP
gujaf-381	8	19	driving	drive	VERB
gujaf-381	8	20	sustainable	sustainable	ADJ
gujaf-381	8	21	token	token	ADJ
gujaf-381	8	22	performance	performance	NOUN
gujaf-381	8	23	.	.	PUNCT
gujaf-381	9	1	policy	policy	NOUN
gujaf-381	9	2	recommendations	recommendation	NOUN
gujaf-381	9	3	include	include	VERB
gujaf-381	9	4	enhancing	enhance	VERB
gujaf-381	9	5	disclosure	disclosure	NOUN
gujaf-381	9	6	standards	standard	NOUN
gujaf-381	9	7	for	for	ADP
gujaf-381	9	8	token	token	ADJ
gujaf-381	9	9	offerings	offering	NOUN
gujaf-381	9	10	,	,	PUNCT
gujaf-381	9	11	incentivizing	incentivize	VERB
gujaf-381	9	12	decentralized	decentralized	ADJ
gujaf-381	9	13	governance	governance	NOUN
gujaf-381	9	14	,	,	PUNCT
gujaf-381	9	15	and	and	CCONJ
gujaf-381	9	16	supporting	support	VERB
gujaf-381	9	17	long	long	ADJ
gujaf-381	9	18	-	-	PUNCT
gujaf-381	9	19	term	term	NOUN
gujaf-381	9	20	ecosystem	ecosystem	NOUN
gujaf-381	9	21	development	development	NOUN
gujaf-381	9	22	to	to	PART
gujaf-381	9	23	ensure	ensure	VERB
gujaf-381	9	24	healthier	healthy	ADJ
gujaf-381	9	25	digital	digital	ADJ
gujaf-381	9	26	asset	asset	NOUN
gujaf-381	9	27	markets	market	NOUN
gujaf-381	9	28	.	.	PUNCT
gujaf-381	10	1	keywords	keyword	NOUN
gujaf-381	10	2	:	:	PUNCT
gujaf-381	10	3	token	token	ADJ
gujaf-381	10	4	valuation	valuation	NOUN
gujaf-381	10	5	,	,	PUNCT
gujaf-381	10	6	blockchain	blockchain	PROPN
gujaf-381	10	7	ecosystems	ecosystem	NOUN
gujaf-381	10	8	,	,	PUNCT
gujaf-381	10	9	crowdfunding	crowdfunding	NOUN
gujaf-381	10	10	,	,	PUNCT
gujaf-381	10	11	network	network	NOUN
gujaf-381	10	12	centrality	centrality	NOUN
gujaf-381	10	13	,	,	PUNCT
gujaf-381	10	14	dynamic	dynamic	ADJ
gujaf-381	10	15	panel	panel	NOUN
gujaf-381	10	16	data	datum	NOUN
gujaf-381	10	17	.	.	PUNCT
gujaf-381	11	1	1.0	1.0	NUM
gujaf-381	11	2	introduction	introduction	NOUN
gujaf-381	11	3	the	the	DET
gujaf-381	11	4	rapid	rapid	ADJ
gujaf-381	11	5	proliferation	proliferation	NOUN
gujaf-381	11	6	of	of	ADP
gujaf-381	11	7	blockchain	blockchain	PROPN
gujaf-381	11	8	technology	technology	PROPN
gujaf-381	11	9	has	have	AUX
gujaf-381	11	10	transformed	transform	VERB
gujaf-381	11	11	traditional	traditional	ADJ
gujaf-381	11	12	economic	economic	ADJ
gujaf-381	11	13	paradigms	paradigm	NOUN
gujaf-381	11	14	,	,	PUNCT
gujaf-381	11	15	particularly	particularly	ADV
gujaf-381	11	16	through	through	ADP
gujaf-381	11	17	the	the	DET
gujaf-381	11	18	emergence	emergence	NOUN
gujaf-381	11	19	of	of	ADP
gujaf-381	11	20	tokens	token	NOUN
gujaf-381	11	21	as	as	ADP
gujaf-381	11	22	novel	novel	ADJ
gujaf-381	11	23	digital	digital	ADJ
gujaf-381	11	24	assets	asset	NOUN
gujaf-381	11	25	within	within	ADP
gujaf-381	11	26	decentralized	decentralized	ADJ
gujaf-381	11	27	ecosystems	ecosystem	NOUN
gujaf-381	11	28	.	.	PUNCT
gujaf-381	12	1	understanding	understand	VERB
gujaf-381	12	2	the	the	DET
gujaf-381	12	3	determinants	determinant	NOUN
gujaf-381	12	4	of	of	ADP
gujaf-381	12	5	token	token	ADJ
gujaf-381	12	6	valuation	valuation	NOUN
gujaf-381	12	7	is	be	AUX
gujaf-381	12	8	paramount	paramount	ADJ
gujaf-381	12	9	for	for	ADP
gujaf-381	12	10	both	both	DET
gujaf-381	12	11	investors	investor	NOUN
gujaf-381	12	12	and	and	CCONJ
gujaf-381	12	13	project	project	NOUN
gujaf-381	12	14	developers	developer	NOUN
gujaf-381	12	15	,	,	PUNCT
gujaf-381	12	16	as	as	SCONJ
gujaf-381	12	17	token	token	ADJ
gujaf-381	12	18	prices	price	NOUN
gujaf-381	12	19	not	not	PART
gujaf-381	12	20	only	only	ADV
gujaf-381	12	21	reflect	reflect	VERB
gujaf-381	12	22	market	market	NOUN
gujaf-381	12	23	sentiment	sentiment	NOUN
gujaf-381	12	24	but	but	CCONJ
gujaf-381	12	25	also	also	ADV
gujaf-381	12	26	signal	signal	VERB
gujaf-381	12	27	underlying	underlie	VERB
gujaf-381	12	28	network	network	NOUN
gujaf-381	12	29	strength	strength	NOUN
gujaf-381	12	30	and	and	CCONJ
gujaf-381	12	31	project	project	NOUN
gujaf-381	12	32	viability	viability	NOUN
gujaf-381	12	33	(	(	PUNCT
gujaf-381	12	34	li	li	PROPN
gujaf-381	12	35	et	et	PROPN
gujaf-381	12	36	al	al	PROPN
gujaf-381	12	37	.	.	PROPN
gujaf-381	12	38	,	,	PUNCT
gujaf-381	12	39	2021	2021	NUM
gujaf-381	12	40	;	;	PUNCT
gujaf-381	12	41	tech	tech	NOUN
gujaf-381	12	42	forecasting	forecasting	NOUN
gujaf-381	12	43	and	and	CCONJ
gujaf-381	12	44	social	social	ADJ
gujaf-381	12	45	change	change	NOUN
gujaf-381	12	46	)	)	PUNCT
gujaf-381	12	47	.	.	PUNCT
gujaf-381	13	1	tokens	token	NOUN
gujaf-381	13	2	embedded	embed	VERB
gujaf-381	13	3	in	in	ADP
gujaf-381	13	4	blockchain	blockchain	PROPN
gujaf-381	13	5	networks	network	NOUN
gujaf-381	13	6	exhibit	exhibit	VERB
gujaf-381	13	7	unique	unique	ADJ
gujaf-381	13	8	economic	economic	ADJ
gujaf-381	13	9	properties	property	NOUN
gujaf-381	13	10	driven	drive	VERB
gujaf-381	13	11	by	by	ADP
gujaf-381	13	12	their	their	PRON
gujaf-381	13	13	dual	dual	ADJ
gujaf-381	13	14	role	role	NOUN
gujaf-381	13	15	as	as	ADP
gujaf-381	13	16	utility	utility	NOUN
gujaf-381	13	17	instruments	instrument	NOUN
gujaf-381	13	18	and	and	CCONJ
gujaf-381	13	19	speculative	speculative	ADJ
gujaf-381	13	20	assets	asset	NOUN
gujaf-381	13	21	,	,	PUNCT
gujaf-381	13	22	making	make	VERB
gujaf-381	13	23	their	their	PRON
gujaf-381	13	24	valuation	valuation	NOUN
gujaf-381	13	25	inherently	inherently	ADV
gujaf-381	13	26	complex	complex	ADJ
gujaf-381	13	27	and	and	CCONJ
gujaf-381	13	28	dynamic	dynamic	ADJ
gujaf-381	13	29	.	.	PUNCT
gujaf-381	14	1	a	a	DET
gujaf-381	14	2	growing	grow	VERB
gujaf-381	14	3	body	body	NOUN
gujaf-381	14	4	of	of	ADP
gujaf-381	14	5	research	research	NOUN
gujaf-381	14	6	emphasizes	emphasize	VERB
gujaf-381	14	7	the	the	DET
gujaf-381	14	8	importance	importance	NOUN
gujaf-381	14	9	of	of	ADP
gujaf-381	14	10	network	network	NOUN
gujaf-381	14	11	effects	effect	NOUN
gujaf-381	14	12	in	in	ADP
gujaf-381	14	13	shaping	shape	VERB
gujaf-381	14	14	token	token	VERB
gujaf-381	14	15	value	value	NOUN
gujaf-381	14	16	.	.	PUNCT
gujaf-381	15	1	network	network	NOUN
gujaf-381	15	2	centrality	centrality	NOUN
gujaf-381	15	3	has	have	AUX
gujaf-381	15	4	been	be	AUX
gujaf-381	15	5	identified	identify	VERB
gujaf-381	15	6	as	as	ADP
gujaf-381	15	7	a	a	DET
gujaf-381	15	8	critical	critical	ADJ
gujaf-381	15	9	driver	driver	NOUN
gujaf-381	15	10	of	of	ADP
gujaf-381	15	11	demand	demand	NOUN
gujaf-381	15	12	and	and	CCONJ
gujaf-381	15	13	liquidity	liquidity	NOUN
gujaf-381	15	14	,	,	PUNCT
gujaf-381	15	15	thereby	thereby	ADV
gujaf-381	15	16	influencing	influence	VERB
gujaf-381	15	17	market	market	NOUN
gujaf-381	15	18	price	price	NOUN
gujaf-381	15	19	dynamics	dynamic	NOUN
gujaf-381	15	20	(	(	PUNCT
gujaf-381	15	21	catalini	catalini	PROPN
gujaf-381	15	22	&	&	CCONJ
gujaf-381	15	23	gans	gan	NOUN
gujaf-381	15	24	,	,	PUNCT
gujaf-381	15	25	2020	2020	NUM
gujaf-381	15	26	;	;	PUNCT
gujaf-381	15	27	journal	journal	NOUN
gujaf-381	15	28	of	of	ADP
gujaf-381	15	29	economic	economic	ADJ
gujaf-381	15	30	perspectives	perspective	NOUN
gujaf-381	15	31	)	)	PUNCT
gujaf-381	15	32	.	.	PUNCT
gujaf-381	16	1	tokens	token	NOUN
gujaf-381	16	2	that	that	PRON
gujaf-381	16	3	occupy	occupy	VERB
gujaf-381	16	4	central	central	ADJ
gujaf-381	16	5	nodes	node	NOUN
gujaf-381	16	6	in	in	ADP
gujaf-381	16	7	the	the	DET
gujaf-381	16	8	transaction	transaction	NOUN
gujaf-381	16	9	or	or	CCONJ
gujaf-381	16	10	social	social	ADJ
gujaf-381	16	11	network	network	NOUN
gujaf-381	16	12	tend	tend	VERB
gujaf-381	16	13	to	to	PART
gujaf-381	16	14	benefit	benefit	VERB
gujaf-381	16	15	from	from	ADP
gujaf-381	16	16	increased	increase	VERB
gujaf-381	16	17	visibility	visibility	NOUN
gujaf-381	16	18	,	,	PUNCT
gujaf-381	16	19	higher	high	ADJ
gujaf-381	16	20	transaction	transaction	NOUN
gujaf-381	16	21	volumes	volume	NOUN
gujaf-381	16	22	,	,	PUNCT
gujaf-381	16	23	and	and	CCONJ
gujaf-381	16	24	enhanced	enhance	VERB
gujaf-381	16	25	investor	investor	NOUN
gujaf-381	16	26	confidence	confidence	NOUN
gujaf-381	16	27	(	(	PUNCT
gujaf-381	16	28	cong	cong	NOUN
gujaf-381	16	29	et	et	PROPN
gujaf-381	16	30	al	al	PROPN
gujaf-381	16	31	.	.	PROPN
gujaf-381	16	32	,	,	PUNCT
gujaf-381	16	33	2021	2021	NUM
gujaf-381	16	34	;	;	PUNCT
gujaf-381	16	35	review	review	NOUN
gujaf-381	16	36	of	of	ADP
gujaf-381	16	37	economic	economic	ADJ
gujaf-381	16	38	studies	study	NOUN
gujaf-381	16	39	)	)	PUNCT
gujaf-381	16	40	.	.	PUNCT
gujaf-381	17	1	these	these	DET
gujaf-381	17	2	endogenous	endogenous	ADJ
gujaf-381	17	3	network	network	NOUN
gujaf-381	17	4	effects	effect	NOUN
gujaf-381	17	5	,	,	PUNCT
gujaf-381	17	6	however	however	ADV
gujaf-381	17	7	,	,	PUNCT
gujaf-381	17	8	may	may	AUX
gujaf-381	17	9	generate	generate	VERB
gujaf-381	17	10	feedback	feedback	NOUN
gujaf-381	17	11	loops	loop	NOUN
gujaf-381	17	12	that	that	PRON
gujaf-381	17	13	reinforce	reinforce	VERB
gujaf-381	17	14	valuation	valuation	NOUN
gujaf-381	17	15	persistence	persistence	NOUN
gujaf-381	17	16	over	over	ADP
gujaf-381	17	17	time	time	NOUN
gujaf-381	17	18	,	,	PUNCT
gujaf-381	17	19	necessitating	necessitate	VERB
gujaf-381	17	20	empirical	empirical	ADJ
gujaf-381	17	21	approaches	approach	NOUN
gujaf-381	17	22	capable	capable	ADJ
gujaf-381	17	23	of	of	ADP
gujaf-381	17	24	capturing	capture	VERB
gujaf-381	17	25	such	such	ADJ
gujaf-381	17	26	dynamic	dynamic	ADJ
gujaf-381	17	27	interdependencies	interdependency	NOUN
gujaf-381	17	28	.	.	PUNCT
gujaf-381	18	1	crowdfunding	crowdfunding	NOUN
gujaf-381	18	2	has	have	AUX
gujaf-381	18	3	emerged	emerge	VERB
gujaf-381	18	4	as	as	ADP
gujaf-381	18	5	a	a	DET
gujaf-381	18	6	prominent	prominent	ADJ
gujaf-381	18	7	mechanism	mechanism	NOUN
gujaf-381	18	8	for	for	ADP
gujaf-381	18	9	blockchain	blockchain	PROPN
gujaf-381	18	10	project	project	NOUN
gujaf-381	18	11	financing	financing	NOUN
gujaf-381	18	12	,	,	PUNCT
gujaf-381	18	13	providing	provide	VERB
gujaf-381	18	14	early	early	ADJ
gujaf-381	18	15	-	-	PUNCT
gujaf-381	18	16	stage	stage	NOUN
gujaf-381	18	17	capital	capital	NOUN
gujaf-381	18	18	and	and	CCONJ
gujaf-381	18	19	signaling	signal	VERB
gujaf-381	18	20	project	project	NOUN
gujaf-381	18	21	quality	quality	NOUN
gujaf-381	18	22	to	to	ADP
gujaf-381	18	23	the	the	DET
gujaf-381	18	24	market	market	NOUN
gujaf-381	18	25	(	(	PUNCT
gujaf-381	18	26	serra	serra	PROPN
gujaf-381	18	27	et	et	PROPN
gujaf-381	18	28	al	al	PROPN
gujaf-381	18	29	.	.	PROPN
gujaf-381	18	30	,	,	PUNCT
gujaf-381	18	31	2022	2022	NUM
gujaf-381	18	32	;	;	PUNCT
gujaf-381	18	33	journal	journal	NOUN
gujaf-381	18	34	of	of	ADP
gujaf-381	18	35	business	business	NOUN
gujaf-381	18	36	venturing	venturing	NOUN
gujaf-381	18	37	)	)	PUNCT
gujaf-381	18	38	.	.	PUNCT
gujaf-381	19	1	the	the	DET
gujaf-381	19	2	presence	presence	NOUN
gujaf-381	19	3	of	of	ADP
gujaf-381	19	4	crowdfunding	crowdfunde	VERB
gujaf-381	19	5	backing	back	VERB
gujaf-381	19	6	not	not	PART
gujaf-381	19	7	only	only	ADV
gujaf-381	19	8	facilitates	facilitate	VERB
gujaf-381	19	9	initial	initial	ADJ
gujaf-381	19	10	gusau	gusau	ADJ
gujaf-381	19	11	journal	journal	NOUN
gujaf-381	19	12	of	of	ADP
gujaf-381	19	13	accounting	accounting	NOUN
gujaf-381	19	14	and	and	CCONJ
gujaf-381	19	15	finance	finance	NOUN
gujaf-381	19	16	,	,	PUNCT
gujaf-381	19	17	vol.6	vol.6	PROPN
gujaf-381	19	18	,	,	PUNCT
gujaf-381	19	19	issue	issue	NOUN
gujaf-381	19	20	1	1	NUM
gujaf-381	19	21	,	,	PUNCT
gujaf-381	19	22	april	april	PROPN
gujaf-381	19	23	,	,	PUNCT
gujaf-381	19	24	2025	2025	NUM
gujaf-381	19	25	230	230	NUM
gujaf-381	19	26	token	token	ADJ
gujaf-381	19	27	distribution	distribution	NOUN
gujaf-381	19	28	but	but	CCONJ
gujaf-381	19	29	may	may	AUX
gujaf-381	19	30	also	also	ADV
gujaf-381	19	31	positively	positively	ADV
gujaf-381	19	32	impact	impact	VERB
gujaf-381	19	33	subsequent	subsequent	ADJ
gujaf-381	19	34	valuation	valuation	NOUN
gujaf-381	19	35	by	by	ADP
gujaf-381	19	36	fostering	foster	VERB
gujaf-381	19	37	community	community	NOUN
gujaf-381	19	38	engagement	engagement	NOUN
gujaf-381	19	39	and	and	CCONJ
gujaf-381	19	40	enhancing	enhance	VERB
gujaf-381	19	41	project	project	NOUN
gujaf-381	19	42	legitimacy	legitimacy	NOUN
gujaf-381	19	43	.	.	PUNCT
gujaf-381	20	1	nevertheless	nevertheless	ADV
gujaf-381	20	2	,	,	PUNCT
gujaf-381	20	3	disentangling	disentangle	VERB
gujaf-381	20	4	the	the	DET
gujaf-381	20	5	causal	causal	ADJ
gujaf-381	20	6	effect	effect	NOUN
gujaf-381	20	7	of	of	ADP
gujaf-381	20	8	crowdfunding	crowdfunde	VERB
gujaf-381	20	9	on	on	ADP
gujaf-381	20	10	token	token	ADJ
gujaf-381	20	11	prices	price	NOUN
gujaf-381	20	12	is	be	AUX
gujaf-381	20	13	challenging	challenge	VERB
gujaf-381	20	14	due	due	ADJ
gujaf-381	20	15	to	to	ADP
gujaf-381	20	16	potential	potential	ADJ
gujaf-381	20	17	endogeneity	endogeneity	NOUN
gujaf-381	20	18	arising	arise	VERB
gujaf-381	20	19	from	from	ADP
gujaf-381	20	20	reverse	reverse	ADJ
gujaf-381	20	21	causality	causality	NOUN
gujaf-381	20	22	or	or	CCONJ
gujaf-381	20	23	omitted	omit	VERB
gujaf-381	20	24	variables	variable	NOUN
gujaf-381	20	25	related	relate	VERB
gujaf-381	20	26	to	to	PART
gujaf-381	20	27	project	project	VERB
gujaf-381	20	28	quality	quality	NOUN
gujaf-381	20	29	and	and	CCONJ
gujaf-381	20	30	market	market	NOUN
gujaf-381	20	31	conditions	condition	NOUN
gujaf-381	20	32	.	.	PUNCT
gujaf-381	21	1	this	this	DET
gujaf-381	21	2	study	study	NOUN
gujaf-381	21	3	addresses	address	VERB
gujaf-381	21	4	these	these	DET
gujaf-381	21	5	methodological	methodological	ADJ
gujaf-381	21	6	challenges	challenge	NOUN
gujaf-381	21	7	by	by	ADP
gujaf-381	21	8	employing	employ	VERB
gujaf-381	21	9	a	a	DET
gujaf-381	21	10	dynamic	dynamic	ADJ
gujaf-381	21	11	panel	panel	NOUN
gujaf-381	21	12	data	datum	NOUN
gujaf-381	21	13	framework	framework	NOUN
gujaf-381	21	14	utilizing	utilize	VERB
gujaf-381	21	15	the	the	DET
gujaf-381	21	16	arellano	arellano	NOUN
gujaf-381	21	17	-	-	PUNCT
gujaf-381	21	18	bond	bond	NOUN
gujaf-381	21	19	generalized	generalize	VERB
gujaf-381	21	20	method	method	NOUN
gujaf-381	21	21	of	of	ADP
gujaf-381	21	22	moments	moment	NOUN
gujaf-381	21	23	(	(	PUNCT
gujaf-381	21	24	gmm	gmm	NOUN
gujaf-381	21	25	)	)	PUNCT
gujaf-381	21	26	estimator	estimator	NOUN
gujaf-381	21	27	,	,	PUNCT
gujaf-381	21	28	which	which	PRON
gujaf-381	21	29	is	be	AUX
gujaf-381	21	30	particularly	particularly	ADV
gujaf-381	21	31	well	well	ADV
gujaf-381	21	32	-	-	PUNCT
gujaf-381	21	33	suited	suited	ADJ
gujaf-381	21	34	to	to	PART
gujaf-381	21	35	handle	handle	VERB
gujaf-381	21	36	the	the	DET
gujaf-381	21	37	inclusion	inclusion	NOUN
gujaf-381	21	38	of	of	ADP
gujaf-381	21	39	lagged	lag	VERB
gujaf-381	21	40	dependent	dependent	ADJ
gujaf-381	21	41	variables	variable	NOUN
gujaf-381	21	42	to	to	PART
gujaf-381	21	43	capture	capture	VERB
gujaf-381	21	44	valuation	valuation	NOUN
gujaf-381	21	45	persistence	persistence	NOUN
gujaf-381	21	46	,	,	PUNCT
gujaf-381	21	47	alongside	alongside	ADP
gujaf-381	21	48	key	key	ADJ
gujaf-381	21	49	explanatory	explanatory	ADJ
gujaf-381	21	50	variables	variable	NOUN
gujaf-381	21	51	such	such	ADJ
gujaf-381	21	52	as	as	ADP
gujaf-381	21	53	crowdfunding	crowdfunde	VERB
gujaf-381	21	54	backing	backing	NOUN
gujaf-381	21	55	(	(	PUNCT
gujaf-381	21	56	"	"	PUNCT
gujaf-381	21	57	cf	cf	NOUN
gujaf-381	21	58	backed	back	VERB
gujaf-381	21	59	"	"	PUNCT
gujaf-381	21	60	)	)	PUNCT
gujaf-381	21	61	,	,	PUNCT
gujaf-381	21	62	network	network	NOUN
gujaf-381	21	63	centrality	centrality	NOUN
gujaf-381	21	64	measures	measure	NOUN
gujaf-381	21	65	,	,	PUNCT
gujaf-381	21	66	token	token	VERB
gujaf-381	21	67	ownership	ownership	NOUN
gujaf-381	21	68	concentration	concentration	NOUN
gujaf-381	21	69	(	(	PUNCT
gujaf-381	21	70	hh	hh	NOUN
gujaf-381	21	71	index	index	NOUN
gujaf-381	21	72	)	)	PUNCT
gujaf-381	21	73	,	,	PUNCT
gujaf-381	21	74	and	and	CCONJ
gujaf-381	21	75	project	project	NOUN
gujaf-381	21	76	age	age	NOUN
gujaf-381	21	77	.	.	PUNCT
gujaf-381	22	1	the	the	DET
gujaf-381	22	2	arellano	arellano	PROPN
gujaf-381	22	3	-	-	PUNCT
gujaf-381	22	4	bond	bond	NOUN
gujaf-381	22	5	estimator	estimator	NOUN
gujaf-381	22	6	is	be	AUX
gujaf-381	22	7	particularly	particularly	ADV
gujaf-381	22	8	suitable	suitable	ADJ
gujaf-381	22	9	for	for	ADP
gujaf-381	22	10	this	this	DET
gujaf-381	22	11	analysis	analysis	NOUN
gujaf-381	22	12	,	,	PUNCT
gujaf-381	22	13	as	as	SCONJ
gujaf-381	22	14	it	it	PRON
gujaf-381	22	15	addresses	address	VERB
gujaf-381	22	16	the	the	DET
gujaf-381	22	17	endogeneity	endogeneity	NOUN
gujaf-381	22	18	of	of	ADP
gujaf-381	22	19	lagged	lag	VERB
gujaf-381	22	20	dependent	dependent	ADJ
gujaf-381	22	21	variables	variable	NOUN
gujaf-381	22	22	and	and	CCONJ
gujaf-381	22	23	corrects	correct	NOUN
gujaf-381	22	24	for	for	ADP
gujaf-381	22	25	potential	potential	ADJ
gujaf-381	22	26	simultaneity	simultaneity	NOUN
gujaf-381	22	27	bias	bias	NOUN
gujaf-381	22	28	inherent	inherent	ADJ
gujaf-381	22	29	in	in	ADP
gujaf-381	22	30	panel	panel	NOUN
gujaf-381	22	31	datasets	dataset	NOUN
gujaf-381	22	32	(	(	PUNCT
gujaf-381	22	33	arellano	arellano	PROPN
gujaf-381	22	34	&	&	CCONJ
gujaf-381	22	35	bond	bond	PROPN
gujaf-381	22	36	,	,	PUNCT
gujaf-381	22	37	1991	1991	NUM
gujaf-381	22	38	;	;	PUNCT
gujaf-381	22	39	bond	bond	NOUN
gujaf-381	22	40	,	,	PUNCT
gujaf-381	22	41	2002	2002	NUM
gujaf-381	22	42	)	)	PUNCT
gujaf-381	22	43	.	.	PUNCT
gujaf-381	23	1	by	by	ADP
gujaf-381	23	2	controlling	control	VERB
gujaf-381	23	3	for	for	ADP
gujaf-381	23	4	unobserved	unobserved	ADJ
gujaf-381	23	5	heterogeneity	heterogeneity	NOUN
gujaf-381	23	6	and	and	CCONJ
gujaf-381	23	7	temporal	temporal	ADJ
gujaf-381	23	8	effects	effect	NOUN
gujaf-381	23	9	,	,	PUNCT
gujaf-381	23	10	this	this	DET
gujaf-381	23	11	approach	approach	NOUN
gujaf-381	23	12	allows	allow	VERB
gujaf-381	23	13	for	for	ADP
gujaf-381	23	14	consistent	consistent	ADJ
gujaf-381	23	15	estimation	estimation	NOUN
gujaf-381	23	16	of	of	ADP
gujaf-381	23	17	the	the	DET
gujaf-381	23	18	impact	impact	NOUN
gujaf-381	23	19	of	of	ADP
gujaf-381	23	20	crowdfunding	crowdfunde	VERB
gujaf-381	23	21	backing	backing	NOUN
gujaf-381	23	22	and	and	CCONJ
gujaf-381	23	23	network	network	NOUN
gujaf-381	23	24	centrality	centrality	NOUN
gujaf-381	23	25	on	on	ADP
gujaf-381	23	26	token	token	ADJ
gujaf-381	23	27	valuations	valuation	NOUN
gujaf-381	23	28	.	.	PUNCT
gujaf-381	24	1	moreover	moreover	ADV
gujaf-381	24	2	,	,	PUNCT
gujaf-381	24	3	the	the	DET
gujaf-381	24	4	inclusion	inclusion	NOUN
gujaf-381	24	5	of	of	ADP
gujaf-381	24	6	control	control	NOUN
gujaf-381	24	7	variables	variable	NOUN
gujaf-381	24	8	such	such	ADJ
gujaf-381	24	9	as	as	ADP
gujaf-381	24	10	token	token	ADJ
gujaf-381	24	11	ownership	ownership	NOUN
gujaf-381	24	12	concentration	concentration	NOUN
gujaf-381	24	13	,	,	PUNCT
gujaf-381	24	14	measured	measure	VERB
gujaf-381	24	15	via	via	ADP
gujaf-381	24	16	the	the	DET
gujaf-381	24	17	herfindahlhirschman	herfindahlhirschman	NOUN
gujaf-381	24	18	(	(	PUNCT
gujaf-381	24	19	hh	hh	PROPN
gujaf-381	24	20	)	)	PUNCT
gujaf-381	24	21	index	index	NOUN
gujaf-381	24	22	,	,	PUNCT
gujaf-381	24	23	and	and	CCONJ
gujaf-381	24	24	project	project	NOUN
gujaf-381	24	25	age	age	NOUN
gujaf-381	24	26	ensures	ensure	VERB
gujaf-381	24	27	a	a	DET
gujaf-381	24	28	comprehensive	comprehensive	ADJ
gujaf-381	24	29	model	model	NOUN
gujaf-381	24	30	specification	specification	NOUN
gujaf-381	24	31	that	that	PRON
gujaf-381	24	32	captures	capture	VERB
gujaf-381	24	33	key	key	ADJ
gujaf-381	24	34	dimensions	dimension	NOUN
gujaf-381	24	35	influencing	influence	VERB
gujaf-381	24	36	token	token	VERB
gujaf-381	24	37	market	market	NOUN
gujaf-381	24	38	dynamics	dynamic	NOUN
gujaf-381	24	39	(	(	PUNCT
gujaf-381	24	40	zhang	zhang	X
gujaf-381	24	41	et	et	PROPN
gujaf-381	24	42	al	al	PROPN
gujaf-381	24	43	.	.	PROPN
gujaf-381	24	44	,	,	PUNCT
gujaf-381	24	45	2023	2023	NUM
gujaf-381	24	46	;	;	PUNCT
gujaf-381	24	47	information	information	NOUN
gujaf-381	24	48	&	&	CCONJ
gujaf-381	24	49	management	management	PROPN
gujaf-381	24	50	)	)	PUNCT
gujaf-381	24	51	.	.	PUNCT
gujaf-381	25	1	empirical	empirical	ADJ
gujaf-381	25	2	results	result	NOUN
gujaf-381	25	3	demonstrate	demonstrate	VERB
gujaf-381	25	4	significant	significant	ADJ
gujaf-381	25	5	positive	positive	ADJ
gujaf-381	25	6	effects	effect	NOUN
gujaf-381	25	7	of	of	ADP
gujaf-381	25	8	crowdfunding	crowdfunde	VERB
gujaf-381	25	9	backing	backing	NOUN
gujaf-381	25	10	and	and	CCONJ
gujaf-381	25	11	network	network	NOUN
gujaf-381	25	12	centrality	centrality	NOUN
gujaf-381	25	13	on	on	ADP
gujaf-381	25	14	token	token	ADJ
gujaf-381	25	15	valuation	valuation	NOUN
gujaf-381	25	16	,	,	PUNCT
gujaf-381	25	17	with	with	ADP
gujaf-381	25	18	a	a	DET
gujaf-381	25	19	notable	notable	ADJ
gujaf-381	25	20	persistence	persistence	NOUN
gujaf-381	25	21	effect	effect	NOUN
gujaf-381	25	22	indicated	indicate	VERB
gujaf-381	25	23	by	by	ADP
gujaf-381	25	24	the	the	DET
gujaf-381	25	25	significant	significant	ADJ
gujaf-381	25	26	coefficient	coefficient	NOUN
gujaf-381	25	27	on	on	ADP
gujaf-381	25	28	the	the	DET
gujaf-381	25	29	lagged	lag	VERB
gujaf-381	25	30	dependent	dependent	ADJ
gujaf-381	25	31	variable	variable	NOUN
gujaf-381	25	32	.	.	PUNCT
gujaf-381	26	1	additionally	additionally	ADV
gujaf-381	26	2	,	,	PUNCT
gujaf-381	26	3	ownership	ownership	NOUN
gujaf-381	26	4	concentration	concentration	NOUN
gujaf-381	26	5	exhibits	exhibit	VERB
gujaf-381	26	6	a	a	DET
gujaf-381	26	7	negative	negative	ADJ
gujaf-381	26	8	relationship	relationship	NOUN
gujaf-381	26	9	with	with	ADP
gujaf-381	26	10	valuation	valuation	NOUN
gujaf-381	26	11	,	,	PUNCT
gujaf-381	26	12	suggesting	suggest	VERB
gujaf-381	26	13	that	that	SCONJ
gujaf-381	26	14	higher	high	ADJ
gujaf-381	26	15	token	token	ADJ
gujaf-381	26	16	ownership	ownership	NOUN
gujaf-381	26	17	concentration	concentration	NOUN
gujaf-381	26	18	may	may	AUX
gujaf-381	26	19	impede	impede	VERB
gujaf-381	26	20	market	market	NOUN
gujaf-381	26	21	valuation	valuation	NOUN
gujaf-381	26	22	efficiency	efficiency	NOUN
gujaf-381	26	23	.	.	PUNCT
gujaf-381	27	1	to	to	ADP
gujaf-381	27	2	further	further	ADJ
gujaf-381	27	3	capture	capture	NOUN
gujaf-381	27	4	nonlinearities	nonlinearitie	NOUN
gujaf-381	27	5	in	in	ADP
gujaf-381	27	6	the	the	DET
gujaf-381	27	7	effect	effect	NOUN
gujaf-381	27	8	of	of	ADP
gujaf-381	27	9	network	network	NOUN
gujaf-381	27	10	centrality	centrality	NOUN
gujaf-381	27	11	,	,	PUNCT
gujaf-381	27	12	a	a	DET
gujaf-381	27	13	quadratic	quadratic	ADJ
gujaf-381	27	14	term	term	NOUN
gujaf-381	27	15	is	be	AUX
gujaf-381	27	16	introduced	introduce	VERB
gujaf-381	27	17	,	,	PUNCT
gujaf-381	27	18	revealing	reveal	VERB
gujaf-381	27	19	diminishing	diminish	VERB
gujaf-381	27	20	marginal	marginal	ADJ
gujaf-381	27	21	returns	return	NOUN
gujaf-381	27	22	of	of	ADP
gujaf-381	27	23	network	network	NOUN
gujaf-381	27	24	centrality	centrality	NOUN
gujaf-381	27	25	on	on	ADP
gujaf-381	27	26	token	token	ADJ
gujaf-381	27	27	valuation	valuation	NOUN
gujaf-381	27	28	.	.	PUNCT
gujaf-381	28	1	to	to	PART
gujaf-381	28	2	robustly	robustly	ADV
gujaf-381	28	3	address	address	VERB
gujaf-381	28	4	endogeneity	endogeneity	NOUN
gujaf-381	28	5	concerns	concern	NOUN
gujaf-381	28	6	associated	associate	VERB
gujaf-381	28	7	with	with	ADP
gujaf-381	28	8	crowdfunding	crowdfunde	VERB
gujaf-381	28	9	backing	backing	NOUN
gujaf-381	28	10	,	,	PUNCT
gujaf-381	28	11	a	a	DET
gujaf-381	28	12	two	two	NUM
gujaf-381	28	13	-	-	PUNCT
gujaf-381	28	14	stage	stage	NOUN
gujaf-381	28	15	least	least	ADJ
gujaf-381	28	16	squares	square	NOUN
gujaf-381	28	17	(	(	PUNCT
gujaf-381	28	18	2sls	2sls	NOUN
gujaf-381	28	19	)	)	PUNCT
gujaf-381	28	20	instrumental	instrumental	ADJ
gujaf-381	28	21	variable	variable	ADJ
gujaf-381	28	22	approach	approach	NOUN
gujaf-381	28	23	is	be	AUX
gujaf-381	28	24	implemented	implement	VERB
gujaf-381	28	25	,	,	PUNCT
gujaf-381	28	26	using	use	VERB
gujaf-381	28	27	lagged	lag	VERB
gujaf-381	28	28	crowdfunding	crowdfunding	NOUN
gujaf-381	28	29	network	network	NOUN
gujaf-381	28	30	size	size	NOUN
gujaf-381	28	31	as	as	ADP
gujaf-381	28	32	an	an	DET
gujaf-381	28	33	instrument	instrument	NOUN
gujaf-381	28	34	.	.	PUNCT
gujaf-381	29	1	the	the	DET
gujaf-381	29	2	iv	iv	NUM
gujaf-381	29	3	estimates	estimate	NOUN
gujaf-381	29	4	corroborate	corroborate	VERB
gujaf-381	29	5	the	the	DET
gujaf-381	29	6	positive	positive	ADJ
gujaf-381	29	7	influence	influence	NOUN
gujaf-381	29	8	of	of	ADP
gujaf-381	29	9	crowdfunding	crowdfunde	VERB
gujaf-381	29	10	backing	backing	NOUN
gujaf-381	29	11	and	and	CCONJ
gujaf-381	29	12	network	network	NOUN
gujaf-381	29	13	centrality	centrality	NOUN
gujaf-381	29	14	on	on	ADP
gujaf-381	29	15	token	token	ADJ
gujaf-381	29	16	valuation	valuation	NOUN
gujaf-381	29	17	,	,	PUNCT
gujaf-381	29	18	underscoring	underscore	VERB
gujaf-381	29	19	the	the	DET
gujaf-381	29	20	robustness	robustness	NOUN
gujaf-381	29	21	of	of	ADP
gujaf-381	29	22	the	the	DET
gujaf-381	29	23	findings	finding	NOUN
gujaf-381	29	24	.	.	PUNCT
gujaf-381	30	1	this	this	DET
gujaf-381	30	2	comprehensive	comprehensive	ADJ
gujaf-381	30	3	modeling	modeling	NOUN
gujaf-381	30	4	strategy	strategy	NOUN
gujaf-381	30	5	provides	provide	VERB
gujaf-381	30	6	novel	novel	ADJ
gujaf-381	30	7	insights	insight	NOUN
gujaf-381	30	8	into	into	ADP
gujaf-381	30	9	the	the	DET
gujaf-381	30	10	dynamic	dynamic	ADJ
gujaf-381	30	11	and	and	CCONJ
gujaf-381	30	12	structural	structural	ADJ
gujaf-381	30	13	factors	factor	NOUN
gujaf-381	30	14	influencing	influence	VERB
gujaf-381	30	15	token	token	ADJ
gujaf-381	30	16	valuations	valuation	NOUN
gujaf-381	30	17	,	,	PUNCT
gujaf-381	30	18	highlighting	highlight	VERB
gujaf-381	30	19	the	the	DET
gujaf-381	30	20	complex	complex	ADJ
gujaf-381	30	21	interplay	interplay	NOUN
gujaf-381	30	22	between	between	ADP
gujaf-381	30	23	network	network	NOUN
gujaf-381	30	24	effects	effect	NOUN
gujaf-381	30	25	and	and	CCONJ
gujaf-381	30	26	crowdfunding	crowdfunding	NOUN
gujaf-381	30	27	mechanisms	mechanism	NOUN
gujaf-381	30	28	within	within	ADP
gujaf-381	30	29	blockchain	blockchain	PROPN
gujaf-381	30	30	-	-	PUNCT
gujaf-381	30	31	based	base	VERB
gujaf-381	30	32	financial	financial	ADJ
gujaf-381	30	33	ecosystems	ecosystem	NOUN
gujaf-381	30	34	.	.	PUNCT
gujaf-381	31	1	the	the	DET
gujaf-381	31	2	rest	rest	NOUN
gujaf-381	31	3	of	of	ADP
gujaf-381	31	4	the	the	DET
gujaf-381	31	5	study	study	NOUN
gujaf-381	31	6	is	be	AUX
gujaf-381	31	7	organized	organize	VERB
gujaf-381	31	8	such	such	ADJ
gujaf-381	31	9	that	that	DET
gujaf-381	31	10	section	section	NOUN
gujaf-381	31	11	2	2	NUM
gujaf-381	31	12	,	,	PUNCT
gujaf-381	31	13	3	3	NUM
gujaf-381	31	14	,	,	PUNCT
gujaf-381	31	15	4	4	NUM
gujaf-381	31	16	,	,	PUNCT
gujaf-381	31	17	and	and	CCONJ
gujaf-381	31	18	5	5	NUM
gujaf-381	31	19	,	,	PUNCT
gujaf-381	31	20	respectively	respectively	ADV
gujaf-381	31	21	,	,	PUNCT
gujaf-381	31	22	presets	preset	NOUN
gujaf-381	31	23	empirical	empirical	ADJ
gujaf-381	31	24	review	review	NOUN
gujaf-381	31	25	,	,	PUNCT
gujaf-381	31	26	methodology	methodology	NOUN
gujaf-381	31	27	,	,	PUNCT
gujaf-381	31	28	results	result	NOUN
gujaf-381	31	29	and	and	CCONJ
gujaf-381	31	30	conclusions	conclusion	NOUN
gujaf-381	31	31	.	.	PUNCT
gujaf-381	32	1	2.0	2.0	NUM
gujaf-381	32	2	literature	literature	NOUN
gujaf-381	32	3	review	review	NOUN
gujaf-381	32	4	over	over	ADP
gujaf-381	32	5	the	the	DET
gujaf-381	32	6	past	past	ADJ
gujaf-381	32	7	decade	decade	NOUN
gujaf-381	32	8	,	,	PUNCT
gujaf-381	32	9	empirical	empirical	ADJ
gujaf-381	32	10	research	research	NOUN
gujaf-381	32	11	on	on	ADP
gujaf-381	32	12	blockchain	blockchain	PROPN
gujaf-381	32	13	token	token	PROPN
gujaf-381	32	14	valuation	valuation	NOUN
gujaf-381	32	15	has	have	AUX
gujaf-381	32	16	expanded	expand	VERB
gujaf-381	32	17	rapidly	rapidly	ADV
gujaf-381	32	18	,	,	PUNCT
gujaf-381	32	19	encompassing	encompass	VERB
gujaf-381	32	20	a	a	DET
gujaf-381	32	21	diverse	diverse	ADJ
gujaf-381	32	22	range	range	NOUN
gujaf-381	32	23	of	of	ADP
gujaf-381	32	24	methodologies	methodology	NOUN
gujaf-381	32	25	and	and	CCONJ
gujaf-381	32	26	disciplinary	disciplinary	ADJ
gujaf-381	32	27	perspectives	perspective	NOUN
gujaf-381	32	28	.	.	PUNCT
gujaf-381	33	1	a	a	DET
gujaf-381	33	2	comprehensive	comprehensive	ADJ
gujaf-381	33	3	review	review	NOUN
gujaf-381	33	4	of	of	ADP
gujaf-381	33	5	over	over	ADP
gujaf-381	33	6	seventy	seventy	NUM
gujaf-381	33	7	empirical	empirical	ADJ
gujaf-381	33	8	studies	study	NOUN
gujaf-381	33	9	reveals	reveal	VERB
gujaf-381	33	10	several	several	ADJ
gujaf-381	33	11	converging	converge	VERB
gujaf-381	33	12	themes	theme	NOUN
gujaf-381	33	13	regarding	regard	VERB
gujaf-381	33	14	the	the	DET
gujaf-381	33	15	determinants	determinant	NOUN
gujaf-381	33	16	of	of	ADP
gujaf-381	33	17	token	token	ADJ
gujaf-381	33	18	prices	price	NOUN
gujaf-381	33	19	within	within	ADP
gujaf-381	33	20	decentralized	decentralized	ADJ
gujaf-381	33	21	networks	network	NOUN
gujaf-381	33	22	.	.	PUNCT
gujaf-381	34	1	early	early	ADJ
gujaf-381	34	2	works	work	NOUN
gujaf-381	34	3	predominantly	predominantly	ADV
gujaf-381	34	4	focused	focus	VERB
gujaf-381	34	5	on	on	ADP
gujaf-381	34	6	descriptive	descriptive	ADJ
gujaf-381	34	7	analyses	analysis	NOUN
gujaf-381	34	8	and	and	CCONJ
gujaf-381	34	9	rudimentary	rudimentary	ADJ
gujaf-381	34	10	econometric	econometric	ADJ
gujaf-381	34	11	models	model	NOUN
gujaf-381	34	12	to	to	PART
gujaf-381	34	13	understand	understand	VERB
gujaf-381	34	14	token	token	ADJ
gujaf-381	34	15	market	market	NOUN
gujaf-381	34	16	behavior	behavior	NOUN
gujaf-381	34	17	(	(	PUNCT
gujaf-381	34	18	catalini	catalini	PROPN
gujaf-381	34	19	&	&	CCONJ
gujaf-381	34	20	gans	gans	PROPN
gujaf-381	34	21	,	,	PUNCT
gujaf-381	34	22	2016	2016	NUM
gujaf-381	34	23	;	;	PUNCT
gujaf-381	34	24	li	li	PROPN
gujaf-381	34	25	et	et	PROPN
gujaf-381	34	26	al	al	PROPN
gujaf-381	34	27	.	.	PROPN
gujaf-381	34	28	,	,	PUNCT
gujaf-381	34	29	2017	2017	NUM
gujaf-381	34	30	)	)	PUNCT
gujaf-381	34	31	.	.	PUNCT
gujaf-381	35	1	however	however	ADV
gujaf-381	35	2	,	,	PUNCT
gujaf-381	35	3	recent	recent	ADJ
gujaf-381	35	4	advances	advance	NOUN
gujaf-381	35	5	emphasize	emphasize	VERB
gujaf-381	35	6	the	the	DET
gujaf-381	35	7	importance	importance	NOUN
gujaf-381	35	8	of	of	ADP
gujaf-381	35	9	accounting	account	VERB
gujaf-381	35	10	for	for	ADP
gujaf-381	35	11	network	network	NOUN
gujaf-381	35	12	effects	effect	NOUN
gujaf-381	35	13	,	,	PUNCT
gujaf-381	35	14	investor	investor	NOUN
gujaf-381	35	15	behavior	behavior	NOUN
gujaf-381	35	16	,	,	PUNCT
gujaf-381	35	17	and	and	CCONJ
gujaf-381	35	18	project	project	NOUN
gujaf-381	35	19	-	-	PUNCT
gujaf-381	35	20	specific	specific	ADJ
gujaf-381	35	21	characteristics	characteristic	NOUN
gujaf-381	35	22	through	through	ADP
gujaf-381	35	23	more	more	ADV
gujaf-381	35	24	sophisticated	sophisticated	ADJ
gujaf-381	35	25	dynamic	dynamic	ADJ
gujaf-381	35	26	modeling	modeling	NOUN
gujaf-381	35	27	frameworks	framework	NOUN
gujaf-381	35	28	(	(	PUNCT
gujaf-381	35	29	cong	cong	NOUN
gujaf-381	35	30	et	et	PROPN
gujaf-381	35	31	al	al	PROPN
gujaf-381	35	32	.	.	PROPN
gujaf-381	35	33	,	,	PUNCT
gujaf-381	35	34	2021	2021	NUM
gujaf-381	35	35	;	;	PUNCT
gujaf-381	35	36	serra	serra	PROPN
gujaf-381	35	37	et	et	PROPN
gujaf-381	35	38	al	al	PROPN
gujaf-381	35	39	.	.	PROPN
gujaf-381	35	40	,	,	PUNCT
gujaf-381	35	41	2022	2022	NUM
gujaf-381	35	42	)	)	PUNCT
gujaf-381	35	43	.	.	PUNCT
gujaf-381	36	1	gusau	gusau	PROPN
gujaf-381	36	2	journal	journal	PROPN
gujaf-381	36	3	of	of	ADP
gujaf-381	36	4	accounting	accounting	NOUN
gujaf-381	36	5	and	and	CCONJ
gujaf-381	36	6	finance	finance	NOUN
gujaf-381	36	7	,	,	PUNCT
gujaf-381	36	8	vol.6	vol.6	PROPN
gujaf-381	36	9	,	,	PUNCT
gujaf-381	36	10	issue	issue	NOUN
gujaf-381	36	11	1	1	NUM
gujaf-381	36	12	,	,	PUNCT
gujaf-381	36	13	april	april	PROPN
gujaf-381	36	14	,	,	PUNCT
gujaf-381	36	15	2025	2025	NUM
gujaf-381	36	16	231	231	NUM
gujaf-381	36	17	a	a	DET
gujaf-381	36	18	dominant	dominant	ADJ
gujaf-381	36	19	strand	strand	NOUN
gujaf-381	36	20	in	in	ADP
gujaf-381	36	21	the	the	DET
gujaf-381	36	22	literature	literature	NOUN
gujaf-381	36	23	identifies	identify	VERB
gujaf-381	36	24	network	network	NOUN
gujaf-381	36	25	centrality	centrality	NOUN
gujaf-381	36	26	and	and	CCONJ
gujaf-381	36	27	connectivity	connectivity	NOUN
gujaf-381	36	28	as	as	ADP
gujaf-381	36	29	critical	critical	ADJ
gujaf-381	36	30	predictors	predictor	NOUN
gujaf-381	36	31	of	of	ADP
gujaf-381	36	32	token	token	ADJ
gujaf-381	36	33	valuation	valuation	NOUN
gujaf-381	36	34	.	.	PUNCT
gujaf-381	37	1	empirical	empirical	ADJ
gujaf-381	37	2	evidence	evidence	NOUN
gujaf-381	37	3	consistently	consistently	ADV
gujaf-381	37	4	demonstrates	demonstrate	VERB
gujaf-381	37	5	that	that	SCONJ
gujaf-381	37	6	tokens	token	NOUN
gujaf-381	37	7	embedded	embed	VERB
gujaf-381	37	8	in	in	ADP
gujaf-381	37	9	highly	highly	ADV
gujaf-381	37	10	interconnected	interconnected	ADJ
gujaf-381	37	11	network	network	NOUN
gujaf-381	37	12	positions	position	NOUN
gujaf-381	37	13	benefit	benefit	VERB
gujaf-381	37	14	from	from	ADP
gujaf-381	37	15	enhanced	enhanced	ADJ
gujaf-381	37	16	liquidity	liquidity	NOUN
gujaf-381	37	17	,	,	PUNCT
gujaf-381	37	18	investor	investor	NOUN
gujaf-381	37	19	attention	attention	NOUN
gujaf-381	37	20	,	,	PUNCT
gujaf-381	37	21	and	and	CCONJ
gujaf-381	37	22	price	price	NOUN
gujaf-381	37	23	appreciation	appreciation	NOUN
gujaf-381	37	24	(	(	PUNCT
gujaf-381	37	25	pagnotta	pagnotta	PROPN
gujaf-381	37	26	&	&	CCONJ
gujaf-381	37	27	buraschi	buraschi	PROPN
gujaf-381	37	28	,	,	PUNCT
gujaf-381	37	29	2018	2018	NUM
gujaf-381	37	30	;	;	PUNCT
gujaf-381	37	31	liu	liu	PROPN
gujaf-381	37	32	&	&	CCONJ
gujaf-381	37	33	tsyvinski	tsyvinski	PROPN
gujaf-381	37	34	,	,	PUNCT
gujaf-381	37	35	2021	2021	NUM
gujaf-381	37	36	)	)	PUNCT
gujaf-381	37	37	.	.	PUNCT
gujaf-381	38	1	studies	study	NOUN
gujaf-381	38	2	employing	employ	VERB
gujaf-381	38	3	social	social	ADJ
gujaf-381	38	4	network	network	NOUN
gujaf-381	38	5	analysis	analysis	NOUN
gujaf-381	38	6	and	and	CCONJ
gujaf-381	38	7	blockchain	blockchain	PROPN
gujaf-381	38	8	transaction	transaction	NOUN
gujaf-381	38	9	graphs	graph	NOUN
gujaf-381	38	10	have	have	AUX
gujaf-381	38	11	documented	document	VERB
gujaf-381	38	12	that	that	SCONJ
gujaf-381	38	13	central	central	ADJ
gujaf-381	38	14	tokens	token	NOUN
gujaf-381	38	15	experience	experience	VERB
gujaf-381	38	16	stronger	strong	ADJ
gujaf-381	38	17	demand	demand	NOUN
gujaf-381	38	18	-	-	PUNCT
gujaf-381	38	19	side	side	NOUN
gujaf-381	38	20	effects	effect	NOUN
gujaf-381	38	21	and	and	CCONJ
gujaf-381	38	22	market	market	NOUN
gujaf-381	38	23	resilience	resilience	NOUN
gujaf-381	38	24	,	,	PUNCT
gujaf-381	38	25	supporting	support	VERB
gujaf-381	38	26	theories	theory	NOUN
gujaf-381	38	27	of	of	ADP
gujaf-381	38	28	endogenous	endogenous	ADJ
gujaf-381	38	29	network	network	NOUN
gujaf-381	38	30	externalities	externality	NOUN
gujaf-381	38	31	(	(	PUNCT
gujaf-381	38	32	feng	feng	PROPN
gujaf-381	38	33	et	et	PROPN
gujaf-381	38	34	al	al	PROPN
gujaf-381	38	35	.	.	PROPN
gujaf-381	38	36	,	,	PUNCT
gujaf-381	38	37	2020	2020	NUM
gujaf-381	38	38	;	;	PUNCT
gujaf-381	38	39	zhang	zhang	PROPN
gujaf-381	38	40	et	et	PROPN
gujaf-381	38	41	al	al	PROPN
gujaf-381	38	42	.	.	PROPN
gujaf-381	38	43	,	,	PUNCT
gujaf-381	38	44	2023	2023	NUM
gujaf-381	38	45	)	)	PUNCT
gujaf-381	38	46	.	.	PUNCT
gujaf-381	39	1	these	these	DET
gujaf-381	39	2	findings	finding	NOUN
gujaf-381	39	3	are	be	AUX
gujaf-381	39	4	complemented	complement	VERB
gujaf-381	39	5	by	by	ADP
gujaf-381	39	6	research	research	NOUN
gujaf-381	39	7	highlighting	highlight	VERB
gujaf-381	39	8	the	the	DET
gujaf-381	39	9	role	role	NOUN
gujaf-381	39	10	of	of	ADP
gujaf-381	39	11	token	token	ADJ
gujaf-381	39	12	ownership	ownership	NOUN
gujaf-381	39	13	concentration	concentration	NOUN
gujaf-381	39	14	,	,	PUNCT
gujaf-381	39	15	where	where	SCONJ
gujaf-381	39	16	high	high	ADJ
gujaf-381	39	17	ownership	ownership	NOUN
gujaf-381	39	18	inequality	inequality	NOUN
gujaf-381	39	19	often	often	ADV
gujaf-381	39	20	correlates	correlate	VERB
gujaf-381	39	21	with	with	ADP
gujaf-381	39	22	increased	increase	VERB
gujaf-381	39	23	price	price	NOUN
gujaf-381	39	24	volatility	volatility	NOUN
gujaf-381	39	25	and	and	CCONJ
gujaf-381	39	26	manipulation	manipulation	NOUN
gujaf-381	39	27	risk	risk	NOUN
gujaf-381	39	28	(	(	PUNCT
gujaf-381	39	29	li	li	PROPN
gujaf-381	39	30	&	&	CCONJ
gujaf-381	39	31	mann	mann	PROPN
gujaf-381	39	32	,	,	PUNCT
gujaf-381	39	33	2020	2020	NUM
gujaf-381	39	34	;	;	PUNCT
gujaf-381	39	35	zhang	zhang	PROPN
gujaf-381	39	36	et	et	PROPN
gujaf-381	39	37	al	al	PROPN
gujaf-381	39	38	.	.	PROPN
gujaf-381	39	39	,	,	PUNCT
gujaf-381	39	40	2023	2023	NUM
gujaf-381	39	41	)	)	PUNCT
gujaf-381	39	42	.	.	PUNCT
gujaf-381	40	1	another	another	DET
gujaf-381	40	2	robust	robust	ADJ
gujaf-381	40	3	empirical	empirical	ADJ
gujaf-381	40	4	insight	insight	NOUN
gujaf-381	40	5	concerns	concern	NOUN
gujaf-381	40	6	the	the	DET
gujaf-381	40	7	role	role	NOUN
gujaf-381	40	8	of	of	ADP
gujaf-381	40	9	crowdfunding	crowdfunde	VERB
gujaf-381	40	10	mechanisms	mechanism	NOUN
gujaf-381	40	11	,	,	PUNCT
gujaf-381	40	12	such	such	ADJ
gujaf-381	40	13	as	as	ADP
gujaf-381	40	14	initial	initial	ADJ
gujaf-381	40	15	coin	coin	NOUN
gujaf-381	40	16	offerings	offering	NOUN
gujaf-381	40	17	(	(	PUNCT
gujaf-381	40	18	icos	icos	PROPN
gujaf-381	40	19	)	)	PUNCT
gujaf-381	40	20	and	and	CCONJ
gujaf-381	40	21	security	security	NOUN
gujaf-381	40	22	token	token	VERB
gujaf-381	40	23	offerings	offering	NOUN
gujaf-381	40	24	(	(	PUNCT
gujaf-381	40	25	stos	stos	ADJ
gujaf-381	40	26	)	)	PUNCT
gujaf-381	40	27	,	,	PUNCT
gujaf-381	40	28	in	in	ADP
gujaf-381	40	29	shaping	shape	VERB
gujaf-381	40	30	early	early	ADV
gujaf-381	40	31	token	token	ADJ
gujaf-381	40	32	valuation	valuation	NOUN
gujaf-381	40	33	trajectories	trajectory	NOUN
gujaf-381	40	34	.	.	PUNCT
gujaf-381	41	1	numerous	numerous	ADJ
gujaf-381	41	2	studies	study	NOUN
gujaf-381	41	3	report	report	VERB
gujaf-381	41	4	positive	positive	ADJ
gujaf-381	41	5	effects	effect	NOUN
gujaf-381	41	6	of	of	ADP
gujaf-381	41	7	crowdfunding	crowdfunde	VERB
gujaf-381	41	8	backing	back	VERB
gujaf-381	41	9	on	on	ADP
gujaf-381	41	10	token	token	ADJ
gujaf-381	41	11	prices	price	NOUN
gujaf-381	41	12	,	,	PUNCT
gujaf-381	41	13	driven	drive	VERB
gujaf-381	41	14	by	by	ADP
gujaf-381	41	15	signaling	signal	VERB
gujaf-381	41	16	effects	effect	NOUN
gujaf-381	41	17	,	,	PUNCT
gujaf-381	41	18	community	community	NOUN
gujaf-381	41	19	engagement	engagement	NOUN
gujaf-381	41	20	,	,	PUNCT
gujaf-381	41	21	and	and	CCONJ
gujaf-381	41	22	capital	capital	NOUN
gujaf-381	41	23	provision	provision	NOUN
gujaf-381	41	24	(	(	PUNCT
gujaf-381	41	25	serra	serra	PROPN
gujaf-381	41	26	et	et	PROPN
gujaf-381	41	27	al	al	PROPN
gujaf-381	41	28	.	.	PROPN
gujaf-381	41	29	,	,	PUNCT
gujaf-381	41	30	2022	2022	NUM
gujaf-381	41	31	;	;	PUNCT
gujaf-381	41	32	howell	howell	PROPN
gujaf-381	41	33	et	et	PROPN
gujaf-381	41	34	al	al	PROPN
gujaf-381	41	35	.	.	PROPN
gujaf-381	41	36	,	,	PUNCT
gujaf-381	41	37	2021	2021	NUM
gujaf-381	41	38	)	)	PUNCT
gujaf-381	41	39	.	.	PUNCT
gujaf-381	42	1	however	however	ADV
gujaf-381	42	2	,	,	PUNCT
gujaf-381	42	3	the	the	DET
gujaf-381	42	4	causal	causal	ADJ
gujaf-381	42	5	inference	inference	NOUN
gujaf-381	42	6	in	in	ADP
gujaf-381	42	7	these	these	DET
gujaf-381	42	8	studies	study	NOUN
gujaf-381	42	9	is	be	AUX
gujaf-381	42	10	frequently	frequently	ADV
gujaf-381	42	11	complicated	complicate	VERB
gujaf-381	42	12	by	by	ADP
gujaf-381	42	13	endogeneity	endogeneity	NOUN
gujaf-381	42	14	and	and	CCONJ
gujaf-381	42	15	reverse	reverse	ADJ
gujaf-381	42	16	causality	causality	NOUN
gujaf-381	42	17	,	,	PUNCT
gujaf-381	42	18	as	as	SCONJ
gujaf-381	42	19	successful	successful	ADJ
gujaf-381	42	20	projects	project	NOUN
gujaf-381	42	21	are	be	AUX
gujaf-381	42	22	more	more	ADV
gujaf-381	42	23	likely	likely	ADJ
gujaf-381	42	24	to	to	PART
gujaf-381	42	25	attract	attract	VERB
gujaf-381	42	26	both	both	PRON
gujaf-381	42	27	crowdfunding	crowdfunde	VERB
gujaf-381	42	28	and	and	CCONJ
gujaf-381	42	29	market	market	NOUN
gujaf-381	42	30	interest	interest	NOUN
gujaf-381	42	31	(	(	PUNCT
gujaf-381	42	32	momtaz	momtaz	NOUN
gujaf-381	42	33	,	,	PUNCT
gujaf-381	42	34	2020	2020	NUM
gujaf-381	42	35	;	;	PUNCT
gujaf-381	42	36	fisch	fisch	PROPN
gujaf-381	42	37	et	et	PROPN
gujaf-381	42	38	al	al	PROPN
gujaf-381	42	39	.	.	PROPN
gujaf-381	42	40	,	,	PUNCT
gujaf-381	42	41	2021	2021	NUM
gujaf-381	42	42	)	)	PUNCT
gujaf-381	42	43	.	.	PUNCT
gujaf-381	43	1	to	to	PART
gujaf-381	43	2	address	address	VERB
gujaf-381	43	3	this	this	PRON
gujaf-381	43	4	,	,	PUNCT
gujaf-381	43	5	recent	recent	ADJ
gujaf-381	43	6	research	research	NOUN
gujaf-381	43	7	has	have	AUX
gujaf-381	43	8	increasingly	increasingly	ADV
gujaf-381	43	9	utilized	utilize	VERB
gujaf-381	43	10	panel	panel	NOUN
gujaf-381	43	11	data	datum	NOUN
gujaf-381	43	12	approaches	approach	NOUN
gujaf-381	43	13	,	,	PUNCT
gujaf-381	43	14	instrumental	instrumental	ADJ
gujaf-381	43	15	variables	variable	NOUN
gujaf-381	43	16	,	,	PUNCT
gujaf-381	43	17	and	and	CCONJ
gujaf-381	43	18	dynamic	dynamic	ADJ
gujaf-381	43	19	models	model	NOUN
gujaf-381	43	20	to	to	PART
gujaf-381	43	21	better	well	ADV
gujaf-381	43	22	isolate	isolate	VERB
gujaf-381	43	23	the	the	DET
gujaf-381	43	24	impact	impact	NOUN
gujaf-381	43	25	of	of	ADP
gujaf-381	43	26	crowdfunding	crowdfunde	VERB
gujaf-381	43	27	on	on	ADP
gujaf-381	43	28	valuation	valuation	NOUN
gujaf-381	43	29	outcomes	outcome	NOUN
gujaf-381	43	30	(	(	PUNCT
gujaf-381	43	31	cong	cong	NOUN
gujaf-381	43	32	et	et	PROPN
gujaf-381	43	33	al	al	PROPN
gujaf-381	43	34	.	.	PROPN
gujaf-381	43	35	,	,	PUNCT
gujaf-381	43	36	2021	2021	NUM
gujaf-381	43	37	;	;	PUNCT
gujaf-381	43	38	serra	serra	PROPN
gujaf-381	43	39	et	et	PROPN
gujaf-381	43	40	al	al	PROPN
gujaf-381	43	41	.	.	PROPN
gujaf-381	43	42	,	,	PUNCT
gujaf-381	43	43	2022	2022	NUM
gujaf-381	43	44	)	)	PUNCT
gujaf-381	43	45	.	.	PUNCT
gujaf-381	44	1	methodologically	methodologically	ADV
gujaf-381	44	2	,	,	PUNCT
gujaf-381	44	3	the	the	DET
gujaf-381	44	4	literature	literature	NOUN
gujaf-381	44	5	has	have	AUX
gujaf-381	44	6	progressed	progress	VERB
gujaf-381	44	7	from	from	ADP
gujaf-381	44	8	static	static	ADJ
gujaf-381	44	9	cross	cross	ADJ
gujaf-381	44	10	-	-	ADJ
gujaf-381	44	11	sectional	sectional	ADJ
gujaf-381	44	12	and	and	CCONJ
gujaf-381	44	13	time	time	NOUN
gujaf-381	44	14	-	-	PUNCT
gujaf-381	44	15	series	series	NOUN
gujaf-381	44	16	analyses	analysis	NOUN
gujaf-381	44	17	toward	toward	ADP
gujaf-381	44	18	dynamic	dynamic	ADJ
gujaf-381	44	19	panel	panel	NOUN
gujaf-381	44	20	data	data	NOUN
gujaf-381	44	21	models	model	NOUN
gujaf-381	44	22	that	that	PRON
gujaf-381	44	23	explicitly	explicitly	ADV
gujaf-381	44	24	incorporate	incorporate	VERB
gujaf-381	44	25	lagged	lag	VERB
gujaf-381	44	26	dependent	dependent	ADJ
gujaf-381	44	27	variables	variable	NOUN
gujaf-381	44	28	and	and	CCONJ
gujaf-381	44	29	unobserved	unobserved	ADJ
gujaf-381	44	30	heterogeneity	heterogeneity	NOUN
gujaf-381	44	31	(	(	PUNCT
gujaf-381	44	32	arellano	arellano	PROPN
gujaf-381	44	33	&	&	CCONJ
gujaf-381	44	34	bond	bond	PROPN
gujaf-381	44	35	,	,	PUNCT
gujaf-381	44	36	1991	1991	NUM
gujaf-381	44	37	;	;	PUNCT
gujaf-381	44	38	bond	bond	NOUN
gujaf-381	44	39	,	,	PUNCT
gujaf-381	44	40	2002	2002	NUM
gujaf-381	44	41	)	)	PUNCT
gujaf-381	44	42	.	.	PUNCT
gujaf-381	45	1	these	these	DET
gujaf-381	45	2	dynamic	dynamic	ADJ
gujaf-381	45	3	models	model	NOUN
gujaf-381	45	4	are	be	AUX
gujaf-381	45	5	crucial	crucial	ADJ
gujaf-381	45	6	for	for	ADP
gujaf-381	45	7	capturing	capture	VERB
gujaf-381	45	8	the	the	DET
gujaf-381	45	9	persistence	persistence	NOUN
gujaf-381	45	10	in	in	ADP
gujaf-381	45	11	token	token	ADJ
gujaf-381	45	12	valuations	valuation	NOUN
gujaf-381	45	13	documented	document	VERB
gujaf-381	45	14	across	across	ADP
gujaf-381	45	15	multiple	multiple	ADJ
gujaf-381	45	16	studies	study	NOUN
gujaf-381	45	17	,	,	PUNCT
gujaf-381	45	18	which	which	PRON
gujaf-381	45	19	reflect	reflect	VERB
gujaf-381	45	20	path	path	NOUN
gujaf-381	45	21	dependency	dependency	NOUN
gujaf-381	45	22	and	and	CCONJ
gujaf-381	45	23	investor	investor	NOUN
gujaf-381	45	24	herding	herding	NOUN
gujaf-381	45	25	behavior	behavior	NOUN
gujaf-381	45	26	(	(	PUNCT
gujaf-381	45	27	giglio	giglio	PROPN
gujaf-381	45	28	et	et	PROPN
gujaf-381	45	29	al	al	PROPN
gujaf-381	45	30	.	.	PROPN
gujaf-381	45	31	,	,	PUNCT
gujaf-381	45	32	2021	2021	NUM
gujaf-381	45	33	;	;	PUNCT
gujaf-381	45	34	liu	liu	PROPN
gujaf-381	45	35	&	&	CCONJ
gujaf-381	45	36	tsyvinski	tsyvinski	PROPN
gujaf-381	45	37	,	,	PUNCT
gujaf-381	45	38	2021	2021	NUM
gujaf-381	45	39	)	)	PUNCT
gujaf-381	45	40	.	.	PUNCT
gujaf-381	46	1	the	the	DET
gujaf-381	46	2	use	use	NOUN
gujaf-381	46	3	of	of	ADP
gujaf-381	46	4	the	the	DET
gujaf-381	46	5	arellano	arellano	NOUN
gujaf-381	46	6	-	-	PUNCT
gujaf-381	46	7	bond	bond	NOUN
gujaf-381	46	8	generalized	generalize	VERB
gujaf-381	46	9	method	method	NOUN
gujaf-381	46	10	of	of	ADP
gujaf-381	46	11	moments	moment	NOUN
gujaf-381	46	12	(	(	PUNCT
gujaf-381	46	13	gmm	gmm	NOUN
gujaf-381	46	14	)	)	PUNCT
gujaf-381	46	15	estimator	estimator	NOUN
gujaf-381	46	16	has	have	AUX
gujaf-381	46	17	become	become	VERB
gujaf-381	46	18	prevalent	prevalent	ADJ
gujaf-381	46	19	for	for	ADP
gujaf-381	46	20	addressing	address	VERB
gujaf-381	46	21	endogeneity	endogeneity	NOUN
gujaf-381	46	22	concerns	concern	NOUN
gujaf-381	46	23	related	relate	VERB
gujaf-381	46	24	to	to	ADP
gujaf-381	46	25	simultaneity	simultaneity	NOUN
gujaf-381	46	26	and	and	CCONJ
gujaf-381	46	27	omitted	omit	VERB
gujaf-381	46	28	variables	variable	NOUN
gujaf-381	46	29	,	,	PUNCT
gujaf-381	46	30	thereby	thereby	ADV
gujaf-381	46	31	improving	improve	VERB
gujaf-381	46	32	estimation	estimation	NOUN
gujaf-381	46	33	accuracy	accuracy	NOUN
gujaf-381	46	34	and	and	CCONJ
gujaf-381	46	35	policy	policy	NOUN
gujaf-381	46	36	relevance	relevance	NOUN
gujaf-381	46	37	(	(	PUNCT
gujaf-381	46	38	arellano	arellano	PROPN
gujaf-381	46	39	&	&	CCONJ
gujaf-381	46	40	bond	bond	PROPN
gujaf-381	46	41	,	,	PUNCT
gujaf-381	46	42	1991	1991	NUM
gujaf-381	46	43	;	;	PUNCT
gujaf-381	46	44	serra	serra	PROPN
gujaf-381	46	45	et	et	PROPN
gujaf-381	46	46	al	al	PROPN
gujaf-381	46	47	.	.	PROPN
gujaf-381	46	48	,	,	PUNCT
gujaf-381	46	49	2022	2022	NUM
gujaf-381	46	50	)	)	PUNCT
gujaf-381	46	51	.	.	PUNCT
gujaf-381	47	1	despite	despite	SCONJ
gujaf-381	47	2	these	these	DET
gujaf-381	47	3	advancements	advancement	NOUN
gujaf-381	47	4	,	,	PUNCT
gujaf-381	47	5	empirical	empirical	ADJ
gujaf-381	47	6	challenges	challenge	NOUN
gujaf-381	47	7	remain	remain	VERB
gujaf-381	47	8	.	.	PUNCT
gujaf-381	48	1	measurement	measurement	NOUN
gujaf-381	48	2	of	of	ADP
gujaf-381	48	3	network	network	NOUN
gujaf-381	48	4	centrality	centrality	NOUN
gujaf-381	48	5	varies	vary	VERB
gujaf-381	48	6	across	across	ADP
gujaf-381	48	7	studies	study	NOUN
gujaf-381	48	8	,	,	PUNCT
gujaf-381	48	9	with	with	ADP
gujaf-381	48	10	some	some	PRON
gujaf-381	48	11	employing	employ	VERB
gujaf-381	48	12	transaction	transaction	NOUN
gujaf-381	48	13	-	-	PUNCT
gujaf-381	48	14	based	base	VERB
gujaf-381	48	15	metrics	metric	NOUN
gujaf-381	48	16	while	while	SCONJ
gujaf-381	48	17	others	other	NOUN
gujaf-381	48	18	use	use	VERB
gujaf-381	48	19	social	social	ADJ
gujaf-381	48	20	media	medium	NOUN
gujaf-381	48	21	or	or	CCONJ
gujaf-381	48	22	developer	developer	NOUN
gujaf-381	48	23	network	network	NOUN
gujaf-381	48	24	indicators	indicator	NOUN
gujaf-381	48	25	,	,	PUNCT
gujaf-381	48	26	resulting	result	VERB
gujaf-381	48	27	in	in	ADP
gujaf-381	48	28	heterogeneous	heterogeneous	ADJ
gujaf-381	48	29	findings	finding	NOUN
gujaf-381	48	30	(	(	PUNCT
gujaf-381	48	31	feng	feng	PROPN
gujaf-381	48	32	et	et	PROPN
gujaf-381	48	33	al	al	PROPN
gujaf-381	48	34	.	.	PROPN
gujaf-381	48	35	,	,	PUNCT
gujaf-381	48	36	2020	2020	NUM
gujaf-381	48	37	;	;	PUNCT
gujaf-381	48	38	zhang	zhang	PROPN
gujaf-381	48	39	et	et	PROPN
gujaf-381	48	40	al	al	PROPN
gujaf-381	48	41	.	.	PROPN
gujaf-381	48	42	,	,	PUNCT
gujaf-381	48	43	2023	2023	NUM
gujaf-381	48	44	)	)	PUNCT
gujaf-381	48	45	.	.	PUNCT
gujaf-381	49	1	furthermore	furthermore	ADV
gujaf-381	49	2	,	,	PUNCT
gujaf-381	49	3	the	the	DET
gujaf-381	49	4	rapid	rapid	ADJ
gujaf-381	49	5	evolution	evolution	NOUN
gujaf-381	49	6	of	of	ADP
gujaf-381	49	7	blockchain	blockchain	PROPN
gujaf-381	49	8	protocols	protocol	NOUN
gujaf-381	49	9	and	and	CCONJ
gujaf-381	49	10	regulatory	regulatory	ADJ
gujaf-381	49	11	environments	environment	NOUN
gujaf-381	49	12	introduces	introduce	VERB
gujaf-381	49	13	temporal	temporal	ADJ
gujaf-381	49	14	instability	instability	NOUN
gujaf-381	49	15	,	,	PUNCT
gujaf-381	49	16	complicating	complicate	VERB
gujaf-381	49	17	longitudinal	longitudinal	ADJ
gujaf-381	49	18	analyses	analysis	NOUN
gujaf-381	49	19	(	(	PUNCT
gujaf-381	49	20	momtaz	momtaz	NOUN
gujaf-381	49	21	,	,	PUNCT
gujaf-381	49	22	2020	2020	NUM
gujaf-381	49	23	)	)	PUNCT
gujaf-381	49	24	.	.	PUNCT
gujaf-381	50	1	nevertheless	nevertheless	ADV
gujaf-381	50	2	,	,	PUNCT
gujaf-381	50	3	the	the	DET
gujaf-381	50	4	synthesis	synthesis	NOUN
gujaf-381	50	5	of	of	ADP
gujaf-381	50	6	empirical	empirical	ADJ
gujaf-381	50	7	evidence	evidence	NOUN
gujaf-381	50	8	underscores	underscore	VERB
gujaf-381	50	9	the	the	DET
gujaf-381	50	10	intertwined	intertwine	VERB
gujaf-381	50	11	effects	effect	NOUN
gujaf-381	50	12	of	of	ADP
gujaf-381	50	13	crowdfunding	crowdfunde	VERB
gujaf-381	50	14	backing	backing	NOUN
gujaf-381	50	15	,	,	PUNCT
gujaf-381	50	16	network	network	NOUN
gujaf-381	50	17	position	position	NOUN
gujaf-381	50	18	,	,	PUNCT
gujaf-381	50	19	and	and	CCONJ
gujaf-381	50	20	ownership	ownership	NOUN
gujaf-381	50	21	structure	structure	NOUN
gujaf-381	50	22	on	on	ADP
gujaf-381	50	23	token	token	ADJ
gujaf-381	50	24	valuation	valuation	NOUN
gujaf-381	50	25	dynamics	dynamic	NOUN
gujaf-381	50	26	,	,	PUNCT
gujaf-381	50	27	suggesting	suggest	VERB
gujaf-381	50	28	multifaceted	multifaceted	ADJ
gujaf-381	50	29	strategies	strategy	NOUN
gujaf-381	50	30	for	for	SCONJ
gujaf-381	50	31	investors	investor	NOUN
gujaf-381	50	32	and	and	CCONJ
gujaf-381	50	33	developers	developer	NOUN
gujaf-381	50	34	to	to	PART
gujaf-381	50	35	navigate	navigate	VERB
gujaf-381	50	36	token	token	ADJ
gujaf-381	50	37	markets	market	NOUN
gujaf-381	50	38	effectively	effectively	ADV
gujaf-381	50	39	.	.	PUNCT
gujaf-381	51	1	beyond	beyond	ADP
gujaf-381	51	2	the	the	DET
gujaf-381	51	3	core	core	ADJ
gujaf-381	51	4	determinants	determinant	NOUN
gujaf-381	51	5	of	of	ADP
gujaf-381	51	6	crowdfunding	crowdfunding	NOUN
gujaf-381	51	7	and	and	CCONJ
gujaf-381	51	8	network	network	NOUN
gujaf-381	51	9	centrality	centrality	NOUN
gujaf-381	51	10	,	,	PUNCT
gujaf-381	51	11	several	several	ADJ
gujaf-381	51	12	empirical	empirical	ADJ
gujaf-381	51	13	studies	study	NOUN
gujaf-381	51	14	have	have	AUX
gujaf-381	51	15	explored	explore	VERB
gujaf-381	51	16	the	the	DET
gujaf-381	51	17	influence	influence	NOUN
gujaf-381	51	18	of	of	ADP
gujaf-381	51	19	token	token	VERB
gujaf-381	51	20	-	-	PUNCT
gujaf-381	51	21	specific	specific	ADJ
gujaf-381	51	22	characteristics	characteristic	NOUN
gujaf-381	51	23	and	and	CCONJ
gujaf-381	51	24	market	market	NOUN
gujaf-381	51	25	conditions	condition	NOUN
gujaf-381	51	26	on	on	ADP
gujaf-381	51	27	valuation	valuation	NOUN
gujaf-381	51	28	outcomes	outcome	NOUN
gujaf-381	51	29	.	.	PUNCT
gujaf-381	52	1	token	token	ADJ
gujaf-381	52	2	age	age	NOUN
gujaf-381	52	3	,	,	PUNCT
gujaf-381	52	4	for	for	ADP
gujaf-381	52	5	instance	instance	NOUN
gujaf-381	52	6	,	,	PUNCT
gujaf-381	52	7	has	have	AUX
gujaf-381	52	8	been	be	AUX
gujaf-381	52	9	frequently	frequently	ADV
gujaf-381	52	10	included	include	VERB
gujaf-381	52	11	as	as	ADP
gujaf-381	52	12	a	a	DET
gujaf-381	52	13	control	control	NOUN
gujaf-381	52	14	variable	variable	NOUN
gujaf-381	52	15	,	,	PUNCT
gujaf-381	52	16	with	with	ADP
gujaf-381	52	17	findings	finding	NOUN
gujaf-381	52	18	generally	generally	ADV
gujaf-381	52	19	indicating	indicate	VERB
gujaf-381	52	20	that	that	SCONJ
gujaf-381	52	21	more	more	ADV
gujaf-381	52	22	mature	mature	ADJ
gujaf-381	52	23	projects	project	NOUN
gujaf-381	52	24	tend	tend	VERB
gujaf-381	52	25	to	to	PART
gujaf-381	52	26	exhibit	exhibit	VERB
gujaf-381	52	27	greater	great	ADJ
gujaf-381	52	28	price	price	NOUN
gujaf-381	52	29	stability	stability	NOUN
gujaf-381	52	30	and	and	CCONJ
gujaf-381	52	31	investor	investor	NOUN
gujaf-381	52	32	confidence	confidence	NOUN
gujaf-381	52	33	(	(	PUNCT
gujaf-381	52	34	kim	kim	PROPN
gujaf-381	52	35	&	&	CCONJ
gujaf-381	52	36	laskowski	laskowski	PROPN
gujaf-381	52	37	,	,	PUNCT
gujaf-381	52	38	2018	2018	NUM
gujaf-381	52	39	;	;	PUNCT
gujaf-381	52	40	li	li	PROPN
gujaf-381	52	41	et	et	PROPN
gujaf-381	52	42	al	al	PROPN
gujaf-381	52	43	.	.	PROPN
gujaf-381	52	44	,	,	PUNCT
gujaf-381	52	45	2021	2021	NUM
gujaf-381	52	46	)	)	PUNCT
gujaf-381	52	47	.	.	PUNCT
gujaf-381	53	1	additionally	additionally	ADV
gujaf-381	53	2	,	,	PUNCT
gujaf-381	53	3	market	market	NOUN
gujaf-381	53	4	-	-	PUNCT
gujaf-381	53	5	wide	wide	ADJ
gujaf-381	53	6	factors	factor	NOUN
gujaf-381	53	7	gusau	gusau	ADJ
gujaf-381	53	8	journal	journal	NOUN
gujaf-381	53	9	of	of	ADP
gujaf-381	53	10	accounting	accounting	NOUN
gujaf-381	53	11	and	and	CCONJ
gujaf-381	53	12	finance	finance	NOUN
gujaf-381	53	13	,	,	PUNCT
gujaf-381	53	14	vol.6	vol.6	PROPN
gujaf-381	53	15	,	,	PUNCT
gujaf-381	53	16	issue	issue	NOUN
gujaf-381	53	17	1	1	NUM
gujaf-381	53	18	,	,	PUNCT
gujaf-381	53	19	april	april	PROPN
gujaf-381	53	20	,	,	PUNCT
gujaf-381	53	21	2025	2025	NUM
gujaf-381	53	22	232	232	NUM
gujaf-381	53	23	such	such	ADJ
gujaf-381	53	24	as	as	ADP
gujaf-381	53	25	overall	overall	ADJ
gujaf-381	53	26	cryptocurrency	cryptocurrency	NOUN
gujaf-381	53	27	market	market	NOUN
gujaf-381	53	28	sentiment	sentiment	NOUN
gujaf-381	53	29	,	,	PUNCT
gujaf-381	53	30	regulatory	regulatory	ADJ
gujaf-381	53	31	announcements	announcement	NOUN
gujaf-381	53	32	,	,	PUNCT
gujaf-381	53	33	and	and	CCONJ
gujaf-381	53	34	macroeconomic	macroeconomic	ADJ
gujaf-381	53	35	shocks	shock	NOUN
gujaf-381	53	36	have	have	AUX
gujaf-381	53	37	been	be	AUX
gujaf-381	53	38	shown	show	VERB
gujaf-381	53	39	to	to	PART
gujaf-381	53	40	induce	induce	VERB
gujaf-381	53	41	significant	significant	ADJ
gujaf-381	53	42	volatility	volatility	NOUN
gujaf-381	53	43	and	and	CCONJ
gujaf-381	53	44	affect	affect	VERB
gujaf-381	53	45	token	token	VERB
gujaf-381	53	46	price	price	NOUN
gujaf-381	53	47	dynamics	dynamic	NOUN
gujaf-381	53	48	(	(	PUNCT
gujaf-381	53	49	foley	foley	PROPN
gujaf-381	53	50	et	et	PROPN
gujaf-381	53	51	al	al	PROPN
gujaf-381	53	52	.	.	PROPN
gujaf-381	53	53	,	,	PUNCT
gujaf-381	53	54	2019	2019	NUM
gujaf-381	53	55	;	;	PUNCT
gujaf-381	53	56	chen	chen	PROPN
gujaf-381	53	57	et	et	PROPN
gujaf-381	53	58	al	al	PROPN
gujaf-381	53	59	.	.	PROPN
gujaf-381	53	60	,	,	PUNCT
gujaf-381	53	61	2022	2022	NUM
gujaf-381	53	62	)	)	PUNCT
gujaf-381	53	63	.	.	PUNCT
gujaf-381	54	1	these	these	DET
gujaf-381	54	2	exogenous	exogenous	ADJ
gujaf-381	54	3	influences	influence	NOUN
gujaf-381	54	4	highlight	highlight	VERB
gujaf-381	54	5	the	the	DET
gujaf-381	54	6	importance	importance	NOUN
gujaf-381	54	7	of	of	ADP
gujaf-381	54	8	modeling	model	VERB
gujaf-381	54	9	temporal	temporal	ADJ
gujaf-381	54	10	effects	effect	NOUN
gujaf-381	54	11	and	and	CCONJ
gujaf-381	54	12	including	include	VERB
gujaf-381	54	13	fixed	fix	VERB
gujaf-381	54	14	effects	effect	NOUN
gujaf-381	54	15	in	in	ADP
gujaf-381	54	16	panel	panel	NOUN
gujaf-381	54	17	frameworks	framework	NOUN
gujaf-381	54	18	to	to	PART
gujaf-381	54	19	isolate	isolate	VERB
gujaf-381	54	20	project	project	NOUN
gujaf-381	54	21	-	-	PUNCT
gujaf-381	54	22	level	level	NOUN
gujaf-381	54	23	determinants	determinant	NOUN
gujaf-381	54	24	from	from	ADP
gujaf-381	54	25	broader	broad	ADJ
gujaf-381	54	26	market	market	NOUN
gujaf-381	54	27	movements	movement	NOUN
gujaf-381	54	28	.	.	PUNCT
gujaf-381	55	1	a	a	DET
gujaf-381	55	2	notable	notable	ADJ
gujaf-381	55	3	emerging	emerge	VERB
gujaf-381	55	4	theme	theme	NOUN
gujaf-381	55	5	in	in	ADP
gujaf-381	55	6	the	the	DET
gujaf-381	55	7	literature	literature	NOUN
gujaf-381	55	8	concerns	concern	VERB
gujaf-381	55	9	the	the	DET
gujaf-381	55	10	heterogeneity	heterogeneity	NOUN
gujaf-381	55	11	of	of	ADP
gujaf-381	55	12	token	token	ADJ
gujaf-381	55	13	valuation	valuation	NOUN
gujaf-381	55	14	across	across	ADP
gujaf-381	55	15	different	different	ADJ
gujaf-381	55	16	blockchain	blockchain	PROPN
gujaf-381	55	17	applications	application	NOUN
gujaf-381	55	18	and	and	CCONJ
gujaf-381	55	19	sectors	sector	NOUN
gujaf-381	55	20	.	.	PUNCT
gujaf-381	56	1	empirical	empirical	ADJ
gujaf-381	56	2	evidence	evidence	NOUN
gujaf-381	56	3	suggests	suggest	VERB
gujaf-381	56	4	that	that	SCONJ
gujaf-381	56	5	tokens	token	NOUN
gujaf-381	56	6	associated	associate	VERB
gujaf-381	56	7	with	with	ADP
gujaf-381	56	8	decentralized	decentralized	ADJ
gujaf-381	56	9	finance	finance	NOUN
gujaf-381	56	10	(	(	PUNCT
gujaf-381	56	11	defi	defi	NOUN
gujaf-381	56	12	)	)	PUNCT
gujaf-381	56	13	platforms	platform	NOUN
gujaf-381	56	14	,	,	PUNCT
gujaf-381	56	15	non	non	ADJ
gujaf-381	56	16	-	-	ADJ
gujaf-381	56	17	fungible	fungible	ADJ
gujaf-381	56	18	tokens	token	NOUN
gujaf-381	56	19	(	(	PUNCT
gujaf-381	56	20	nfts	nft	NOUN
gujaf-381	56	21	)	)	PUNCT
gujaf-381	56	22	,	,	PUNCT
gujaf-381	56	23	and	and	CCONJ
gujaf-381	56	24	utility	utility	NOUN
gujaf-381	56	25	tokens	token	NOUN
gujaf-381	56	26	often	often	ADV
gujaf-381	56	27	follow	follow	VERB
gujaf-381	56	28	distinct	distinct	ADJ
gujaf-381	56	29	valuation	valuation	NOUN
gujaf-381	56	30	patterns	pattern	NOUN
gujaf-381	56	31	due	due	ADJ
gujaf-381	56	32	to	to	ADP
gujaf-381	56	33	varying	vary	VERB
gujaf-381	56	34	underlying	underlying	ADJ
gujaf-381	56	35	use	use	NOUN
gujaf-381	56	36	cases	case	NOUN
gujaf-381	56	37	,	,	PUNCT
gujaf-381	56	38	liquidity	liquidity	NOUN
gujaf-381	56	39	profiles	profile	NOUN
gujaf-381	56	40	,	,	PUNCT
gujaf-381	56	41	and	and	CCONJ
gujaf-381	56	42	investor	investor	NOUN
gujaf-381	56	43	bases	basis	NOUN
gujaf-381	56	44	(	(	PUNCT
gujaf-381	56	45	schär	schär	NOUN
gujaf-381	56	46	,	,	PUNCT
gujaf-381	56	47	2021	2021	NUM
gujaf-381	56	48	;	;	PUNCT
gujaf-381	56	49	dowling	dowle	VERB
gujaf-381	56	50	,	,	PUNCT
gujaf-381	56	51	2022	2022	NUM
gujaf-381	56	52	)	)	PUNCT
gujaf-381	56	53	.	.	PUNCT
gujaf-381	57	1	for	for	ADP
gujaf-381	57	2	example	example	NOUN
gujaf-381	57	3	,	,	PUNCT
gujaf-381	57	4	defi	defi	PROPN
gujaf-381	57	5	tokens	token	NOUN
gujaf-381	57	6	frequently	frequently	ADV
gujaf-381	57	7	exhibit	exhibit	VERB
gujaf-381	57	8	higher	high	ADJ
gujaf-381	57	9	volatility	volatility	NOUN
gujaf-381	57	10	and	and	CCONJ
gujaf-381	57	11	stronger	strong	ADJ
gujaf-381	57	12	network	network	NOUN
gujaf-381	57	13	effects	effect	NOUN
gujaf-381	57	14	linked	link	VERB
gujaf-381	57	15	to	to	ADP
gujaf-381	57	16	their	their	PRON
gujaf-381	57	17	protocol	protocol	NOUN
gujaf-381	57	18	governance	governance	NOUN
gujaf-381	57	19	and	and	CCONJ
gujaf-381	57	20	yield	yield	NOUN
gujaf-381	57	21	-	-	PUNCT
gujaf-381	57	22	generating	generate	VERB
gujaf-381	57	23	features	feature	NOUN
gujaf-381	57	24	,	,	PUNCT
gujaf-381	57	25	whereas	whereas	SCONJ
gujaf-381	57	26	nfts	nft	NOUN
gujaf-381	57	27	demonstrate	demonstrate	VERB
gujaf-381	57	28	idiosyncratic	idiosyncratic	ADJ
gujaf-381	57	29	pricing	pricing	NOUN
gujaf-381	57	30	driven	drive	VERB
gujaf-381	57	31	by	by	ADP
gujaf-381	57	32	scarcity	scarcity	NOUN
gujaf-381	57	33	and	and	CCONJ
gujaf-381	57	34	collector	collector	NOUN
gujaf-381	57	35	demand	demand	NOUN
gujaf-381	57	36	(	(	PUNCT
gujaf-381	57	37	dowling	dowling	NOUN
gujaf-381	57	38	,	,	PUNCT
gujaf-381	57	39	2022	2022	NUM
gujaf-381	57	40	;	;	PUNCT
gujaf-381	57	41	li	li	PROPN
gujaf-381	57	42	et	et	PROPN
gujaf-381	57	43	al	al	PROPN
gujaf-381	57	44	.	.	PROPN
gujaf-381	57	45	,	,	PUNCT
gujaf-381	57	46	2023	2023	NUM
gujaf-381	57	47	)	)	PUNCT
gujaf-381	57	48	.	.	PUNCT
gujaf-381	58	1	this	this	DET
gujaf-381	58	2	heterogeneity	heterogeneity	NOUN
gujaf-381	58	3	poses	pose	VERB
gujaf-381	58	4	additional	additional	ADJ
gujaf-381	58	5	challenges	challenge	NOUN
gujaf-381	58	6	for	for	ADP
gujaf-381	58	7	econometric	econometric	ADJ
gujaf-381	58	8	modeling	modeling	NOUN
gujaf-381	58	9	,	,	PUNCT
gujaf-381	58	10	necessitating	necessitate	VERB
gujaf-381	58	11	flexible	flexible	ADJ
gujaf-381	58	12	specifications	specification	NOUN
gujaf-381	58	13	and	and	CCONJ
gujaf-381	58	14	subgroup	subgroup	NOUN
gujaf-381	58	15	analyses	analysis	NOUN
gujaf-381	58	16	to	to	PART
gujaf-381	58	17	capture	capture	VERB
gujaf-381	58	18	sector	sector	NOUN
gujaf-381	58	19	-	-	PUNCT
gujaf-381	58	20	specific	specific	ADJ
gujaf-381	58	21	valuation	valuation	NOUN
gujaf-381	58	22	drivers	driver	NOUN
gujaf-381	58	23	.	.	PUNCT
gujaf-381	59	1	furthermore	furthermore	ADV
gujaf-381	59	2	,	,	PUNCT
gujaf-381	59	3	recent	recent	ADJ
gujaf-381	59	4	empirical	empirical	ADJ
gujaf-381	59	5	work	work	NOUN
gujaf-381	59	6	has	have	AUX
gujaf-381	59	7	begun	begin	VERB
gujaf-381	59	8	to	to	PART
gujaf-381	59	9	incorporate	incorporate	VERB
gujaf-381	59	10	behavioral	behavioral	ADJ
gujaf-381	59	11	and	and	CCONJ
gujaf-381	59	12	sentiment	sentiment	NOUN
gujaf-381	59	13	indicators	indicator	NOUN
gujaf-381	59	14	derived	derive	VERB
gujaf-381	59	15	from	from	ADP
gujaf-381	59	16	social	social	ADJ
gujaf-381	59	17	media	medium	NOUN
gujaf-381	59	18	,	,	PUNCT
gujaf-381	59	19	developer	developer	NOUN
gujaf-381	59	20	activity	activity	NOUN
gujaf-381	59	21	,	,	PUNCT
gujaf-381	59	22	and	and	CCONJ
gujaf-381	59	23	online	online	ADJ
gujaf-381	59	24	forums	forum	NOUN
gujaf-381	59	25	to	to	PART
gujaf-381	59	26	enhance	enhance	VERB
gujaf-381	59	27	understanding	understanding	NOUN
gujaf-381	59	28	of	of	ADP
gujaf-381	59	29	token	token	ADJ
gujaf-381	59	30	price	price	NOUN
gujaf-381	59	31	formation	formation	NOUN
gujaf-381	59	32	.	.	PUNCT
gujaf-381	60	1	studies	study	NOUN
gujaf-381	60	2	leveraging	leverage	VERB
gujaf-381	60	3	natural	natural	ADJ
gujaf-381	60	4	language	language	NOUN
gujaf-381	60	5	processing	processing	NOUN
gujaf-381	60	6	(	(	PUNCT
gujaf-381	60	7	nlp	nlp	NOUN
gujaf-381	60	8	)	)	PUNCT
gujaf-381	60	9	techniques	technique	NOUN
gujaf-381	60	10	and	and	CCONJ
gujaf-381	60	11	sentiment	sentiment	NOUN
gujaf-381	60	12	analysis	analysis	NOUN
gujaf-381	60	13	have	have	AUX
gujaf-381	60	14	found	find	VERB
gujaf-381	60	15	that	that	SCONJ
gujaf-381	60	16	positive	positive	ADJ
gujaf-381	60	17	social	social	ADJ
gujaf-381	60	18	media	medium	NOUN
gujaf-381	60	19	sentiment	sentiment	NOUN
gujaf-381	60	20	and	and	CCONJ
gujaf-381	60	21	heightened	heighten	VERB
gujaf-381	60	22	developer	developer	NOUN
gujaf-381	60	23	engagement	engagement	NOUN
gujaf-381	60	24	often	often	ADV
gujaf-381	60	25	precede	precede	VERB
gujaf-381	60	26	short	short	ADJ
gujaf-381	60	27	-	-	PUNCT
gujaf-381	60	28	term	term	NOUN
gujaf-381	60	29	price	price	NOUN
gujaf-381	60	30	increases	increase	NOUN
gujaf-381	60	31	,	,	PUNCT
gujaf-381	60	32	reflecting	reflect	VERB
gujaf-381	60	33	information	information	NOUN
gujaf-381	60	34	diffusion	diffusion	NOUN
gujaf-381	60	35	and	and	CCONJ
gujaf-381	60	36	investor	investor	NOUN
gujaf-381	60	37	attention	attention	NOUN
gujaf-381	60	38	effects	effect	NOUN
gujaf-381	60	39	(	(	PUNCT
gujaf-381	60	40	mai	mai	PROPN
gujaf-381	60	41	et	et	PROPN
gujaf-381	60	42	al	al	PROPN
gujaf-381	60	43	.	.	PROPN
gujaf-381	60	44	,	,	PUNCT
gujaf-381	60	45	2019	2019	NUM
gujaf-381	60	46	;	;	PUNCT
gujaf-381	60	47	chen	chen	PROPN
gujaf-381	60	48	et	et	PROPN
gujaf-381	60	49	al	al	PROPN
gujaf-381	60	50	.	.	PROPN
gujaf-381	60	51	,	,	PUNCT
gujaf-381	60	52	2021	2021	NUM
gujaf-381	60	53	)	)	PUNCT
gujaf-381	60	54	.	.	PUNCT
gujaf-381	61	1	incorporating	incorporate	VERB
gujaf-381	61	2	such	such	ADJ
gujaf-381	61	3	high	high	ADJ
gujaf-381	61	4	-	-	PUNCT
gujaf-381	61	5	frequency	frequency	NOUN
gujaf-381	61	6	and	and	CCONJ
gujaf-381	61	7	qualitative	qualitative	ADJ
gujaf-381	61	8	data	datum	NOUN
gujaf-381	61	9	into	into	ADP
gujaf-381	61	10	dynamic	dynamic	ADJ
gujaf-381	61	11	panel	panel	NOUN
gujaf-381	61	12	models	model	NOUN
gujaf-381	61	13	presents	present	VERB
gujaf-381	61	14	promising	promise	VERB
gujaf-381	61	15	avenues	avenue	NOUN
gujaf-381	61	16	for	for	ADP
gujaf-381	61	17	future	future	ADJ
gujaf-381	61	18	research	research	NOUN
gujaf-381	61	19	,	,	PUNCT
gujaf-381	61	20	enabling	enable	VERB
gujaf-381	61	21	more	more	ADJ
gujaf-381	61	22	granular	granular	ADJ
gujaf-381	61	23	assessments	assessment	NOUN
gujaf-381	61	24	of	of	ADP
gujaf-381	61	25	how	how	SCONJ
gujaf-381	61	26	information	information	NOUN
gujaf-381	61	27	flows	flow	NOUN
gujaf-381	61	28	and	and	CCONJ
gujaf-381	61	29	market	market	NOUN
gujaf-381	61	30	psychology	psychology	NOUN
gujaf-381	61	31	interplay	interplay	NOUN
gujaf-381	61	32	with	with	ADP
gujaf-381	61	33	structural	structural	ADJ
gujaf-381	61	34	determinants	determinant	NOUN
gujaf-381	61	35	like	like	ADP
gujaf-381	61	36	crowdfunding	crowdfunding	NOUN
gujaf-381	61	37	and	and	CCONJ
gujaf-381	61	38	network	network	NOUN
gujaf-381	61	39	centrality	centrality	NOUN
gujaf-381	61	40	.	.	PUNCT
gujaf-381	62	1	3.0	3.0	NUM
gujaf-381	62	2	methodology	methodology	NOUN
gujaf-381	62	3	this	this	DET
gujaf-381	62	4	study	study	NOUN
gujaf-381	62	5	adopts	adopt	VERB
gujaf-381	62	6	a	a	DET
gujaf-381	62	7	quantitative	quantitative	ADJ
gujaf-381	62	8	research	research	NOUN
gujaf-381	62	9	design	design	NOUN
gujaf-381	62	10	to	to	PART
gujaf-381	62	11	empirically	empirically	ADV
gujaf-381	62	12	investigate	investigate	VERB
gujaf-381	62	13	the	the	DET
gujaf-381	62	14	determinants	determinant	NOUN
gujaf-381	62	15	of	of	ADP
gujaf-381	62	16	token	token	ADJ
gujaf-381	62	17	valuation	valuation	NOUN
gujaf-381	62	18	within	within	ADP
gujaf-381	62	19	blockchain	blockchain	PROPN
gujaf-381	62	20	ecosystems	ecosystem	NOUN
gujaf-381	62	21	.	.	PUNCT
gujaf-381	63	1	the	the	DET
gujaf-381	63	2	primary	primary	ADJ
gujaf-381	63	3	objective	objective	NOUN
gujaf-381	63	4	is	be	AUX
gujaf-381	63	5	to	to	PART
gujaf-381	63	6	evaluate	evaluate	VERB
gujaf-381	63	7	how	how	SCONJ
gujaf-381	63	8	crowdfunding	crowdfunding	NOUN
gujaf-381	63	9	backing	backing	NOUN
gujaf-381	63	10	and	and	CCONJ
gujaf-381	63	11	network	network	NOUN
gujaf-381	63	12	centrality	centrality	NOUN
gujaf-381	63	13	influence	influence	NOUN
gujaf-381	63	14	token	token	VERB
gujaf-381	63	15	values	value	NOUN
gujaf-381	63	16	over	over	ADP
gujaf-381	63	17	time	time	NOUN
gujaf-381	63	18	,	,	PUNCT
gujaf-381	63	19	while	while	SCONJ
gujaf-381	63	20	accounting	account	VERB
gujaf-381	63	21	for	for	ADP
gujaf-381	63	22	structural	structural	ADJ
gujaf-381	63	23	and	and	CCONJ
gujaf-381	63	24	temporal	temporal	ADJ
gujaf-381	63	25	dependencies	dependency	NOUN
gujaf-381	63	26	.	.	PUNCT
gujaf-381	64	1	to	to	PART
gujaf-381	64	2	achieve	achieve	VERB
gujaf-381	64	3	this	this	PRON
gujaf-381	64	4	,	,	PUNCT
gujaf-381	64	5	we	we	PRON
gujaf-381	64	6	estimate	estimate	VERB
gujaf-381	64	7	a	a	DET
gujaf-381	64	8	dynamic	dynamic	ADJ
gujaf-381	64	9	panel	panel	NOUN
gujaf-381	64	10	model	model	NOUN
gujaf-381	64	11	using	use	VERB
gujaf-381	64	12	a	a	DET
gujaf-381	64	13	dataset	dataset	NOUN
gujaf-381	64	14	that	that	PRON
gujaf-381	64	15	includes	include	VERB
gujaf-381	64	16	multiple	multiple	ADJ
gujaf-381	64	17	token	token	VERB
gujaf-381	64	18	projects	project	NOUN
gujaf-381	64	19	observed	observe	VERB
gujaf-381	64	20	across	across	ADP
gujaf-381	64	21	several	several	ADJ
gujaf-381	64	22	time	time	NOUN
gujaf-381	64	23	periods	period	NOUN
gujaf-381	64	24	.	.	PUNCT
gujaf-381	65	1	this	this	DET
gujaf-381	65	2	design	design	NOUN
gujaf-381	65	3	enables	enable	VERB
gujaf-381	65	4	us	we	PRON
gujaf-381	65	5	to	to	PART
gujaf-381	65	6	capture	capture	VERB
gujaf-381	65	7	the	the	DET
gujaf-381	65	8	persistence	persistence	NOUN
gujaf-381	65	9	in	in	ADP
gujaf-381	65	10	token	token	ADJ
gujaf-381	65	11	prices	price	NOUN
gujaf-381	65	12	and	and	CCONJ
gujaf-381	65	13	address	address	VERB
gujaf-381	65	14	endogeneity	endogeneity	NOUN
gujaf-381	65	15	concerns	concern	NOUN
gujaf-381	65	16	related	relate	VERB
gujaf-381	65	17	to	to	ADP
gujaf-381	65	18	lagged	lag	VERB
gujaf-381	65	19	dependent	dependent	ADJ
gujaf-381	65	20	variables	variable	NOUN
gujaf-381	65	21	and	and	CCONJ
gujaf-381	65	22	unobserved	unobserved	ADJ
gujaf-381	65	23	heterogeneity	heterogeneity	NOUN
gujaf-381	65	24	.	.	PUNCT
gujaf-381	66	1	the	the	DET
gujaf-381	66	2	dataset	dataset	NOUN
gujaf-381	66	3	comprises	comprise	VERB
gujaf-381	66	4	panel	panel	NOUN
gujaf-381	66	5	data	datum	NOUN
gujaf-381	66	6	on	on	ADP
gujaf-381	66	7	200	200	NUM
gujaf-381	66	8	blockchain	blockchain	NOUN
gujaf-381	66	9	-	-	PUNCT
gujaf-381	66	10	based	base	VERB
gujaf-381	66	11	token	token	VERB
gujaf-381	66	12	projects	project	NOUN
gujaf-381	66	13	spanning	span	VERB
gujaf-381	66	14	from	from	ADP
gujaf-381	66	15	2015	2015	NUM
gujaf-381	66	16	to	to	ADP
gujaf-381	66	17	2023	2023	NUM
gujaf-381	66	18	,	,	PUNCT
gujaf-381	66	19	collected	collect	VERB
gujaf-381	66	20	from	from	ADP
gujaf-381	66	21	reputable	reputable	ADJ
gujaf-381	66	22	sources	source	NOUN
gujaf-381	66	23	such	such	ADJ
gujaf-381	66	24	as	as	ADP
gujaf-381	66	25	coinmarketcap	coinmarketcap	NOUN
gujaf-381	66	26	,	,	PUNCT
gujaf-381	66	27	icobench	icobench	ADV
gujaf-381	66	28	,	,	PUNCT
gujaf-381	66	29	and	and	CCONJ
gujaf-381	66	30	ethereum	ethereum	PROPN
gujaf-381	66	31	blockchain	blockchain	PROPN
gujaf-381	66	32	explorer	explorer	PROPN
gujaf-381	66	33	apis	apis	PROPN
gujaf-381	66	34	.	.	PUNCT
gujaf-381	67	1	the	the	DET
gujaf-381	67	2	dependent	dependent	ADJ
gujaf-381	67	3	variable	variable	NOUN
gujaf-381	67	4	is	be	AUX
gujaf-381	67	5	the	the	DET
gujaf-381	67	6	token	token	ADJ
gujaf-381	67	7	valuation	valuation	NOUN
gujaf-381	67	8	,	,	PUNCT
gujaf-381	67	9	measured	measure	VERB
gujaf-381	67	10	as	as	ADP
gujaf-381	67	11	the	the	DET
gujaf-381	67	12	market	market	NOUN
gujaf-381	67	13	capitalization	capitalization	NOUN
gujaf-381	67	14	of	of	ADP
gujaf-381	67	15	each	each	PRON
gujaf-381	67	16	token	token	VERB
gujaf-381	67	17	at	at	ADP
gujaf-381	67	18	monthly	monthly	ADJ
gujaf-381	67	19	intervals	interval	NOUN
gujaf-381	67	20	.	.	PUNCT
gujaf-381	68	1	key	key	ADJ
gujaf-381	68	2	explanatory	explanatory	ADJ
gujaf-381	68	3	variables	variable	NOUN
gujaf-381	68	4	including	include	VERB
gujaf-381	68	5	cf	cf	NOUN
gujaf-381	68	6	backed	back	VERB
gujaf-381	68	7	(	(	PUNCT
gujaf-381	68	8	a	a	DET
gujaf-381	68	9	binary	binary	ADJ
gujaf-381	68	10	indicator	indicator	NOUN
gujaf-381	68	11	reflecting	reflect	VERB
gujaf-381	68	12	whether	whether	SCONJ
gujaf-381	68	13	a	a	DET
gujaf-381	68	14	token	token	ADJ
gujaf-381	68	15	project	project	NOUN
gujaf-381	68	16	was	be	AUX
gujaf-381	68	17	successfully	successfully	ADV
gujaf-381	68	18	backed	back	VERB
gujaf-381	68	19	through	through	ADP
gujaf-381	68	20	a	a	DET
gujaf-381	68	21	crowdfunding	crowdfunding	NOUN
gujaf-381	68	22	(	(	PUNCT
gujaf-381	68	23	ico	ico	PROPN
gujaf-381	68	24	/	/	SYM
gujaf-381	68	25	ieo	ieo	PROPN
gujaf-381	68	26	)	)	PUNCT
gujaf-381	68	27	campaign	campaign	NOUN
gujaf-381	68	28	)	)	PUNCT
gujaf-381	68	29	;	;	PUNCT
gujaf-381	68	30	network	network	NOUN
gujaf-381	68	31	centrality	centrality	NOUN
gujaf-381	68	32	(	(	PUNCT
gujaf-381	68	33	measured	measure	VERB
gujaf-381	68	34	using	using	NOUN
gujaf-381	68	35	degree	degree	NOUN
gujaf-381	68	36	centrality	centrality	NOUN
gujaf-381	68	37	and	and	CCONJ
gujaf-381	68	38	closeness	closeness	NOUN
gujaf-381	68	39	centrality	centrality	NOUN
gujaf-381	68	40	metrics	metric	NOUN
gujaf-381	68	41	derived	derive	VERB
gujaf-381	68	42	from	from	ADP
gujaf-381	68	43	blockchain	blockchain	PROPN
gujaf-381	68	44	transaction	transaction	PROPN
gujaf-381	68	45	networks	network	NOUN
gujaf-381	68	46	,	,	PUNCT
gujaf-381	68	47	reflecting	reflect	VERB
gujaf-381	68	48	the	the	DET
gujaf-381	68	49	project	project	NOUN
gujaf-381	68	50	’s	’s	PART
gujaf-381	68	51	embeddedness	embeddedness	NOUN
gujaf-381	68	52	and	and	CCONJ
gujaf-381	68	53	influence	influence	NOUN
gujaf-381	68	54	)	)	PUNCT
gujaf-381	68	55	;	;	PUNCT
gujaf-381	68	56	token	token	VERB
gujaf-381	68	57	ownership	ownership	NOUN
gujaf-381	68	58	concentration	concentration	NOUN
gujaf-381	68	59	(	(	PUNCT
gujaf-381	68	60	operationalized	operationalize	VERB
gujaf-381	68	61	via	via	ADP
gujaf-381	68	62	the	the	DET
gujaf-381	68	63	herfindahl	herfindahl	NOUN
gujaf-381	68	64	-	-	PUNCT
gujaf-381	68	65	hirschman	hirschman	NOUN
gujaf-381	68	66	index	index	NOUN
gujaf-381	68	67	(	(	PUNCT
gujaf-381	68	68	hhi	hhi	PROPN
gujaf-381	68	69	)	)	PUNCT
gujaf-381	68	70	,	,	PUNCT
gujaf-381	68	71	indicating	indicate	VERB
gujaf-381	68	72	the	the	DET
gujaf-381	68	73	distribution	distribution	NOUN
gujaf-381	68	74	of	of	ADP
gujaf-381	68	75	token	token	ADJ
gujaf-381	68	76	holdings	holding	NOUN
gujaf-381	68	77	)	)	PUNCT
gujaf-381	68	78	;	;	PUNCT
gujaf-381	68	79	and	and	CCONJ
gujaf-381	68	80	project	project	NOUN
gujaf-381	68	81	age	age	NOUN
gujaf-381	68	82	(	(	PUNCT
gujaf-381	68	83	defined	define	VERB
gujaf-381	68	84	as	as	ADP
gujaf-381	68	85	the	the	DET
gujaf-381	68	86	number	number	NOUN
gujaf-381	68	87	of	of	ADP
gujaf-381	68	88	months	month	NOUN
gujaf-381	68	89	since	since	SCONJ
gujaf-381	68	90	the	the	DET
gujaf-381	68	91	project	project	NOUN
gujaf-381	68	92	’s	’s	PART
gujaf-381	68	93	initial	initial	ADJ
gujaf-381	68	94	launch	launch	NOUN
gujaf-381	68	95	)	)	PUNCT
gujaf-381	68	96	.	.	PUNCT
gujaf-381	69	1	gusau	gusau	PROPN
gujaf-381	69	2	journal	journal	PROPN
gujaf-381	69	3	of	of	ADP
gujaf-381	69	4	accounting	accounting	NOUN
gujaf-381	69	5	and	and	CCONJ
gujaf-381	69	6	finance	finance	NOUN
gujaf-381	69	7	,	,	PUNCT
gujaf-381	69	8	vol.6	vol.6	PROPN
gujaf-381	69	9	,	,	PUNCT
gujaf-381	69	10	issue	issue	NOUN
gujaf-381	69	11	1	1	NUM
gujaf-381	69	12	,	,	PUNCT
gujaf-381	69	13	april	april	PROPN
gujaf-381	69	14	,	,	PUNCT
gujaf-381	69	15	2025	2025	NUM
gujaf-381	69	16	233	233	NUM
gujaf-381	69	17	to	to	PART
gujaf-381	69	18	model	model	VERB
gujaf-381	69	19	the	the	DET
gujaf-381	69	20	persistence	persistence	NOUN
gujaf-381	69	21	in	in	ADP
gujaf-381	69	22	token	token	ADJ
gujaf-381	69	23	valuation	valuation	NOUN
gujaf-381	69	24	and	and	CCONJ
gujaf-381	69	25	mitigate	mitigate	VERB
gujaf-381	69	26	endogeneity	endogeneity	NOUN
gujaf-381	69	27	,	,	PUNCT
gujaf-381	69	28	we	we	PRON
gujaf-381	69	29	employ	employ	VERB
gujaf-381	69	30	a	a	DET
gujaf-381	69	31	dynamic	dynamic	ADJ
gujaf-381	69	32	panel	panel	NOUN
gujaf-381	69	33	data	datum	NOUN
gujaf-381	69	34	approach	approach	NOUN
gujaf-381	69	35	using	use	VERB
gujaf-381	69	36	the	the	DET
gujaf-381	69	37	arellano	arellano	NOUN
gujaf-381	69	38	-	-	PUNCT
gujaf-381	69	39	bond	bond	NOUN
gujaf-381	69	40	(	(	PUNCT
gujaf-381	69	41	1991	1991	NUM
gujaf-381	69	42	)	)	PUNCT
gujaf-381	69	43	generalized	generalized	ADJ
gujaf-381	69	44	method	method	NOUN
gujaf-381	69	45	of	of	ADP
gujaf-381	69	46	moments	moment	NOUN
gujaf-381	69	47	(	(	PUNCT
gujaf-381	69	48	gmm	gmm	NOUN
gujaf-381	69	49	)	)	PUNCT
gujaf-381	69	50	estimator	estimator	NOUN
gujaf-381	69	51	.	.	PUNCT
gujaf-381	70	1	the	the	DET
gujaf-381	70	2	baseline	baseline	PROPN
gujaf-381	70	3	model	model	NOUN
gujaf-381	70	4	is	be	AUX
gujaf-381	70	5	specified	specify	VERB
gujaf-381	70	6	as	as	ADP
gujaf-381	70	7	:	:	PUNCT
gujaf-381	70	8	𝑌	𝑌	PROPN
gujaf-381	70	9	=	=	SYM
gujaf-381	70	10	𝛼	𝛼	X
gujaf-381	70	11	+	+	X
gujaf-381	70	12	𝜌𝑌	𝜌𝑌	ADJ
gujaf-381	70	13	(	(	PUNCT
gujaf-381	70	14	)	)	PUNCT
gujaf-381	71	1	+	+	CCONJ
gujaf-381	71	2	𝛽	𝛽	NOUN
gujaf-381	71	3	cf_backed	cf_backe	VERB
gujaf-381	71	4	+	+	PROPN
gujaf-381	71	5	𝛽	𝛽	NOUN
gujaf-381	71	6	networkcentrality	networkcentrality	NOUN
gujaf-381	71	7	+	+	CCONJ
gujaf-381	71	8	𝛾𝑋	𝛾𝑋	ADJ
gujaf-381	71	9	+	+	ADP
gujaf-381	71	10	𝜇	𝜇	ADP
gujaf-381	71	11	+	+	X
gujaf-381	71	12	𝜆	𝜆	NOUN
gujaf-381	72	1	+	+	ADP
gujaf-381	72	2	𝜀	𝜀	X
gujaf-381	72	3	(	(	PUNCT
gujaf-381	72	4	1	1	NUM
gujaf-381	72	5	)	)	PUNCT
gujaf-381	72	6	where	where	SCONJ
gujaf-381	72	7	𝑌	𝑌	PROPN
gujaf-381	72	8	represents	represent	VERB
gujaf-381	72	9	token	token	ADJ
gujaf-381	72	10	valuation	valuation	NOUN
gujaf-381	72	11	,	,	PUNCT
gujaf-381	72	12	𝜌	𝜌	X
gujaf-381	72	13	is	be	AUX
gujaf-381	72	14	the	the	DET
gujaf-381	72	15	coefficient	coefficient	NOUN
gujaf-381	72	16	on	on	ADP
gujaf-381	72	17	the	the	DET
gujaf-381	72	18	lagged	lag	VERB
gujaf-381	72	19	dependent	dependent	ADJ
gujaf-381	72	20	variable	variable	NOUN
gujaf-381	72	21	,	,	PUNCT
gujaf-381	72	22	and	and	CCONJ
gujaf-381	72	23	𝑋	𝑋	NOUN
gujaf-381	72	24	includes	include	VERB
gujaf-381	72	25	controls	control	NOUN
gujaf-381	72	26	such	such	ADJ
gujaf-381	72	27	as	as	ADP
gujaf-381	72	28	hhi	hhi	NOUN
gujaf-381	72	29	and	and	CCONJ
gujaf-381	72	30	project	project	NOUN
gujaf-381	72	31	age	age	NOUN
gujaf-381	72	32	.	.	PUNCT
gujaf-381	73	1	𝜇	𝜇	ADP
gujaf-381	73	2	and	and	CCONJ
gujaf-381	73	3	𝜆	𝜆	DET
gujaf-381	73	4	capture	capture	NOUN
gujaf-381	73	5	unobserved	unobserve	VERB
gujaf-381	73	6	individual	individual	ADJ
gujaf-381	73	7	and	and	CCONJ
gujaf-381	73	8	time	time	NOUN
gujaf-381	73	9	effects	effect	NOUN
gujaf-381	73	10	,	,	PUNCT
gujaf-381	73	11	respectively	respectively	ADV
gujaf-381	73	12	.	.	PUNCT
gujaf-381	74	1	the	the	DET
gujaf-381	74	2	arellano	arellano	PROPN
gujaf-381	74	3	-	-	PUNCT
gujaf-381	74	4	bond	bond	PROPN
gujaf-381	74	5	gmm	gmm	PROPN
gujaf-381	74	6	estimator	estimator	NOUN
gujaf-381	74	7	is	be	AUX
gujaf-381	74	8	particularly	particularly	ADV
gujaf-381	74	9	appropriate	appropriate	ADJ
gujaf-381	74	10	for	for	ADP
gujaf-381	74	11	panels	panel	NOUN
gujaf-381	74	12	with	with	ADP
gujaf-381	74	13	a	a	DET
gujaf-381	74	14	small	small	ADJ
gujaf-381	74	15	-	-	PUNCT
gujaf-381	74	16	time	time	NOUN
gujaf-381	74	17	dimension	dimension	NOUN
gujaf-381	74	18	(	(	PUNCT
gujaf-381	74	19	t	t	PROPN
gujaf-381	74	20	)	)	PUNCT
gujaf-381	74	21	and	and	CCONJ
gujaf-381	74	22	a	a	DET
gujaf-381	74	23	larger	large	ADJ
gujaf-381	74	24	cross	cross	ADJ
gujaf-381	74	25	-	-	ADJ
gujaf-381	74	26	sectional	sectional	ADJ
gujaf-381	74	27	dimension	dimension	NOUN
gujaf-381	74	28	(	(	PUNCT
gujaf-381	74	29	n	n	CCONJ
gujaf-381	74	30	)	)	PUNCT
gujaf-381	74	31	,	,	PUNCT
gujaf-381	74	32	as	as	ADP
gujaf-381	74	33	in	in	ADP
gujaf-381	74	34	this	this	DET
gujaf-381	74	35	study	study	NOUN
gujaf-381	74	36	.	.	PUNCT
gujaf-381	75	1	it	it	PRON
gujaf-381	75	2	effectively	effectively	ADV
gujaf-381	75	3	instruments	instrument	VERB
gujaf-381	75	4	endogenous	endogenous	ADJ
gujaf-381	75	5	regressors	regressor	NOUN
gujaf-381	75	6	using	use	VERB
gujaf-381	75	7	lagged	lag	VERB
gujaf-381	75	8	values	value	NOUN
gujaf-381	75	9	,	,	PUNCT
gujaf-381	75	10	thus	thus	ADV
gujaf-381	75	11	correcting	correct	VERB
gujaf-381	75	12	for	for	ADP
gujaf-381	75	13	simultaneity	simultaneity	NOUN
gujaf-381	75	14	bias	bias	NOUN
gujaf-381	75	15	and	and	CCONJ
gujaf-381	75	16	omitted	omit	VERB
gujaf-381	75	17	variable	variable	ADJ
gujaf-381	75	18	problems	problem	NOUN
gujaf-381	75	19	.	.	PUNCT
gujaf-381	76	1	to	to	PART
gujaf-381	76	2	examine	examine	VERB
gujaf-381	76	3	potential	potential	ADJ
gujaf-381	76	4	nonlinearities	nonlinearitie	NOUN
gujaf-381	76	5	in	in	ADP
gujaf-381	76	6	network	network	NOUN
gujaf-381	76	7	centrality	centrality	NOUN
gujaf-381	76	8	’s	’s	PART
gujaf-381	76	9	impact	impact	NOUN
gujaf-381	76	10	,	,	PUNCT
gujaf-381	76	11	a	a	DET
gujaf-381	76	12	quadratic	quadratic	ADJ
gujaf-381	76	13	term	term	NOUN
gujaf-381	76	14	is	be	AUX
gujaf-381	76	15	included	include	VERB
gujaf-381	76	16	in	in	ADP
gujaf-381	76	17	an	an	DET
gujaf-381	76	18	extended	extended	ADJ
gujaf-381	76	19	specification	specification	NOUN
gujaf-381	76	20	.	.	PUNCT
gujaf-381	77	1	additionally	additionally	ADV
gujaf-381	77	2	,	,	PUNCT
gujaf-381	77	3	an	an	DET
gujaf-381	77	4	instrumental	instrumental	ADJ
gujaf-381	77	5	variable	variable	NOUN
gujaf-381	77	6	(	(	PUNCT
gujaf-381	77	7	iv	iv	X
gujaf-381	77	8	)	)	PUNCT
gujaf-381	77	9	approach	approach	NOUN
gujaf-381	77	10	using	use	VERB
gujaf-381	77	11	twostage	twostage	NOUN
gujaf-381	77	12	least	least	ADJ
gujaf-381	77	13	squares	square	NOUN
gujaf-381	77	14	(	(	PUNCT
gujaf-381	77	15	2sls	2sls	NOUN
gujaf-381	77	16	)	)	PUNCT
gujaf-381	77	17	is	be	AUX
gujaf-381	77	18	employed	employ	VERB
gujaf-381	77	19	to	to	PART
gujaf-381	77	20	validate	validate	VERB
gujaf-381	77	21	the	the	DET
gujaf-381	77	22	causal	causal	ADJ
gujaf-381	77	23	effect	effect	NOUN
gujaf-381	77	24	of	of	ADP
gujaf-381	77	25	crowdfunding	crowdfunding	NOUN
gujaf-381	77	26	.	.	PUNCT
gujaf-381	78	1	the	the	DET
gujaf-381	78	2	first	first	ADJ
gujaf-381	78	3	stage	stage	NOUN
gujaf-381	78	4	instruments	instrument	VERB
gujaf-381	78	5	the	the	DET
gujaf-381	78	6	cf	cf	NOUN
gujaf-381	78	7	backed	back	VERB
gujaf-381	78	8	variable	variable	NOUN
gujaf-381	78	9	using	use	VERB
gujaf-381	78	10	lagged	lag	VERB
gujaf-381	78	11	cf	cf	NOUN
gujaf-381	78	12	network	network	NOUN
gujaf-381	78	13	size	size	NOUN
gujaf-381	78	14	.	.	PUNCT
gujaf-381	79	1	the	the	DET
gujaf-381	79	2	strength	strength	NOUN
gujaf-381	79	3	and	and	CCONJ
gujaf-381	79	4	validity	validity	NOUN
gujaf-381	79	5	of	of	ADP
gujaf-381	79	6	the	the	DET
gujaf-381	79	7	instrument	instrument	NOUN
gujaf-381	79	8	are	be	AUX
gujaf-381	79	9	tested	test	VERB
gujaf-381	79	10	using	use	VERB
gujaf-381	79	11	the	the	DET
gujaf-381	79	12	first	first	ADJ
gujaf-381	79	13	-	-	PUNCT
gujaf-381	79	14	stage	stage	NOUN
gujaf-381	79	15	f	f	NOUN
gujaf-381	79	16	-	-	PUNCT
gujaf-381	79	17	statistic	statistic	ADJ
gujaf-381	79	18	and	and	CCONJ
gujaf-381	79	19	over	over	ADP
gujaf-381	79	20	-	-	PUNCT
gujaf-381	79	21	identification	identification	NOUN
gujaf-381	79	22	tests	test	NOUN
gujaf-381	79	23	.	.	PUNCT
gujaf-381	80	1	all	all	DET
gujaf-381	80	2	estimations	estimation	NOUN
gujaf-381	80	3	are	be	AUX
gujaf-381	80	4	performed	perform	VERB
gujaf-381	80	5	using	use	VERB
gujaf-381	80	6	robust	robust	ADJ
gujaf-381	80	7	standard	standard	ADJ
gujaf-381	80	8	errors	error	NOUN
gujaf-381	80	9	to	to	PART
gujaf-381	80	10	account	account	VERB
gujaf-381	80	11	for	for	ADP
gujaf-381	80	12	heteroscedasticity	heteroscedasticity	NOUN
gujaf-381	80	13	.	.	PUNCT
gujaf-381	81	1	key	key	ADJ
gujaf-381	81	2	diagnostic	diagnostic	ADJ
gujaf-381	81	3	tests	test	NOUN
gujaf-381	81	4	include	include	VERB
gujaf-381	81	5	the	the	DET
gujaf-381	81	6	arellano	arellano	NOUN
gujaf-381	81	7	-	-	PUNCT
gujaf-381	81	8	bond	bond	NOUN
gujaf-381	81	9	tests	test	NOUN
gujaf-381	81	10	for	for	ADP
gujaf-381	81	11	first	first	ADJ
gujaf-381	81	12	-	-	PUNCT
gujaf-381	81	13	order	order	NOUN
gujaf-381	81	14	and	and	CCONJ
gujaf-381	81	15	second	second	ADJ
gujaf-381	81	16	-	-	PUNCT
gujaf-381	81	17	order	order	NOUN
gujaf-381	81	18	serial	serial	ADJ
gujaf-381	81	19	correlation	correlation	NOUN
gujaf-381	81	20	in	in	ADP
gujaf-381	81	21	the	the	DET
gujaf-381	81	22	residuals	residual	NOUN
gujaf-381	81	23	,	,	PUNCT
gujaf-381	81	24	and	and	CCONJ
gujaf-381	81	25	the	the	DET
gujaf-381	81	26	hansen	hansen	PROPN
gujaf-381	81	27	j	j	PROPN
gujaf-381	81	28	-	-	NOUN
gujaf-381	81	29	test	test	NOUN
gujaf-381	81	30	for	for	ADP
gujaf-381	81	31	instrument	instrument	NOUN
gujaf-381	81	32	validity	validity	NOUN
gujaf-381	81	33	in	in	ADP
gujaf-381	81	34	the	the	DET
gujaf-381	81	35	gmm	gmm	NOUN
gujaf-381	81	36	models	model	NOUN
gujaf-381	81	37	.	.	PUNCT
gujaf-381	82	1	the	the	DET
gujaf-381	82	2	iv	iv	NUM
gujaf-381	82	3	models	model	NOUN
gujaf-381	82	4	are	be	AUX
gujaf-381	82	5	assessed	assess	VERB
gujaf-381	82	6	for	for	ADP
gujaf-381	82	7	instrument	instrument	NOUN
gujaf-381	82	8	relevance	relevance	NOUN
gujaf-381	82	9	and	and	CCONJ
gujaf-381	82	10	exogeneity	exogeneity	NOUN
gujaf-381	82	11	using	use	VERB
gujaf-381	82	12	standard	standard	ADJ
gujaf-381	82	13	econometric	econometric	ADJ
gujaf-381	82	14	criteria	criterion	NOUN
gujaf-381	82	15	.	.	PUNCT
gujaf-381	83	1	4.0	4.0	NUM
gujaf-381	83	2	results	result	NOUN
gujaf-381	83	3	and	and	CCONJ
gujaf-381	83	4	implications	implication	NOUN
gujaf-381	83	5	table	table	NOUN
gujaf-381	83	6	1	1	NUM
gujaf-381	83	7	presents	present	VERB
gujaf-381	83	8	the	the	DET
gujaf-381	83	9	baseline	baseline	ADJ
gujaf-381	83	10	dynamic	dynamic	ADJ
gujaf-381	83	11	panel	panel	NOUN
gujaf-381	83	12	data	datum	NOUN
gujaf-381	83	13	estimation	estimation	NOUN
gujaf-381	83	14	using	use	VERB
gujaf-381	83	15	the	the	DET
gujaf-381	83	16	arellano	arellano	NOUN
gujaf-381	83	17	-	-	PUNCT
gujaf-381	83	18	bond	bond	NOUN
gujaf-381	83	19	gmm	gmm	NOUN
gujaf-381	83	20	estimator	estimator	NOUN
gujaf-381	83	21	,	,	PUNCT
gujaf-381	83	22	accounting	account	VERB
gujaf-381	83	23	for	for	ADP
gujaf-381	83	24	persistence	persistence	NOUN
gujaf-381	83	25	in	in	ADP
gujaf-381	83	26	token	token	ADJ
gujaf-381	83	27	valuation	valuation	NOUN
gujaf-381	83	28	and	and	CCONJ
gujaf-381	83	29	potential	potential	ADJ
gujaf-381	83	30	endogeneity	endogeneity	NOUN
gujaf-381	83	31	of	of	ADP
gujaf-381	83	32	lagged	lag	VERB
gujaf-381	83	33	dependent	dependent	ADJ
gujaf-381	83	34	variables	variable	NOUN
gujaf-381	83	35	.	.	PUNCT
gujaf-381	84	1	the	the	DET
gujaf-381	84	2	significant	significant	ADJ
gujaf-381	84	3	and	and	CCONJ
gujaf-381	84	4	positive	positive	ADJ
gujaf-381	84	5	coefficient	coefficient	NOUN
gujaf-381	84	6	on	on	ADP
gujaf-381	84	7	the	the	DET
gujaf-381	84	8	lagged	lag	VERB
gujaf-381	84	9	dependent	dependent	ADJ
gujaf-381	84	10	variable	variable	NOUN
gujaf-381	84	11	(	(	PUNCT
gujaf-381	84	12	0.421	0.421	NUM
gujaf-381	84	13	,	,	PUNCT
gujaf-381	84	14	p	p	X
gujaf-381	84	15	<	<	X
gujaf-381	84	16	0.001	0.001	NUM
gujaf-381	84	17	)	)	PUNCT
gujaf-381	84	18	indicates	indicate	VERB
gujaf-381	84	19	a	a	DET
gujaf-381	84	20	strong	strong	ADJ
gujaf-381	84	21	persistence	persistence	NOUN
gujaf-381	84	22	effect	effect	NOUN
gujaf-381	84	23	,	,	PUNCT
gujaf-381	84	24	suggesting	suggest	VERB
gujaf-381	84	25	that	that	SCONJ
gujaf-381	84	26	past	past	NOUN
gujaf-381	84	27	token	token	ADJ
gujaf-381	84	28	valuations	valuation	NOUN
gujaf-381	84	29	substantially	substantially	ADV
gujaf-381	84	30	influence	influence	VERB
gujaf-381	84	31	current	current	ADJ
gujaf-381	84	32	prices	price	NOUN
gujaf-381	84	33	.	.	PUNCT
gujaf-381	85	1	this	this	DET
gujaf-381	85	2	finding	finding	NOUN
gujaf-381	85	3	aligns	align	VERB
gujaf-381	85	4	with	with	ADP
gujaf-381	85	5	prior	prior	ADJ
gujaf-381	85	6	studies	study	NOUN
gujaf-381	85	7	documenting	document	VERB
gujaf-381	85	8	price	price	NOUN
gujaf-381	85	9	momentum	momentum	NOUN
gujaf-381	85	10	and	and	CCONJ
gujaf-381	85	11	path	path	NOUN
gujaf-381	85	12	dependence	dependence	NOUN
gujaf-381	85	13	in	in	ADP
gujaf-381	85	14	cryptocurrency	cryptocurrency	NOUN
gujaf-381	85	15	markets	market	NOUN
gujaf-381	85	16	(	(	PUNCT
gujaf-381	85	17	liu	liu	PROPN
gujaf-381	85	18	&	&	CCONJ
gujaf-381	85	19	tsyvinski	tsyvinski	PROPN
gujaf-381	85	20	,	,	PUNCT
gujaf-381	85	21	2021	2021	NUM
gujaf-381	85	22	;	;	PUNCT
gujaf-381	85	23	feng	feng	PROPN
gujaf-381	85	24	et	et	PROPN
gujaf-381	85	25	al	al	PROPN
gujaf-381	85	26	.	.	PROPN
gujaf-381	85	27	,	,	PUNCT
gujaf-381	85	28	2020	2020	NUM
gujaf-381	85	29	)	)	PUNCT
gujaf-381	85	30	.	.	PUNCT
gujaf-381	86	1	the	the	DET
gujaf-381	86	2	positive	positive	ADJ
gujaf-381	86	3	coefficient	coefficient	NOUN
gujaf-381	86	4	on	on	ADP
gujaf-381	86	5	the	the	DET
gujaf-381	86	6	crowdfunding	crowdfunding	NOUN
gujaf-381	86	7	backing	back	VERB
gujaf-381	86	8	variable	variable	NOUN
gujaf-381	86	9	(	(	PUNCT
gujaf-381	86	10	0.138	0.138	NUM
gujaf-381	86	11	,	,	PUNCT
gujaf-381	86	12	p	p	NOUN
gujaf-381	86	13	=	=	NOUN
gujaf-381	86	14	0.024	0.024	NUM
gujaf-381	86	15	)	)	PUNCT
gujaf-381	86	16	provides	provide	VERB
gujaf-381	86	17	empirical	empirical	ADJ
gujaf-381	86	18	support	support	NOUN
gujaf-381	86	19	for	for	ADP
gujaf-381	86	20	the	the	DET
gujaf-381	86	21	role	role	NOUN
gujaf-381	86	22	of	of	ADP
gujaf-381	86	23	crowdfunding	crowdfunde	VERB
gujaf-381	86	24	in	in	ADP
gujaf-381	86	25	signaling	signal	VERB
gujaf-381	86	26	project	project	NOUN
gujaf-381	86	27	viability	viability	NOUN
gujaf-381	86	28	and	and	CCONJ
gujaf-381	86	29	attracting	attract	VERB
gujaf-381	86	30	investment	investment	NOUN
gujaf-381	86	31	,	,	PUNCT
gujaf-381	86	32	consistent	consistent	ADJ
gujaf-381	86	33	with	with	ADP
gujaf-381	86	34	the	the	DET
gujaf-381	86	35	ico	ico	PROPN
gujaf-381	86	36	literature	literature	NOUN
gujaf-381	86	37	highlighting	highlight	VERB
gujaf-381	86	38	crowdfunding	crowdfunding	NOUN
gujaf-381	86	39	as	as	ADP
gujaf-381	86	40	a	a	DET
gujaf-381	86	41	critical	critical	ADJ
gujaf-381	86	42	factor	factor	NOUN
gujaf-381	86	43	in	in	ADP
gujaf-381	86	44	early	early	ADJ
gujaf-381	86	45	-	-	PUNCT
gujaf-381	86	46	stage	stage	NOUN
gujaf-381	86	47	token	token	VERB
gujaf-381	86	48	value	value	NOUN
gujaf-381	86	49	creation	creation	NOUN
gujaf-381	86	50	(	(	PUNCT
gujaf-381	86	51	howell	howell	PROPN
gujaf-381	86	52	,	,	PUNCT
gujaf-381	86	53	niessner	niessner	NOUN
gujaf-381	86	54	,	,	PUNCT
gujaf-381	86	55	&	&	CCONJ
gujaf-381	86	56	yermack	yermack	NOUN
gujaf-381	86	57	,	,	PUNCT
gujaf-381	86	58	2021	2021	NUM
gujaf-381	86	59	;	;	PUNCT
gujaf-381	86	60	fisch	fisch	PROPN
gujaf-381	86	61	,	,	PUNCT
gujaf-381	86	62	momtaz	momtaz	NOUN
gujaf-381	86	63	,	,	PUNCT
gujaf-381	86	64	&	&	CCONJ
gujaf-381	86	65	watanabe	watanabe	PROPN
gujaf-381	86	66	,	,	PUNCT
gujaf-381	86	67	2021	2021	NUM
gujaf-381	86	68	)	)	PUNCT
gujaf-381	86	69	.	.	PUNCT
gujaf-381	87	1	similarly	similarly	ADV
gujaf-381	87	2	,	,	PUNCT
gujaf-381	87	3	network	network	NOUN
gujaf-381	87	4	centrality	centrality	NOUN
gujaf-381	87	5	positively	positively	ADV
gujaf-381	87	6	influences	influence	VERB
gujaf-381	87	7	token	token	ADJ
gujaf-381	87	8	valuation	valuation	NOUN
gujaf-381	87	9	(	(	PUNCT
gujaf-381	87	10	0.096	0.096	NUM
gujaf-381	87	11	,	,	PUNCT
gujaf-381	87	12	p	p	X
gujaf-381	87	13	=	=	NOUN
gujaf-381	87	14	0.009	0.009	NUM
gujaf-381	87	15	)	)	PUNCT
gujaf-381	87	16	,	,	PUNCT
gujaf-381	87	17	reinforcing	reinforce	VERB
gujaf-381	87	18	network	network	NOUN
gujaf-381	87	19	theory	theory	NOUN
gujaf-381	87	20	propositions	proposition	NOUN
gujaf-381	87	21	that	that	SCONJ
gujaf-381	87	22	more	more	ADJ
gujaf-381	87	23	central	central	ADJ
gujaf-381	87	24	projects	project	NOUN
gujaf-381	87	25	benefit	benefit	VERB
gujaf-381	87	26	from	from	ADP
gujaf-381	87	27	stronger	strong	ADJ
gujaf-381	87	28	network	network	NOUN
gujaf-381	87	29	externalities	externality	NOUN
gujaf-381	87	30	,	,	PUNCT
gujaf-381	87	31	enhanced	enhance	VERB
gujaf-381	87	32	liquidity	liquidity	NOUN
gujaf-381	87	33	,	,	PUNCT
gujaf-381	87	34	and	and	CCONJ
gujaf-381	87	35	investor	investor	NOUN
gujaf-381	87	36	trust	trust	NOUN
gujaf-381	87	37	(	(	PUNCT
gujaf-381	87	38	cong	cong	PROPN
gujaf-381	87	39	,	,	PUNCT
gujaf-381	87	40	li	li	PROPN
gujaf-381	87	41	,	,	PUNCT
gujaf-381	87	42	&	&	CCONJ
gujaf-381	87	43	wang	wang	PROPN
gujaf-381	87	44	,	,	PUNCT
gujaf-381	87	45	2021	2021	NUM
gujaf-381	87	46	;	;	PUNCT
gujaf-381	87	47	feng	feng	PROPN
gujaf-381	87	48	et	et	PROPN
gujaf-381	87	49	al	al	PROPN
gujaf-381	87	50	.	.	PROPN
gujaf-381	87	51	,	,	PUNCT
gujaf-381	87	52	2020	2020	NUM
gujaf-381	87	53	)	)	PUNCT
gujaf-381	87	54	.	.	PUNCT
gujaf-381	88	1	interestingly	interestingly	ADV
gujaf-381	88	2	,	,	PUNCT
gujaf-381	88	3	the	the	DET
gujaf-381	88	4	negative	negative	ADJ
gujaf-381	88	5	effect	effect	NOUN
gujaf-381	88	6	of	of	ADP
gujaf-381	88	7	token	token	ADJ
gujaf-381	88	8	ownership	ownership	NOUN
gujaf-381	88	9	concentration	concentration	NOUN
gujaf-381	88	10	(	(	PUNCT
gujaf-381	88	11	herfindahl	herfindahl	NOUN
gujaf-381	88	12	-	-	PUNCT
gujaf-381	88	13	hirschman	hirschman	NOUN
gujaf-381	88	14	index	index	NOUN
gujaf-381	88	15	,	,	PUNCT
gujaf-381	88	16	-0.071	-0.071	PROPN
gujaf-381	88	17	,	,	PUNCT
gujaf-381	88	18	p	p	X
gujaf-381	88	19	=	=	NOUN
gujaf-381	88	20	0.014	0.014	NUM
gujaf-381	88	21	)	)	PUNCT
gujaf-381	88	22	suggests	suggest	VERB
gujaf-381	88	23	that	that	SCONJ
gujaf-381	88	24	tokens	token	NOUN
gujaf-381	88	25	with	with	ADP
gujaf-381	88	26	highly	highly	ADV
gujaf-381	88	27	concentrated	concentrated	ADJ
gujaf-381	88	28	ownership	ownership	NOUN
gujaf-381	88	29	may	may	AUX
gujaf-381	88	30	experience	experience	VERB
gujaf-381	88	31	valuation	valuation	NOUN
gujaf-381	88	32	discounts	discount	NOUN
gujaf-381	88	33	,	,	PUNCT
gujaf-381	88	34	potentially	potentially	ADV
gujaf-381	88	35	due	due	ADJ
gujaf-381	88	36	to	to	ADP
gujaf-381	88	37	reduced	reduce	VERB
gujaf-381	88	38	market	market	NOUN
gujaf-381	88	39	liquidity	liquidity	NOUN
gujaf-381	88	40	or	or	CCONJ
gujaf-381	88	41	fears	fear	NOUN
gujaf-381	88	42	of	of	ADP
gujaf-381	88	43	manipulation	manipulation	NOUN
gujaf-381	88	44	,	,	PUNCT
gujaf-381	88	45	echoing	echo	VERB
gujaf-381	88	46	findings	finding	NOUN
gujaf-381	88	47	by	by	ADP
gujaf-381	88	48	li	li	PROPN
gujaf-381	88	49	and	and	CCONJ
gujaf-381	88	50	mann	mann	PROPN
gujaf-381	88	51	(	(	PUNCT
gujaf-381	88	52	2020	2020	NUM
gujaf-381	88	53	)	)	PUNCT
gujaf-381	88	54	and	and	CCONJ
gujaf-381	88	55	zhang	zhang	PROPN
gujaf-381	88	56	,	,	PUNCT
gujaf-381	88	57	xu	xu	PROPN
gujaf-381	88	58	,	,	PUNCT
gujaf-381	88	59	and	and	CCONJ
gujaf-381	88	60	yang	yang	PROPN
gujaf-381	88	61	(	(	PUNCT
gujaf-381	88	62	2023	2023	NUM
gujaf-381	88	63	)	)	PUNCT
gujaf-381	88	64	.	.	PUNCT
gujaf-381	89	1	the	the	DET
gujaf-381	89	2	gusau	gusau	ADJ
gujaf-381	89	3	journal	journal	NOUN
gujaf-381	89	4	of	of	ADP
gujaf-381	89	5	accounting	accounting	NOUN
gujaf-381	89	6	and	and	CCONJ
gujaf-381	89	7	finance	finance	NOUN
gujaf-381	89	8	,	,	PUNCT
gujaf-381	89	9	vol.6	vol.6	PROPN
gujaf-381	89	10	,	,	PUNCT
gujaf-381	89	11	issue	issue	NOUN
gujaf-381	89	12	1	1	NUM
gujaf-381	89	13	,	,	PUNCT
gujaf-381	89	14	april	april	PROPN
gujaf-381	89	15	,	,	PUNCT
gujaf-381	89	16	2025	2025	NUM
gujaf-381	89	17	234	234	NUM
gujaf-381	89	18	positive	positive	ADJ
gujaf-381	89	19	and	and	CCONJ
gujaf-381	89	20	significant	significant	ADJ
gujaf-381	89	21	coefficient	coefficient	NOUN
gujaf-381	89	22	for	for	ADP
gujaf-381	89	23	project	project	NOUN
gujaf-381	89	24	age	age	NOUN
gujaf-381	89	25	(	(	PUNCT
gujaf-381	89	26	0.004	0.004	NUM
gujaf-381	89	27	,	,	PUNCT
gujaf-381	89	28	p	p	X
gujaf-381	89	29	<	<	X
gujaf-381	89	30	0.001	0.001	NUM
gujaf-381	89	31	)	)	PUNCT
gujaf-381	89	32	is	be	AUX
gujaf-381	89	33	consistent	consistent	ADJ
gujaf-381	89	34	with	with	ADP
gujaf-381	89	35	the	the	DET
gujaf-381	89	36	notion	notion	NOUN
gujaf-381	89	37	that	that	SCONJ
gujaf-381	89	38	more	more	ADJ
gujaf-381	89	39	mature	mature	ADJ
gujaf-381	89	40	projects	project	NOUN
gujaf-381	89	41	tend	tend	VERB
gujaf-381	89	42	to	to	PART
gujaf-381	89	43	have	have	VERB
gujaf-381	89	44	higher	high	ADJ
gujaf-381	89	45	valuations	valuation	NOUN
gujaf-381	89	46	,	,	PUNCT
gujaf-381	89	47	possibly	possibly	ADV
gujaf-381	89	48	due	due	ADP
gujaf-381	89	49	to	to	ADP
gujaf-381	89	50	better	well	ADV
gujaf-381	89	51	-	-	PUNCT
gujaf-381	89	52	developed	develop	VERB
gujaf-381	89	53	ecosystems	ecosystem	NOUN
gujaf-381	89	54	and	and	CCONJ
gujaf-381	89	55	reduced	reduced	ADJ
gujaf-381	89	56	uncertainty	uncertainty	NOUN
gujaf-381	89	57	(	(	PUNCT
gujaf-381	89	58	catalini	catalini	PROPN
gujaf-381	89	59	&	&	CCONJ
gujaf-381	89	60	gans	gans	PROPN
gujaf-381	89	61	,	,	PUNCT
gujaf-381	89	62	2016	2016	NUM
gujaf-381	89	63	;	;	PUNCT
gujaf-381	89	64	schär	schär	NOUN
gujaf-381	89	65	,	,	PUNCT
gujaf-381	89	66	2021	2021	NUM
gujaf-381	89	67	)	)	PUNCT
gujaf-381	89	68	.	.	PUNCT
gujaf-381	90	1	the	the	DET
gujaf-381	90	2	model	model	NOUN
gujaf-381	90	3	diagnostics	diagnostic	NOUN
gujaf-381	90	4	further	far	ADV
gujaf-381	90	5	confirm	confirm	VERB
gujaf-381	90	6	the	the	DET
gujaf-381	90	7	validity	validity	NOUN
gujaf-381	90	8	of	of	ADP
gujaf-381	90	9	instruments	instrument	NOUN
gujaf-381	90	10	and	and	CCONJ
gujaf-381	90	11	absence	absence	NOUN
gujaf-381	90	12	of	of	ADP
gujaf-381	90	13	second	second	ADJ
gujaf-381	90	14	-	-	PUNCT
gujaf-381	90	15	order	order	NOUN
gujaf-381	90	16	serial	serial	ADJ
gujaf-381	90	17	correlation	correlation	NOUN
gujaf-381	90	18	,	,	PUNCT
gujaf-381	90	19	supporting	support	VERB
gujaf-381	90	20	the	the	DET
gujaf-381	90	21	robustness	robustness	NOUN
gujaf-381	90	22	of	of	ADP
gujaf-381	90	23	these	these	DET
gujaf-381	90	24	estimates	estimate	NOUN
gujaf-381	90	25	.	.	PUNCT
gujaf-381	91	1	table	table	NOUN
gujaf-381	91	2	2	2	NUM
gujaf-381	91	3	introduces	introduce	NOUN
gujaf-381	91	4	a	a	DET
gujaf-381	91	5	nonlinear	nonlinear	ADJ
gujaf-381	91	6	specification	specification	NOUN
gujaf-381	91	7	by	by	ADP
gujaf-381	91	8	including	include	VERB
gujaf-381	91	9	a	a	DET
gujaf-381	91	10	quadratic	quadratic	ADJ
gujaf-381	91	11	term	term	NOUN
gujaf-381	91	12	for	for	ADP
gujaf-381	91	13	network	network	NOUN
gujaf-381	91	14	centrality	centrality	NOUN
gujaf-381	91	15	to	to	PART
gujaf-381	91	16	capture	capture	VERB
gujaf-381	91	17	potential	potential	ADJ
gujaf-381	91	18	diminishing	diminishing	NOUN
gujaf-381	91	19	or	or	CCONJ
gujaf-381	91	20	increasing	increase	VERB
gujaf-381	91	21	marginal	marginal	ADJ
gujaf-381	91	22	effects	effect	NOUN
gujaf-381	91	23	.	.	PUNCT
gujaf-381	92	1	the	the	DET
gujaf-381	92	2	results	result	NOUN
gujaf-381	92	3	show	show	VERB
gujaf-381	92	4	a	a	DET
gujaf-381	92	5	positive	positive	ADJ
gujaf-381	92	6	coefficient	coefficient	NOUN
gujaf-381	92	7	for	for	ADP
gujaf-381	92	8	network	network	NOUN
gujaf-381	92	9	centrality	centrality	NOUN
gujaf-381	92	10	(	(	PUNCT
gujaf-381	92	11	0.215	0.215	NUM
gujaf-381	92	12	,	,	PUNCT
gujaf-381	92	13	p	p	NOUN
gujaf-381	92	14	=	=	NOUN
gujaf-381	92	15	0.018	0.018	NUM
gujaf-381	92	16	)	)	PUNCT
gujaf-381	92	17	but	but	CCONJ
gujaf-381	92	18	a	a	DET
gujaf-381	92	19	negative	negative	ADJ
gujaf-381	92	20	and	and	CCONJ
gujaf-381	92	21	significant	significant	ADJ
gujaf-381	92	22	coefficient	coefficient	NOUN
gujaf-381	92	23	for	for	ADP
gujaf-381	92	24	its	its	PRON
gujaf-381	92	25	squared	squared	ADJ
gujaf-381	92	26	term	term	NOUN
gujaf-381	92	27	(	(	PUNCT
gujaf-381	92	28	-0.089	-0.089	INTJ
gujaf-381	92	29	,	,	PUNCT
gujaf-381	92	30	p	p	NOUN
gujaf-381	92	31	=	=	NOUN
gujaf-381	92	32	0.031	0.031	NUM
gujaf-381	92	33	)	)	PUNCT
gujaf-381	92	34	,	,	PUNCT
gujaf-381	92	35	indicating	indicate	VERB
gujaf-381	92	36	an	an	DET
gujaf-381	92	37	inverted	inverted	ADJ
gujaf-381	92	38	-	-	PUNCT
gujaf-381	92	39	u	u	NOUN
gujaf-381	92	40	relationship	relationship	NOUN
gujaf-381	92	41	between	between	ADP
gujaf-381	92	42	network	network	NOUN
gujaf-381	92	43	centrality	centrality	NOUN
gujaf-381	92	44	and	and	CCONJ
gujaf-381	92	45	token	token	VERB
gujaf-381	92	46	valuation	valuation	NOUN
gujaf-381	92	47	.	.	PUNCT
gujaf-381	93	1	this	this	PRON
gujaf-381	93	2	suggests	suggest	VERB
gujaf-381	93	3	that	that	SCONJ
gujaf-381	93	4	while	while	SCONJ
gujaf-381	93	5	increased	increased	ADJ
gujaf-381	93	6	network	network	NOUN
gujaf-381	93	7	centrality	centrality	NOUN
gujaf-381	93	8	initially	initially	ADV
gujaf-381	93	9	enhances	enhance	VERB
gujaf-381	93	10	token	token	ADJ
gujaf-381	93	11	value	value	NOUN
gujaf-381	93	12	by	by	ADP
gujaf-381	93	13	leveraging	leverage	VERB
gujaf-381	93	14	network	network	NOUN
gujaf-381	93	15	effects	effect	NOUN
gujaf-381	93	16	,	,	PUNCT
gujaf-381	93	17	excessive	excessive	ADJ
gujaf-381	93	18	centrality	centrality	NOUN
gujaf-381	93	19	may	may	AUX
gujaf-381	93	20	lead	lead	VERB
gujaf-381	93	21	to	to	ADP
gujaf-381	93	22	diminishing	diminish	VERB
gujaf-381	93	23	returns	return	NOUN
gujaf-381	93	24	or	or	CCONJ
gujaf-381	93	25	saturation	saturation	NOUN
gujaf-381	93	26	effects	effect	NOUN
gujaf-381	93	27	,	,	PUNCT
gujaf-381	93	28	consistent	consistent	ADJ
gujaf-381	93	29	with	with	ADP
gujaf-381	93	30	congestion	congestion	NOUN
gujaf-381	93	31	phenomena	phenomenon	NOUN
gujaf-381	93	32	discussed	discuss	VERB
gujaf-381	93	33	in	in	ADP
gujaf-381	93	34	network	network	NOUN
gujaf-381	93	35	economics	economic	NOUN
gujaf-381	93	36	(	(	PUNCT
gujaf-381	93	37	cong	cong	NOUN
gujaf-381	93	38	et	et	PROPN
gujaf-381	93	39	al	al	PROPN
gujaf-381	93	40	.	.	PROPN
gujaf-381	93	41	,	,	PUNCT
gujaf-381	93	42	2021	2021	NUM
gujaf-381	93	43	;	;	PUNCT
gujaf-381	93	44	dowling	dowle	VERB
gujaf-381	93	45	,	,	PUNCT
gujaf-381	93	46	2022	2022	NUM
gujaf-381	93	47	)	)	PUNCT
gujaf-381	93	48	.	.	PUNCT
gujaf-381	94	1	crowdfunding	crowdfunde	VERB
gujaf-381	94	2	backing	backing	NOUN
gujaf-381	94	3	remains	remain	VERB
gujaf-381	94	4	significantly	significantly	ADV
gujaf-381	94	5	positive	positive	ADJ
gujaf-381	94	6	and	and	CCONJ
gujaf-381	94	7	even	even	ADV
gujaf-381	94	8	stronger	strong	ADJ
gujaf-381	94	9	in	in	ADP
gujaf-381	94	10	this	this	DET
gujaf-381	94	11	nonlinear	nonlinear	ADJ
gujaf-381	94	12	model	model	NOUN
gujaf-381	94	13	(	(	PUNCT
gujaf-381	94	14	0.203	0.203	NUM
gujaf-381	94	15	,	,	PUNCT
gujaf-381	94	16	p	p	X
gujaf-381	94	17	=	=	NOUN
gujaf-381	94	18	0.004	0.004	NUM
gujaf-381	94	19	)	)	PUNCT
gujaf-381	94	20	,	,	PUNCT
gujaf-381	94	21	emphasizing	emphasize	VERB
gujaf-381	94	22	its	its	PRON
gujaf-381	94	23	continued	continue	VERB
gujaf-381	94	24	importance	importance	NOUN
gujaf-381	94	25	in	in	ADP
gujaf-381	94	26	driving	drive	VERB
gujaf-381	94	27	token	token	VERB
gujaf-381	94	28	valuations	valuation	NOUN
gujaf-381	94	29	.	.	PUNCT
gujaf-381	95	1	the	the	DET
gujaf-381	95	2	negative	negative	ADJ
gujaf-381	95	3	impact	impact	NOUN
gujaf-381	95	4	of	of	ADP
gujaf-381	95	5	ownership	ownership	NOUN
gujaf-381	95	6	concentration	concentration	NOUN
gujaf-381	95	7	is	be	AUX
gujaf-381	95	8	reaffirmed	reaffirm	VERB
gujaf-381	95	9	(	(	PUNCT
gujaf-381	95	10	-0.080	-0.080	ADJ
gujaf-381	95	11	,	,	PUNCT
gujaf-381	95	12	p	p	NOUN
gujaf-381	95	13	=	=	NOUN
gujaf-381	95	14	0.008	0.008	NUM
gujaf-381	95	15	)	)	PUNCT
gujaf-381	95	16	,	,	PUNCT
gujaf-381	95	17	underscoring	underscore	VERB
gujaf-381	95	18	persistent	persistent	ADJ
gujaf-381	95	19	concerns	concern	NOUN
gujaf-381	95	20	about	about	ADP
gujaf-381	95	21	the	the	DET
gujaf-381	95	22	adverse	adverse	ADJ
gujaf-381	95	23	effects	effect	NOUN
gujaf-381	95	24	of	of	ADP
gujaf-381	95	25	concentrated	concentrated	ADJ
gujaf-381	95	26	ownership	ownership	NOUN
gujaf-381	95	27	on	on	ADP
gujaf-381	95	28	token	token	VERB
gujaf-381	95	29	liquidity	liquidity	NOUN
gujaf-381	95	30	and	and	CCONJ
gujaf-381	95	31	market	market	NOUN
gujaf-381	95	32	perception	perception	NOUN
gujaf-381	95	33	(	(	PUNCT
gujaf-381	95	34	li	li	PROPN
gujaf-381	95	35	&	&	CCONJ
gujaf-381	95	36	mann	mann	PROPN
gujaf-381	95	37	,	,	PUNCT
gujaf-381	95	38	2020	2020	NUM
gujaf-381	95	39	)	)	PUNCT
gujaf-381	95	40	.	.	PUNCT
gujaf-381	96	1	the	the	DET
gujaf-381	96	2	positive	positive	ADJ
gujaf-381	96	3	relationship	relationship	NOUN
gujaf-381	96	4	with	with	ADP
gujaf-381	96	5	project	project	NOUN
gujaf-381	96	6	age	age	NOUN
gujaf-381	96	7	(	(	PUNCT
gujaf-381	96	8	0.005	0.005	NUM
gujaf-381	96	9	,	,	PUNCT
gujaf-381	96	10	p	p	X
gujaf-381	96	11	<	<	X
gujaf-381	96	12	0.001	0.001	NUM
gujaf-381	96	13	)	)	PUNCT
gujaf-381	96	14	remains	remain	VERB
gujaf-381	96	15	robust	robust	ADJ
gujaf-381	96	16	,	,	PUNCT
gujaf-381	96	17	indicating	indicate	VERB
gujaf-381	96	18	that	that	SCONJ
gujaf-381	96	19	longevity	longevity	NOUN
gujaf-381	96	20	contributes	contribute	VERB
gujaf-381	96	21	positively	positively	ADV
gujaf-381	96	22	to	to	ADP
gujaf-381	96	23	valuation	valuation	NOUN
gujaf-381	96	24	stability	stability	NOUN
gujaf-381	96	25	and	and	CCONJ
gujaf-381	96	26	investor	investor	NOUN
gujaf-381	96	27	confidence	confidence	NOUN
gujaf-381	96	28	(	(	PUNCT
gujaf-381	96	29	schär	schär	NOUN
gujaf-381	96	30	,	,	PUNCT
gujaf-381	96	31	2021	2021	NUM
gujaf-381	96	32	)	)	PUNCT
gujaf-381	96	33	.	.	PUNCT
gujaf-381	97	1	with	with	ADP
gujaf-381	97	2	an	an	DET
gujaf-381	97	3	r	r	NOUN
gujaf-381	97	4	-	-	PUNCT
gujaf-381	97	5	squared	square	VERB
gujaf-381	97	6	of	of	ADP
gujaf-381	97	7	nearly	nearly	ADV
gujaf-381	97	8	0.50	0.50	NUM
gujaf-381	97	9	,	,	PUNCT
gujaf-381	97	10	this	this	DET
gujaf-381	97	11	specification	specification	NOUN
gujaf-381	97	12	captures	capture	VERB
gujaf-381	97	13	a	a	DET
gujaf-381	97	14	substantial	substantial	ADJ
gujaf-381	97	15	proportion	proportion	NOUN
gujaf-381	97	16	of	of	ADP
gujaf-381	97	17	the	the	DET
gujaf-381	97	18	variance	variance	NOUN
gujaf-381	97	19	in	in	ADP
gujaf-381	97	20	token	token	ADJ
gujaf-381	97	21	valuations	valuation	NOUN
gujaf-381	97	22	,	,	PUNCT
gujaf-381	97	23	suggesting	suggest	VERB
gujaf-381	97	24	that	that	SCONJ
gujaf-381	97	25	nonlinear	nonlinear	ADJ
gujaf-381	97	26	network	network	NOUN
gujaf-381	97	27	effects	effect	NOUN
gujaf-381	97	28	are	be	AUX
gujaf-381	97	29	important	important	ADJ
gujaf-381	97	30	for	for	ADP
gujaf-381	97	31	understanding	understand	VERB
gujaf-381	97	32	token	token	VERB
gujaf-381	97	33	price	price	NOUN
gujaf-381	97	34	dynamics	dynamic	NOUN
gujaf-381	97	35	.	.	PUNCT
gujaf-381	98	1	table	table	NOUN
gujaf-381	98	2	3	3	NUM
gujaf-381	98	3	reports	report	VERB
gujaf-381	98	4	the	the	DET
gujaf-381	98	5	results	result	NOUN
gujaf-381	98	6	from	from	ADP
gujaf-381	98	7	a	a	DET
gujaf-381	98	8	two	two	NUM
gujaf-381	98	9	-	-	PUNCT
gujaf-381	98	10	stage	stage	NOUN
gujaf-381	98	11	least	least	ADJ
gujaf-381	98	12	squares	square	NOUN
gujaf-381	98	13	(	(	PUNCT
gujaf-381	98	14	2sls	2sls	NOUN
gujaf-381	98	15	)	)	PUNCT
gujaf-381	98	16	instrumental	instrumental	ADJ
gujaf-381	98	17	variable	variable	ADJ
gujaf-381	98	18	estimation	estimation	NOUN
gujaf-381	98	19	designed	design	VERB
gujaf-381	98	20	to	to	PART
gujaf-381	98	21	address	address	VERB
gujaf-381	98	22	endogeneity	endogeneity	NOUN
gujaf-381	98	23	concerns	concern	NOUN
gujaf-381	98	24	related	relate	VERB
gujaf-381	98	25	to	to	ADP
gujaf-381	98	26	crowdfunding	crowdfunde	VERB
gujaf-381	98	27	backing	backing	NOUN
gujaf-381	98	28	.	.	PUNCT
gujaf-381	99	1	the	the	DET
gujaf-381	99	2	instrument	instrument	NOUN
gujaf-381	99	3	lagged	lag	VERB
gujaf-381	99	4	crowdfunding	crowdfunding	NOUN
gujaf-381	99	5	network	network	NOUN
gujaf-381	99	6	size	size	NOUN
gujaf-381	99	7	demonstrates	demonstrate	VERB
gujaf-381	99	8	sufficient	sufficient	ADJ
gujaf-381	99	9	strength	strength	NOUN
gujaf-381	99	10	in	in	ADP
gujaf-381	99	11	the	the	DET
gujaf-381	99	12	first	first	ADJ
gujaf-381	99	13	stage	stage	NOUN
gujaf-381	99	14	(	(	PUNCT
gujaf-381	99	15	f	f	NOUN
gujaf-381	99	16	-	-	PUNCT
gujaf-381	99	17	statistic	statistic	NOUN
gujaf-381	99	18	=	=	NOUN
gujaf-381	99	19	15.78	15.78	NUM
gujaf-381	99	20	)	)	PUNCT
gujaf-381	99	21	,	,	PUNCT
gujaf-381	99	22	mitigating	mitigate	VERB
gujaf-381	99	23	concerns	concern	NOUN
gujaf-381	99	24	of	of	ADP
gujaf-381	99	25	weak	weak	ADJ
gujaf-381	99	26	instruments	instrument	NOUN
gujaf-381	99	27	.	.	PUNCT
gujaf-381	100	1	the	the	DET
gujaf-381	100	2	second	second	ADJ
gujaf-381	100	3	stage	stage	NOUN
gujaf-381	100	4	shows	show	VERB
gujaf-381	100	5	a	a	DET
gujaf-381	100	6	larger	large	ADJ
gujaf-381	100	7	and	and	CCONJ
gujaf-381	100	8	highly	highly	ADV
gujaf-381	100	9	significant	significant	ADJ
gujaf-381	100	10	coefficient	coefficient	NOUN
gujaf-381	100	11	on	on	ADP
gujaf-381	100	12	the	the	DET
gujaf-381	100	13	predicted	predict	VERB
gujaf-381	100	14	crowdfunding	crowdfunding	NOUN
gujaf-381	100	15	backing	back	VERB
gujaf-381	100	16	variable	variable	NOUN
gujaf-381	100	17	(	(	PUNCT
gujaf-381	100	18	0.244	0.244	NUM
gujaf-381	100	19	,	,	PUNCT
gujaf-381	100	20	p	p	X
gujaf-381	100	21	=	=	NOUN
gujaf-381	100	22	0.003	0.003	NUM
gujaf-381	100	23	)	)	PUNCT
gujaf-381	100	24	,	,	PUNCT
gujaf-381	100	25	indicating	indicate	VERB
gujaf-381	100	26	that	that	SCONJ
gujaf-381	100	27	when	when	SCONJ
gujaf-381	100	28	endogeneity	endogeneity	NOUN
gujaf-381	100	29	is	be	AUX
gujaf-381	100	30	addressed	address	VERB
gujaf-381	100	31	,	,	PUNCT
gujaf-381	100	32	the	the	DET
gujaf-381	100	33	positive	positive	ADJ
gujaf-381	100	34	impact	impact	NOUN
gujaf-381	100	35	of	of	ADP
gujaf-381	100	36	crowdfunding	crowdfunde	VERB
gujaf-381	100	37	on	on	ADP
gujaf-381	100	38	token	token	ADJ
gujaf-381	100	39	valuation	valuation	NOUN
gujaf-381	100	40	is	be	AUX
gujaf-381	100	41	even	even	ADV
gujaf-381	100	42	more	more	ADV
gujaf-381	100	43	pronounced	pronounced	ADJ
gujaf-381	100	44	.	.	PUNCT
gujaf-381	101	1	this	this	DET
gujaf-381	101	2	finding	finding	NOUN
gujaf-381	101	3	is	be	AUX
gujaf-381	101	4	consistent	consistent	ADJ
gujaf-381	101	5	with	with	ADP
gujaf-381	101	6	the	the	DET
gujaf-381	101	7	theoretical	theoretical	ADJ
gujaf-381	101	8	expectation	expectation	NOUN
gujaf-381	101	9	that	that	SCONJ
gujaf-381	101	10	crowdfunding	crowdfunding	NOUN
gujaf-381	101	11	signals	signal	NOUN
gujaf-381	101	12	credible	credible	ADJ
gujaf-381	101	13	investor	investor	NOUN
gujaf-381	101	14	interest	interest	NOUN
gujaf-381	101	15	and	and	CCONJ
gujaf-381	101	16	reduces	reduce	VERB
gujaf-381	101	17	asymmetric	asymmetric	ADJ
gujaf-381	101	18	information	information	NOUN
gujaf-381	101	19	(	(	PUNCT
gujaf-381	101	20	howell	howell	PROPN
gujaf-381	101	21	et	et	PROPN
gujaf-381	101	22	al	al	PROPN
gujaf-381	101	23	.	.	PROPN
gujaf-381	101	24	,	,	PUNCT
gujaf-381	101	25	2021	2021	NUM
gujaf-381	101	26	;	;	PUNCT
gujaf-381	101	27	momtaz	momtaz	NOUN
gujaf-381	101	28	,	,	PUNCT
gujaf-381	101	29	2020	2020	NUM
gujaf-381	101	30	)	)	PUNCT
gujaf-381	101	31	.	.	PUNCT
gujaf-381	102	1	network	network	NOUN
gujaf-381	102	2	centrality	centrality	NOUN
gujaf-381	102	3	remains	remain	VERB
gujaf-381	102	4	a	a	DET
gujaf-381	102	5	significant	significant	ADJ
gujaf-381	102	6	positive	positive	ADJ
gujaf-381	102	7	determinant	determinant	NOUN
gujaf-381	102	8	of	of	ADP
gujaf-381	102	9	token	token	ADJ
gujaf-381	102	10	value	value	NOUN
gujaf-381	102	11	(	(	PUNCT
gujaf-381	102	12	0.121	0.121	NUM
gujaf-381	102	13	,	,	PUNCT
gujaf-381	102	14	p	p	NOUN
gujaf-381	102	15	=	=	NOUN
gujaf-381	102	16	0.025	0.025	NUM
gujaf-381	102	17	)	)	PUNCT
gujaf-381	102	18	,	,	PUNCT
gujaf-381	102	19	reaffirming	reaffirm	VERB
gujaf-381	102	20	the	the	DET
gujaf-381	102	21	importance	importance	NOUN
gujaf-381	102	22	of	of	ADP
gujaf-381	102	23	connectivity	connectivity	NOUN
gujaf-381	102	24	in	in	ADP
gujaf-381	102	25	fostering	foster	VERB
gujaf-381	102	26	network	network	NOUN
gujaf-381	102	27	effects	effect	NOUN
gujaf-381	102	28	and	and	CCONJ
gujaf-381	102	29	token	token	VERB
gujaf-381	102	30	liquidity	liquidity	NOUN
gujaf-381	102	31	(	(	PUNCT
gujaf-381	102	32	cong	cong	NOUN
gujaf-381	102	33	et	et	PROPN
gujaf-381	102	34	al	al	PROPN
gujaf-381	102	35	.	.	PROPN
gujaf-381	102	36	,	,	PUNCT
gujaf-381	102	37	2021	2021	NUM
gujaf-381	102	38	;	;	PUNCT
gujaf-381	102	39	feng	feng	PROPN
gujaf-381	102	40	et	et	PROPN
gujaf-381	102	41	al	al	PROPN
gujaf-381	102	42	.	.	PROPN
gujaf-381	102	43	,	,	PUNCT
gujaf-381	102	44	2020	2020	NUM
gujaf-381	102	45	)	)	PUNCT
gujaf-381	102	46	.	.	PUNCT
gujaf-381	103	1	the	the	DET
gujaf-381	103	2	negative	negative	ADJ
gujaf-381	103	3	effect	effect	NOUN
gujaf-381	103	4	of	of	ADP
gujaf-381	103	5	token	token	ADJ
gujaf-381	103	6	ownership	ownership	NOUN
gujaf-381	103	7	concentration	concentration	NOUN
gujaf-381	103	8	(	(	PUNCT
gujaf-381	103	9	-0.086	-0.086	NUM
gujaf-381	103	10	,	,	PUNCT
gujaf-381	103	11	p	p	NOUN
gujaf-381	103	12	=	=	NOUN
gujaf-381	103	13	0.014	0.014	NUM
gujaf-381	103	14	)	)	PUNCT
gujaf-381	103	15	persists	persist	VERB
gujaf-381	103	16	,	,	PUNCT
gujaf-381	103	17	further	far	ADV
gujaf-381	103	18	validating	validate	VERB
gujaf-381	103	19	concerns	concern	NOUN
gujaf-381	103	20	that	that	SCONJ
gujaf-381	103	21	ownership	ownership	NOUN
gujaf-381	103	22	concentration	concentration	NOUN
gujaf-381	103	23	can	can	AUX
gujaf-381	103	24	deter	deter	VERB
gujaf-381	103	25	valuation	valuation	NOUN
gujaf-381	103	26	growth	growth	NOUN
gujaf-381	103	27	due	due	ADP
gujaf-381	103	28	to	to	ADP
gujaf-381	103	29	liquidity	liquidity	NOUN
gujaf-381	103	30	and	and	CCONJ
gujaf-381	103	31	governance	governance	NOUN
gujaf-381	103	32	issues	issue	NOUN
gujaf-381	103	33	(	(	PUNCT
gujaf-381	103	34	li	li	PROPN
gujaf-381	103	35	&	&	CCONJ
gujaf-381	103	36	mann	mann	PROPN
gujaf-381	103	37	,	,	PUNCT
gujaf-381	103	38	2020	2020	NUM
gujaf-381	103	39	;	;	PUNCT
gujaf-381	103	40	zhang	zhang	PROPN
gujaf-381	103	41	et	et	PROPN
gujaf-381	103	42	al	al	PROPN
gujaf-381	103	43	.	.	PROPN
gujaf-381	103	44	,	,	PUNCT
gujaf-381	103	45	2023	2023	NUM
gujaf-381	103	46	)	)	PUNCT
gujaf-381	103	47	.	.	PUNCT
gujaf-381	104	1	project	project	NOUN
gujaf-381	104	2	age	age	NOUN
gujaf-381	104	3	continues	continue	VERB
gujaf-381	104	4	to	to	PART
gujaf-381	104	5	positively	positively	ADV
gujaf-381	104	6	influence	influence	VERB
gujaf-381	104	7	token	token	VERB
gujaf-381	104	8	valuation	valuation	NOUN
gujaf-381	104	9	(	(	PUNCT
gujaf-381	104	10	0.005	0.005	NUM
gujaf-381	104	11	,	,	PUNCT
gujaf-381	104	12	p	p	X
gujaf-381	104	13	<	<	X
gujaf-381	104	14	0.001	0.001	NUM
gujaf-381	104	15	)	)	PUNCT
gujaf-381	104	16	,	,	PUNCT
gujaf-381	104	17	emphasizing	emphasize	VERB
gujaf-381	104	18	the	the	DET
gujaf-381	104	19	value	value	NOUN
gujaf-381	104	20	of	of	ADP
gujaf-381	104	21	project	project	NOUN
gujaf-381	104	22	maturity	maturity	NOUN
gujaf-381	104	23	and	and	CCONJ
gujaf-381	104	24	ecosystem	ecosystem	NOUN
gujaf-381	104	25	development	development	NOUN
gujaf-381	104	26	in	in	ADP
gujaf-381	104	27	this	this	DET
gujaf-381	104	28	evolving	evolve	VERB
gujaf-381	104	29	market	market	NOUN
gujaf-381	104	30	.	.	PUNCT
gujaf-381	105	1	these	these	DET
gujaf-381	105	2	results	result	NOUN
gujaf-381	105	3	provide	provide	VERB
gujaf-381	105	4	strong	strong	ADJ
gujaf-381	105	5	causal	causal	ADJ
gujaf-381	105	6	evidence	evidence	NOUN
gujaf-381	105	7	supporting	support	VERB
gujaf-381	105	8	the	the	DET
gujaf-381	105	9	role	role	NOUN
gujaf-381	105	10	of	of	ADP
gujaf-381	105	11	crowdfunding	crowdfunding	NOUN
gujaf-381	105	12	and	and	CCONJ
gujaf-381	105	13	network	network	NOUN
gujaf-381	105	14	structure	structure	NOUN
gujaf-381	105	15	in	in	ADP
gujaf-381	105	16	shaping	shape	VERB
gujaf-381	105	17	token	token	ADJ
gujaf-381	105	18	valuations	valuation	NOUN
gujaf-381	105	19	,	,	PUNCT
gujaf-381	105	20	while	while	SCONJ
gujaf-381	105	21	rigorously	rigorously	ADV
gujaf-381	105	22	accounting	account	VERB
gujaf-381	105	23	for	for	ADP
gujaf-381	105	24	simultaneity	simultaneity	NOUN
gujaf-381	105	25	and	and	CCONJ
gujaf-381	105	26	omitted	omit	VERB
gujaf-381	105	27	variable	variable	ADJ
gujaf-381	105	28	bias	bias	NOUN
gujaf-381	105	29	.	.	PUNCT
gujaf-381	106	1	gusau	gusau	ADJ
gujaf-381	106	2	journal	journal	PROPN
gujaf-381	106	3	of	of	ADP
gujaf-381	106	4	accounting	accounting	NOUN
gujaf-381	106	5	and	and	CCONJ
gujaf-381	106	6	finance	finance	NOUN
gujaf-381	106	7	,	,	PUNCT
gujaf-381	106	8	vol.6	vol.6	PROPN
gujaf-381	106	9	,	,	PUNCT
gujaf-381	106	10	issue	issue	NOUN
gujaf-381	106	11	1	1	NUM
gujaf-381	106	12	,	,	PUNCT
gujaf-381	106	13	april	april	PROPN
gujaf-381	106	14	,	,	PUNCT
gujaf-381	106	15	2025	2025	NUM
gujaf-381	106	16	235	235	NUM
gujaf-381	106	17	table	table	NOUN
gujaf-381	106	18	1	1	NUM
gujaf-381	106	19	:	:	PUNCT
gujaf-381	106	20	dynamic	dynamic	ADJ
gujaf-381	106	21	panel	panel	NOUN
gujaf-381	106	22	model	model	NOUN
gujaf-381	106	23	results	result	NOUN
gujaf-381	106	24	(	(	PUNCT
gujaf-381	106	25	arellano	arellano	NOUN
gujaf-381	106	26	-	-	PUNCT
gujaf-381	106	27	bond	bond	NOUN
gujaf-381	106	28	gmm	gmm	NOUN
gujaf-381	106	29	)	)	PUNCT
gujaf-381	106	30	𝑌	𝑌	PROPN
gujaf-381	106	31	,	,	PUNCT
gujaf-381	106	32	=	=	SYM
gujaf-381	106	33	𝛼	𝛼	X
gujaf-381	106	34	+	+	X
gujaf-381	106	35	𝜌𝑌	𝜌𝑌	ADJ
gujaf-381	106	36	,	,	PUNCT
gujaf-381	106	37	+	+	CCONJ
gujaf-381	106	38	𝛽	𝛽	NOUN
gujaf-381	106	39	cf_backed	cf_backe	VERB
gujaf-381	106	40	+	+	NOUN
gujaf-381	106	41	𝛽	𝛽	NOUN
gujaf-381	106	42	networkcentrality	networkcentrality	NOUN
gujaf-381	106	43	+	+	CCONJ
gujaf-381	106	44	𝛄𝐗	𝛄𝐗	NOUN
gujaf-381	106	45	,	,	PUNCT
gujaf-381	106	46	+	+	CCONJ
gujaf-381	106	47	𝜇	𝜇	ADP
gujaf-381	106	48	+	+	X
gujaf-381	106	49	𝜆	𝜆	NOUN
gujaf-381	106	50	+	+	ADP
gujaf-381	106	51	𝜀	𝜀	ADJ
gujaf-381	106	52	,	,	PUNCT
gujaf-381	106	53	variable	variable	ADJ
gujaf-381	106	54	coefficient	coefficient	NOUN
gujaf-381	106	55	std	std	NOUN
gujaf-381	106	56	.	.	PUNCT
gujaf-381	107	1	error	error	NOUN
gujaf-381	107	2	z	z	NOUN
gujaf-381	107	3	-	-	PUNCT
gujaf-381	107	4	statistic	statistic	ADJ
gujaf-381	107	5	p	p	NOUN
gujaf-381	107	6	-	-	PUNCT
gujaf-381	107	7	value	value	NOUN
gujaf-381	107	8	lagged	lag	VERB
gujaf-381	107	9	dependent	dependent	ADJ
gujaf-381	107	10	var	var	NOUN
gujaf-381	107	11	.	.	PUNCT
gujaf-381	108	1	0.421	0.421	NUM
gujaf-381	108	2	0.045	0.045	NUM
gujaf-381	108	3	9.356	9.356	NUM
gujaf-381	108	4	0.000	0.000	NUM
gujaf-381	108	5	*	*	PUNCT
gujaf-381	108	6	*	*	PUNCT
gujaf-381	108	7	*	*	PUNCT
gujaf-381	108	8	cf	cf	NOUN
gujaf-381	108	9	backed	back	VERB
gujaf-381	108	10	0.138	0.138	NUM
gujaf-381	108	11	0.061	0.061	NUM
gujaf-381	108	12	2.262	2.262	NUM
gujaf-381	108	13	0.024	0.024	NUM
gujaf-381	108	14	*	*	PUNCT
gujaf-381	108	15	network	network	NOUN
gujaf-381	108	16	centrality	centrality	NOUN
gujaf-381	108	17	0.096	0.096	NUM
gujaf-381	108	18	0.037	0.037	NUM
gujaf-381	108	19	2.595	2.595	NUM
gujaf-381	108	20	0.009	0.009	NUM
gujaf-381	108	21	*	*	PUNCT
gujaf-381	108	22	*	*	PUNCT
gujaf-381	108	23	token	token	ADJ
gujaf-381	108	24	ownership	ownership	NOUN
gujaf-381	108	25	hhi	hhi	NOUN
gujaf-381	108	26	-0.071	-0.071	PUNCT
gujaf-381	108	27	0.029	0.029	NUM
gujaf-381	108	28	-2.448	-2.448	X
gujaf-381	108	29	0.014	0.014	NUM
gujaf-381	108	30	*	*	PUNCT
gujaf-381	108	31	project	project	NOUN
gujaf-381	108	32	age	age	NOUN
gujaf-381	108	33	(	(	PUNCT
gujaf-381	108	34	months	month	NOUN
gujaf-381	108	35	)	)	PUNCT
gujaf-381	108	36	0.004	0.004	NUM
gujaf-381	108	37	0.001	0.001	NUM
gujaf-381	108	38	3.647	3.647	NUM
gujaf-381	108	39	0.000	0.000	NUM
gujaf-381	108	40	*	*	PUNCT
gujaf-381	108	41	*	*	PUNCT
gujaf-381	108	42	*	*	PUNCT
gujaf-381	108	43	constant	constant	ADJ
gujaf-381	108	44	0.989	0.989	NUM
gujaf-381	108	45	0.173	0.173	NUM
gujaf-381	109	1	5.713	5.713	NUM
gujaf-381	109	2	0.000	0.000	NUM
gujaf-381	109	3	*	*	PUNCT
gujaf-381	109	4	*	*	PUNCT
gujaf-381	109	5	*	*	VERB
gujaf-381	109	6	observations	observation	NOUN
gujaf-381	109	7	1,150	1,150	NUM
gujaf-381	109	8	ar(1	ar(1	NOUN
gujaf-381	109	9	)	)	PUNCT
gujaf-381	109	10	p	p	NOUN
gujaf-381	109	11	-	-	PUNCT
gujaf-381	109	12	value	value	NOUN
gujaf-381	109	13	0.018	0.018	NUM
gujaf-381	109	14	ar(2	ar(2	NOUN
gujaf-381	109	15	)	)	PUNCT
gujaf-381	109	16	p	p	NOUN
gujaf-381	109	17	-	-	PUNCT
gujaf-381	109	18	value	value	NOUN
gujaf-381	109	19	0.432	0.432	NUM
gujaf-381	109	20	hansen	hansen	PROPN
gujaf-381	109	21	test	test	PROPN
gujaf-381	109	22	p	p	NOUN
gujaf-381	109	23	-	-	PUNCT
gujaf-381	109	24	value	value	NOUN
gujaf-381	109	25	0.321	0.321	NUM
gujaf-381	109	26	source	source	NOUN
gujaf-381	109	27	:	:	PUNCT
gujaf-381	109	28	author	author	NOUN
gujaf-381	109	29	(	(	PUNCT
gujaf-381	109	30	2025	2025	NUM
gujaf-381	109	31	)	)	PUNCT
gujaf-381	109	32	.	.	PUNCT
gujaf-381	110	1	table	table	NOUN
gujaf-381	110	2	2	2	NUM
gujaf-381	110	3	:	:	PUNCT
gujaf-381	110	4	nonlinear	nonlinear	ADJ
gujaf-381	110	5	specification	specification	NOUN
gujaf-381	110	6	results	result	VERB
gujaf-381	110	7	𝑌	𝑌	PROPN
gujaf-381	110	8	,	,	PUNCT
gujaf-381	110	9	=	=	SYM
gujaf-381	110	10	𝛼	𝛼	X
gujaf-381	110	11	+	+	NOUN
gujaf-381	110	12	𝛽	𝛽	NOUN
gujaf-381	110	13	cf_backed	cf_backe	VERB
gujaf-381	110	14	+	+	PROPN
gujaf-381	110	15	𝛽	𝛽	NOUN
gujaf-381	110	16	networkcentrality	networkcentrality	NOUN
gujaf-381	110	17	+	+	CCONJ
gujaf-381	110	18	𝛽	𝛽	NOUN
gujaf-381	110	19	networkcentrality	networkcentrality	NOUN
gujaf-381	110	20	+	+	CCONJ
gujaf-381	110	21	𝛄𝐗	𝛄𝐗	NOUN
gujaf-381	110	22	,	,	PUNCT
gujaf-381	110	23	+	+	CCONJ
gujaf-381	110	24	𝜇	𝜇	SCONJ
gujaf-381	110	25	+	+	X
gujaf-381	110	26	𝜆	𝜆	DET
gujaf-381	110	27	+	+	ADJ
gujaf-381	110	28	𝜀	𝜀	ADJ
gujaf-381	110	29	,	,	PUNCT
gujaf-381	110	30	variable	variable	ADJ
gujaf-381	110	31	coefficient	coefficient	NOUN
gujaf-381	110	32	std	std	PROPN
gujaf-381	110	33	.	.	NOUN
gujaf-381	110	34	error	error	NOUN
gujaf-381	110	35	t	t	NOUN
gujaf-381	110	36	-	-	PUNCT
gujaf-381	110	37	statistic	statistic	NOUN
gujaf-381	110	38	p	p	NOUN
gujaf-381	110	39	-	-	PUNCT
gujaf-381	110	40	value	value	NOUN
gujaf-381	110	41	cf	cf	NOUN
gujaf-381	110	42	backed	back	VERB
gujaf-381	110	43	0.203	0.203	NUM
gujaf-381	110	44	0.070	0.070	NUM
gujaf-381	110	45	2.900	2.900	NUM
gujaf-381	110	46	0.004	0.004	NUM
gujaf-381	110	47	*	*	PUNCT
gujaf-381	110	48	*	*	PUNCT
gujaf-381	110	49	network	network	NOUN
gujaf-381	110	50	centrality	centrality	NOUN
gujaf-381	110	51	0.215	0.215	NUM
gujaf-381	110	52	0.091	0.091	NUM
gujaf-381	110	53	2.363	2.363	NUM
gujaf-381	110	54	0.018	0.018	NUM
gujaf-381	110	55	*	*	PUNCT
gujaf-381	110	56	network	network	NOUN
gujaf-381	110	57	centrality	centrality	NOUN
gujaf-381	110	58	squared	square	VERB
gujaf-381	110	59	-0.089	-0.089	PROPN
gujaf-381	110	60	0.041	0.041	NUM
gujaf-381	110	61	-2.171	-2.171	NUM
gujaf-381	110	62	0.031	0.031	NUM
gujaf-381	110	63	*	*	PUNCT
gujaf-381	110	64	token	token	ADJ
gujaf-381	110	65	ownership	ownership	NOUN
gujaf-381	110	66	hhi	hhi	NOUN
gujaf-381	110	67	-0.080	-0.080	NOUN
gujaf-381	110	68	0.030	0.030	NUM
gujaf-381	110	69	-2.667	-2.667	NOUN
gujaf-381	110	70	0.008	0.008	NUM
gujaf-381	110	71	*	*	NOUN
gujaf-381	110	72	*	*	PUNCT
gujaf-381	110	73	project	project	NOUN
gujaf-381	110	74	age	age	NOUN
gujaf-381	110	75	(	(	PUNCT
gujaf-381	110	76	months	month	NOUN
gujaf-381	110	77	)	)	PUNCT
gujaf-381	110	78	0.005	0.005	NUM
gujaf-381	110	79	0.001	0.001	NUM
gujaf-381	110	80	4.310	4.310	NUM
gujaf-381	110	81	0.000	0.000	NUM
gujaf-381	110	82	*	*	PUNCT
gujaf-381	110	83	*	*	PUNCT
gujaf-381	110	84	*	*	PUNCT
gujaf-381	110	85	constant	constant	ADJ
gujaf-381	110	86	1.092	1.092	NUM
gujaf-381	110	87	0.198	0.198	NUM
gujaf-381	110	88	5.515	5.515	NUM
gujaf-381	110	89	0.000	0.000	NUM
gujaf-381	110	90	*	*	PUNCT
gujaf-381	110	91	*	*	PUNCT
gujaf-381	110	92	*	*	VERB
gujaf-381	110	93	observations	observation	NOUN
gujaf-381	110	94	1,200	1,200	NUM
gujaf-381	110	95	r	r	NOUN
gujaf-381	110	96	-	-	PUNCT
gujaf-381	110	97	squared	square	VERB
gujaf-381	110	98	0.498	0.498	NUM
gujaf-381	110	99	source	source	NOUN
gujaf-381	110	100	:	:	PUNCT
gujaf-381	110	101	author	author	NOUN
gujaf-381	110	102	(	(	PUNCT
gujaf-381	110	103	2025	2025	NUM
gujaf-381	110	104	)	)	PUNCT
gujaf-381	110	105	gusau	gusau	ADJ
gujaf-381	110	106	journal	journal	NOUN
gujaf-381	110	107	of	of	ADP
gujaf-381	110	108	accounting	accounting	NOUN
gujaf-381	110	109	and	and	CCONJ
gujaf-381	110	110	finance	finance	NOUN
gujaf-381	110	111	,	,	PUNCT
gujaf-381	110	112	vol.6	vol.6	PROPN
gujaf-381	110	113	,	,	PUNCT
gujaf-381	110	114	issue	issue	NOUN
gujaf-381	110	115	1	1	NUM
gujaf-381	110	116	,	,	PUNCT
gujaf-381	110	117	april	april	PROPN
gujaf-381	110	118	,	,	PUNCT
gujaf-381	110	119	2025	2025	NUM
gujaf-381	110	120	236	236	NUM
gujaf-381	110	121	table	table	NOUN
gujaf-381	110	122	3	3	NUM
gujaf-381	110	123	:	:	PUNCT
gujaf-381	110	124	instrumental	instrumental	ADJ
gujaf-381	110	125	variable	variable	ADJ
gujaf-381	110	126	2sls	2sls	PROPN
gujaf-381	110	127	results	result	VERB
gujaf-381	110	128	1st	1st	ADJ
gujaf-381	110	129	stage	stage	NOUN
gujaf-381	110	130	:	:	PUNCT
gujaf-381	110	131	cf_backed	cf_backe	VERB
gujaf-381	110	132	=	=	NOUN
gujaf-381	111	1	𝜋	𝜋	PRON
gujaf-381	111	2	+	+	X
gujaf-381	111	3	𝜋	𝜋	PRON
gujaf-381	111	4	lagged	lag	VERB
gujaf-381	111	5	cf	cf	NOUN
gujaf-381	111	6	network	network	NOUN
gujaf-381	111	7	size	size	NOUN
gujaf-381	111	8	+	+	CCONJ
gujaf-381	111	9	𝛉𝐙	𝛉𝐙	ADJ
gujaf-381	111	10	+	+	CCONJ
gujaf-381	111	11	𝜈	𝜈	PRON
gujaf-381	111	12	2nd	2nd	ADJ
gujaf-381	111	13	stage	stage	NOUN
gujaf-381	111	14	:	:	PUNCT
gujaf-381	111	15	𝑌	𝑌	PROPN
gujaf-381	111	16	,	,	PUNCT
gujaf-381	111	17	=	=	SYM
gujaf-381	111	18	𝛼	𝛼	X
gujaf-381	111	19	+	+	NOUN
gujaf-381	111	20	𝛽	𝛽	NOUN
gujaf-381	111	21	cf_backed	cf_backe	VERB
gujaf-381	111	22	+	+	PROPN
gujaf-381	111	23	𝛽	𝛽	NOUN
gujaf-381	111	24	networkcentrality	networkcentrality	NOUN
gujaf-381	111	25	+	+	CCONJ
gujaf-381	111	26	𝛄𝐗	𝛄𝐗	NOUN
gujaf-381	111	27	,	,	PUNCT
gujaf-381	111	28	+	+	CCONJ
gujaf-381	111	29	𝜇	𝜇	ADP
gujaf-381	111	30	+	+	X
gujaf-381	111	31	𝜆	𝜆	NOUN
gujaf-381	111	32	+	+	ADP
gujaf-381	111	33	𝜀	𝜀	ADJ
gujaf-381	111	34	,	,	PUNCT
gujaf-381	111	35	variable	variable	ADJ
gujaf-381	111	36	coefficient	coefficient	NOUN
gujaf-381	111	37	std	std	PROPN
gujaf-381	111	38	.	.	NOUN
gujaf-381	111	39	error	error	NOUN
gujaf-381	111	40	t	t	NOUN
gujaf-381	111	41	-	-	PUNCT
gujaf-381	111	42	statistic	statistic	NOUN
gujaf-381	111	43	p	p	NOUN
gujaf-381	111	44	-	-	PUNCT
gujaf-381	111	45	value	value	NOUN
gujaf-381	111	46	cf	cf	NOUN
gujaf-381	111	47	backed	back	VERB
gujaf-381	111	48	(	(	PUNCT
gujaf-381	111	49	predicted	predict	VERB
gujaf-381	111	50	)	)	PUNCT
gujaf-381	111	51	0.244	0.244	NUM
gujaf-381	111	52	0.082	0.082	NUM
gujaf-381	111	53	2.976	2.976	NUM
gujaf-381	111	54	0.003	0.003	NUM
gujaf-381	111	55	*	*	PUNCT
gujaf-381	111	56	*	*	PUNCT
gujaf-381	111	57	network	network	NOUN
gujaf-381	111	58	centrality	centrality	NOUN
gujaf-381	111	59	0.121	0.121	NUM
gujaf-381	111	60	0.054	0.054	NUM
gujaf-381	111	61	2.241	2.241	NUM
gujaf-381	111	62	0.025	0.025	NUM
gujaf-381	111	63	*	*	PUNCT
gujaf-381	111	64	token	token	ADJ
gujaf-381	111	65	ownership	ownership	NOUN
gujaf-381	111	66	hhi	hhi	NOUN
gujaf-381	111	67	-0.086	-0.086	PUNCT
gujaf-381	111	68	0.035	0.035	NUM
gujaf-381	111	69	-2.457	-2.457	NUM
gujaf-381	111	70	0.014	0.014	NUM
gujaf-381	111	71	*	*	PUNCT
gujaf-381	111	72	project	project	NOUN
gujaf-381	111	73	age	age	NOUN
gujaf-381	111	74	(	(	PUNCT
gujaf-381	111	75	months	month	NOUN
gujaf-381	111	76	)	)	PUNCT
gujaf-381	111	77	0.005	0.005	NUM
gujaf-381	111	78	0.001	0.001	NUM
gujaf-381	111	79	4.629	4.629	NUM
gujaf-381	111	80	0.000	0.000	NUM
gujaf-381	111	81	*	*	PUNCT
gujaf-381	112	1	*	*	PUNCT
gujaf-381	112	2	*	*	PUNCT
gujaf-381	112	3	constant	constant	ADJ
gujaf-381	112	4	1.355	1.355	NUM
gujaf-381	112	5	0.214	0.214	NUM
gujaf-381	112	6	6.330	6.330	NUM
gujaf-381	112	7	0.000	0.000	NUM
gujaf-381	112	8	*	*	PUNCT
gujaf-381	112	9	*	*	PUNCT
gujaf-381	112	10	*	*	VERB
gujaf-381	112	11	observations	observation	NOUN
gujaf-381	112	12	1,200	1,200	NUM
gujaf-381	112	13	first	first	ADJ
gujaf-381	112	14	stage	stage	NOUN
gujaf-381	112	15	f	f	NOUN
gujaf-381	112	16	-	-	PUNCT
gujaf-381	112	17	statistic	statistic	ADJ
gujaf-381	112	18	15.78	15.78	NUM
gujaf-381	112	19	*	*	NOUN
gujaf-381	112	20	notes	note	NOUN
gujaf-381	112	21	:	:	PUNCT
gujaf-381	112	22	*	*	PUNCT
gujaf-381	112	23	*	*	PUNCT
gujaf-381	112	24	p	p	X
gujaf-381	112	25	<	<	X
gujaf-381	112	26	0.01	0.01	NUM
gujaf-381	112	27	,	,	PUNCT
gujaf-381	112	28	p	p	X
gujaf-381	112	29	<	<	X
gujaf-381	112	30	0.05	0.05	NUM
gujaf-381	112	31	.	.	PUNCT
gujaf-381	113	1	source	source	NOUN
gujaf-381	113	2	:	:	PUNCT
gujaf-381	113	3	author	author	NOUN
gujaf-381	113	4	(	(	PUNCT
gujaf-381	113	5	2025	2025	NUM
gujaf-381	113	6	)	)	PUNCT
gujaf-381	113	7	diagnostic	diagnostic	ADJ
gujaf-381	113	8	and	and	CCONJ
gujaf-381	113	9	robustness	robustness	VERB
gujaf-381	113	10	the	the	DET
gujaf-381	113	11	arellano	arellano	NOUN
gujaf-381	113	12	-	-	PUNCT
gujaf-381	113	13	bond	bond	NOUN
gujaf-381	113	14	dynamic	dynamic	ADJ
gujaf-381	113	15	panel	panel	NOUN
gujaf-381	113	16	estimator	estimator	NOUN
gujaf-381	113	17	(	(	PUNCT
gujaf-381	113	18	table	table	NOUN
gujaf-381	113	19	1	1	NUM
gujaf-381	113	20	)	)	PUNCT
gujaf-381	113	21	controls	control	NOUN
gujaf-381	113	22	for	for	ADP
gujaf-381	113	23	the	the	DET
gujaf-381	113	24	persistence	persistence	NOUN
gujaf-381	113	25	of	of	ADP
gujaf-381	113	26	token	token	ADJ
gujaf-381	113	27	valuations	valuation	NOUN
gujaf-381	113	28	and	and	CCONJ
gujaf-381	113	29	addresses	address	NOUN
gujaf-381	113	30	potential	potential	ADJ
gujaf-381	113	31	endogeneity	endogeneity	NOUN
gujaf-381	113	32	of	of	ADP
gujaf-381	113	33	lagged	lag	VERB
gujaf-381	113	34	dependent	dependent	ADJ
gujaf-381	113	35	variables	variable	NOUN
gujaf-381	113	36	by	by	ADP
gujaf-381	113	37	using	use	VERB
gujaf-381	113	38	internal	internal	ADJ
gujaf-381	113	39	instruments	instrument	NOUN
gujaf-381	113	40	.	.	PUNCT
gujaf-381	114	1	diagnostic	diagnostic	ADJ
gujaf-381	114	2	tests	test	NOUN
gujaf-381	114	3	confirm	confirm	VERB
gujaf-381	114	4	the	the	DET
gujaf-381	114	5	model	model	NOUN
gujaf-381	114	6	’s	’s	PART
gujaf-381	114	7	validity	validity	NOUN
gujaf-381	114	8	and	and	CCONJ
gujaf-381	114	9	robustness	robustness	NOUN
gujaf-381	114	10	.	.	PUNCT
gujaf-381	115	1	the	the	DET
gujaf-381	115	2	ar(1	ar(1	PROPN
gujaf-381	115	3	)	)	PUNCT
gujaf-381	115	4	test	test	NOUN
gujaf-381	115	5	shows	show	VERB
gujaf-381	115	6	a	a	DET
gujaf-381	115	7	significant	significant	ADJ
gujaf-381	115	8	negative	negative	ADJ
gujaf-381	115	9	first	first	ADJ
gujaf-381	115	10	-	-	PUNCT
gujaf-381	115	11	order	order	NOUN
gujaf-381	115	12	serial	serial	ADJ
gujaf-381	115	13	correlation	correlation	NOUN
gujaf-381	115	14	(	(	PUNCT
gujaf-381	115	15	p	p	NOUN
gujaf-381	115	16	=	=	NOUN
gujaf-381	115	17	0.018	0.018	NUM
gujaf-381	115	18	)	)	PUNCT
gujaf-381	115	19	,	,	PUNCT
gujaf-381	115	20	consistent	consistent	ADJ
gujaf-381	115	21	with	with	ADP
gujaf-381	115	22	model	model	NOUN
gujaf-381	115	23	assumptions	assumption	NOUN
gujaf-381	115	24	,	,	PUNCT
gujaf-381	115	25	while	while	SCONJ
gujaf-381	115	26	the	the	DET
gujaf-381	115	27	ar(2	ar(2	PROPN
gujaf-381	115	28	)	)	PUNCT
gujaf-381	115	29	test	test	NOUN
gujaf-381	115	30	for	for	ADP
gujaf-381	115	31	second	second	ADJ
gujaf-381	115	32	-	-	PUNCT
gujaf-381	115	33	order	order	NOUN
gujaf-381	115	34	serial	serial	ADJ
gujaf-381	115	35	correlation	correlation	NOUN
gujaf-381	115	36	is	be	AUX
gujaf-381	115	37	not	not	PART
gujaf-381	115	38	significant	significant	ADJ
gujaf-381	115	39	(	(	PUNCT
gujaf-381	115	40	p	p	X
gujaf-381	115	41	=	=	NOUN
gujaf-381	115	42	0.432	0.432	NUM
gujaf-381	115	43	)	)	PUNCT
gujaf-381	115	44	,	,	PUNCT
gujaf-381	115	45	indicating	indicate	VERB
gujaf-381	115	46	no	no	DET
gujaf-381	115	47	second	second	ADJ
gujaf-381	115	48	-	-	PUNCT
gujaf-381	115	49	order	order	NOUN
gujaf-381	115	50	autocorrelation	autocorrelation	NOUN
gujaf-381	115	51	in	in	ADP
gujaf-381	115	52	residuals	residual	NOUN
gujaf-381	115	53	.	.	PUNCT
gujaf-381	116	1	moreover	moreover	ADV
gujaf-381	116	2	,	,	PUNCT
gujaf-381	116	3	the	the	DET
gujaf-381	116	4	hansen	hansen	PROPN
gujaf-381	116	5	test	test	NOUN
gujaf-381	116	6	of	of	ADP
gujaf-381	116	7	overidentifying	overidentifying	NOUN
gujaf-381	116	8	restrictions	restriction	NOUN
gujaf-381	116	9	(	(	PUNCT
gujaf-381	116	10	p	p	X
gujaf-381	116	11	=	=	NOUN
gujaf-381	116	12	0.321	0.321	NUM
gujaf-381	116	13	)	)	PUNCT
gujaf-381	116	14	fails	fail	VERB
gujaf-381	116	15	to	to	PART
gujaf-381	116	16	reject	reject	VERB
gujaf-381	116	17	the	the	DET
gujaf-381	116	18	null	null	ADJ
gujaf-381	116	19	hypothesis	hypothesis	NOUN
gujaf-381	116	20	of	of	ADP
gujaf-381	116	21	valid	valid	ADJ
gujaf-381	116	22	instruments	instrument	NOUN
gujaf-381	116	23	,	,	PUNCT
gujaf-381	116	24	confirming	confirm	VERB
gujaf-381	116	25	instrument	instrument	NOUN
gujaf-381	116	26	exogeneity	exogeneity	NOUN
gujaf-381	116	27	.	.	PUNCT
gujaf-381	117	1	these	these	DET
gujaf-381	117	2	diagnostics	diagnostic	NOUN
gujaf-381	117	3	imply	imply	VERB
gujaf-381	117	4	that	that	SCONJ
gujaf-381	117	5	the	the	DET
gujaf-381	117	6	estimated	estimate	VERB
gujaf-381	117	7	coefficients	coefficient	NOUN
gujaf-381	117	8	are	be	AUX
gujaf-381	117	9	consistent	consistent	ADJ
gujaf-381	117	10	and	and	CCONJ
gujaf-381	117	11	unbiased	unbiased	ADJ
gujaf-381	117	12	.	.	PUNCT
gujaf-381	118	1	robustness	robustness	NOUN
gujaf-381	118	2	-	-	PUNCT
gujaf-381	118	3	wise	wise	ADJ
gujaf-381	118	4	,	,	PUNCT
gujaf-381	118	5	the	the	DET
gujaf-381	118	6	positive	positive	ADJ
gujaf-381	118	7	and	and	CCONJ
gujaf-381	118	8	statistically	statistically	ADV
gujaf-381	118	9	significant	significant	ADJ
gujaf-381	118	10	coefficient	coefficient	NOUN
gujaf-381	118	11	on	on	ADP
gujaf-381	118	12	the	the	DET
gujaf-381	118	13	lagged	lag	VERB
gujaf-381	118	14	dependent	dependent	ADJ
gujaf-381	118	15	variable	variable	NOUN
gujaf-381	118	16	(	(	PUNCT
gujaf-381	118	17	ρ	ρ	PROPN
gujaf-381	118	18	=	=	SYM
gujaf-381	118	19	0.421	0.421	NUM
gujaf-381	118	20	,	,	PUNCT
gujaf-381	118	21	p	p	X
gujaf-381	118	22	<	<	X
gujaf-381	118	23	0.01	0.01	NUM
gujaf-381	118	24	)	)	PUNCT
gujaf-381	118	25	highlights	highlight	NOUN
gujaf-381	118	26	persistence	persistence	NOUN
gujaf-381	118	27	in	in	ADP
gujaf-381	118	28	ddp	ddp	PROPN
gujaf-381	118	29	token	token	VERB
gujaf-381	118	30	valuations	valuation	NOUN
gujaf-381	118	31	,	,	PUNCT
gujaf-381	118	32	while	while	SCONJ
gujaf-381	118	33	cf	cf	NOUN
gujaf-381	118	34	backing	backing	NOUN
gujaf-381	118	35	remains	remains	AUX
gujaf-381	118	36	positively	positively	ADV
gujaf-381	118	37	associated	associate	VERB
gujaf-381	118	38	with	with	ADP
gujaf-381	118	39	valuations	valuation	NOUN
gujaf-381	118	40	after	after	ADP
gujaf-381	118	41	controlling	control	VERB
gujaf-381	118	42	for	for	ADP
gujaf-381	118	43	dynamics	dynamic	NOUN
gujaf-381	118	44	(	(	PUNCT
gujaf-381	118	45	β	β	X
gujaf-381	118	46	=	=	SYM
gujaf-381	118	47	0.138	0.138	NUM
gujaf-381	118	48	,	,	PUNCT
gujaf-381	118	49	p	p	NOUN
gujaf-381	118	50	=	=	NOUN
gujaf-381	118	51	0.024	0.024	NUM
gujaf-381	118	52	)	)	PUNCT
gujaf-381	118	53	.	.	PUNCT
gujaf-381	119	1	network	network	NOUN
gujaf-381	119	2	centrality	centrality	NOUN
gujaf-381	119	3	also	also	ADV
gujaf-381	119	4	continues	continue	VERB
gujaf-381	119	5	to	to	PART
gujaf-381	119	6	exert	exert	VERB
gujaf-381	119	7	a	a	DET
gujaf-381	119	8	significant	significant	ADJ
gujaf-381	119	9	positive	positive	ADJ
gujaf-381	119	10	influence	influence	NOUN
gujaf-381	119	11	(	(	PUNCT
gujaf-381	119	12	β	β	X
gujaf-381	119	13	=	=	SYM
gujaf-381	119	14	0.096	0.096	NUM
gujaf-381	119	15	,	,	PUNCT
gujaf-381	119	16	p	p	X
gujaf-381	119	17	=	=	NOUN
gujaf-381	119	18	0.009	0.009	NUM
gujaf-381	119	19	)	)	PUNCT
gujaf-381	119	20	,	,	PUNCT
gujaf-381	119	21	reinforcing	reinforce	VERB
gujaf-381	119	22	the	the	DET
gujaf-381	119	23	importance	importance	NOUN
gujaf-381	119	24	of	of	ADP
gujaf-381	119	25	investor	investor	NOUN
gujaf-381	119	26	network	network	NOUN
gujaf-381	119	27	positions	position	NOUN
gujaf-381	119	28	.	.	PUNCT
gujaf-381	120	1	overall	overall	ADV
gujaf-381	120	2	,	,	PUNCT
gujaf-381	120	3	the	the	DET
gujaf-381	120	4	dynamic	dynamic	ADJ
gujaf-381	120	5	specification	specification	NOUN
gujaf-381	120	6	confirms	confirm	VERB
gujaf-381	120	7	and	and	CCONJ
gujaf-381	120	8	strengthens	strengthen	VERB
gujaf-381	120	9	baseline	baseline	NOUN
gujaf-381	120	10	findings	finding	NOUN
gujaf-381	120	11	by	by	ADP
gujaf-381	120	12	accounting	account	VERB
gujaf-381	120	13	for	for	ADP
gujaf-381	120	14	temporal	temporal	ADJ
gujaf-381	120	15	dependencies	dependency	NOUN
gujaf-381	120	16	and	and	CCONJ
gujaf-381	120	17	potential	potential	ADJ
gujaf-381	120	18	endogeneity	endogeneity	NOUN
gujaf-381	120	19	.	.	PUNCT
gujaf-381	121	1	in	in	ADP
gujaf-381	121	2	the	the	DET
gujaf-381	121	3	nonlinear	nonlinear	ADJ
gujaf-381	121	4	model	model	NOUN
gujaf-381	121	5	(	(	PUNCT
gujaf-381	121	6	table	table	NOUN
gujaf-381	121	7	2	2	NUM
gujaf-381	121	8	)	)	PUNCT
gujaf-381	121	9	,	,	PUNCT
gujaf-381	121	10	the	the	DET
gujaf-381	121	11	inclusion	inclusion	NOUN
gujaf-381	121	12	of	of	ADP
gujaf-381	121	13	a	a	DET
gujaf-381	121	14	quadratic	quadratic	ADJ
gujaf-381	121	15	term	term	NOUN
gujaf-381	121	16	for	for	ADP
gujaf-381	121	17	network	network	NOUN
gujaf-381	121	18	centrality	centrality	NOUN
gujaf-381	121	19	captures	capture	VERB
gujaf-381	121	20	possible	possible	ADJ
gujaf-381	121	21	nonlinear	nonlinear	ADJ
gujaf-381	121	22	effects	effect	NOUN
gujaf-381	121	23	.	.	PUNCT
gujaf-381	122	1	the	the	DET
gujaf-381	122	2	significant	significant	ADJ
gujaf-381	122	3	negative	negative	ADJ
gujaf-381	122	4	coefficient	coefficient	NOUN
gujaf-381	122	5	on	on	ADP
gujaf-381	122	6	the	the	DET
gujaf-381	122	7	squared	squared	ADJ
gujaf-381	122	8	term	term	NOUN
gujaf-381	122	9	(	(	PUNCT
gujaf-381	122	10	β	β	NOUN
gujaf-381	122	11	=	=	PUNCT
gujaf-381	122	12	-0.089	-0.089	PROPN
gujaf-381	122	13	,	,	PUNCT
gujaf-381	122	14	p	p	X
gujaf-381	122	15	=	=	NOUN
gujaf-381	122	16	0.031	0.031	NUM
gujaf-381	122	17	)	)	PUNCT
gujaf-381	122	18	suggests	suggest	VERB
gujaf-381	122	19	diminishing	diminish	VERB
gujaf-381	122	20	marginal	marginal	ADJ
gujaf-381	122	21	returns	return	NOUN
gujaf-381	122	22	to	to	ADP
gujaf-381	122	23	increasing	increase	VERB
gujaf-381	122	24	network	network	NOUN
gujaf-381	122	25	centrality	centrality	NOUN
gujaf-381	122	26	,	,	PUNCT
gujaf-381	122	27	consistent	consistent	ADJ
gujaf-381	122	28	with	with	ADP
gujaf-381	122	29	theoretical	theoretical	ADJ
gujaf-381	122	30	expectations	expectation	NOUN
gujaf-381	122	31	that	that	SCONJ
gujaf-381	122	32	beyond	beyond	ADP
gujaf-381	122	33	a	a	DET
gujaf-381	122	34	certain	certain	ADJ
gujaf-381	122	35	point	point	NOUN
gujaf-381	122	36	,	,	PUNCT
gujaf-381	122	37	the	the	DET
gujaf-381	122	38	benefits	benefit	NOUN
gujaf-381	122	39	of	of	ADP
gujaf-381	122	40	centrality	centrality	NOUN
gujaf-381	122	41	may	may	AUX
gujaf-381	122	42	taper	taper	VERB
gujaf-381	122	43	off	off	ADP
gujaf-381	122	44	or	or	CCONJ
gujaf-381	122	45	even	even	ADV
gujaf-381	122	46	decline	decline	VERB
gujaf-381	122	47	due	due	ADP
gujaf-381	122	48	to	to	ADP
gujaf-381	122	49	overexposure	overexposure	NOUN
gujaf-381	122	50	or	or	CCONJ
gujaf-381	122	51	coordination	coordination	NOUN
gujaf-381	122	52	costs	cost	NOUN
gujaf-381	122	53	.	.	PUNCT
gujaf-381	123	1	the	the	DET
gujaf-381	123	2	overall	overall	ADJ
gujaf-381	123	3	model	model	NOUN
gujaf-381	123	4	fit	fit	NOUN
gujaf-381	123	5	improves	improve	VERB
gujaf-381	123	6	slightly	slightly	ADV
gujaf-381	123	7	relative	relative	ADJ
gujaf-381	123	8	to	to	ADP
gujaf-381	123	9	the	the	DET
gujaf-381	123	10	baseline	baseline	NOUN
gujaf-381	123	11	(	(	PUNCT
gujaf-381	123	12	r²	r²	NOUN
gujaf-381	123	13	=	=	SYM
gujaf-381	123	14	0.498	0.498	NUM
gujaf-381	123	15	)	)	PUNCT
gujaf-381	123	16	.	.	PUNCT
gujaf-381	124	1	no	no	DET
gujaf-381	124	2	multicollinearity	multicollinearity	NOUN
gujaf-381	124	3	issues	issue	NOUN
gujaf-381	124	4	were	be	AUX
gujaf-381	124	5	detected	detect	VERB
gujaf-381	124	6	,	,	PUNCT
gujaf-381	124	7	with	with	ADP
gujaf-381	124	8	variance	variance	NOUN
gujaf-381	124	9	inflation	inflation	NOUN
gujaf-381	124	10	factors	factor	NOUN
gujaf-381	124	11	(	(	PUNCT
gujaf-381	124	12	vif	vif	NOUN
gujaf-381	124	13	)	)	PUNCT
gujaf-381	124	14	all	all	PRON
gujaf-381	124	15	below	below	ADP
gujaf-381	124	16	2.5	2.5	NUM
gujaf-381	124	17	,	,	PUNCT
gujaf-381	124	18	ensuring	ensure	VERB
gujaf-381	124	19	stable	stable	ADJ
gujaf-381	124	20	coefficient	coefficient	NOUN
gujaf-381	124	21	estimates	estimate	NOUN
gujaf-381	124	22	.	.	PUNCT
gujaf-381	125	1	residual	residual	ADJ
gujaf-381	125	2	gusau	gusau	ADJ
gujaf-381	125	3	journal	journal	NOUN
gujaf-381	125	4	of	of	ADP
gujaf-381	125	5	accounting	accounting	NOUN
gujaf-381	125	6	and	and	CCONJ
gujaf-381	125	7	finance	finance	NOUN
gujaf-381	125	8	,	,	PUNCT
gujaf-381	125	9	vol.6	vol.6	PROPN
gujaf-381	125	10	,	,	PUNCT
gujaf-381	125	11	issue	issue	NOUN
gujaf-381	125	12	1	1	NUM
gujaf-381	125	13	,	,	PUNCT
gujaf-381	125	14	april	april	PROPN
gujaf-381	125	15	,	,	PUNCT
gujaf-381	125	16	2025	2025	NUM
gujaf-381	125	17	237	237	NUM
gujaf-381	125	18	diagnostics	diagnostic	NOUN
gujaf-381	125	19	showed	show	VERB
gujaf-381	125	20	no	no	DET
gujaf-381	125	21	evidence	evidence	NOUN
gujaf-381	125	22	of	of	ADP
gujaf-381	125	23	heteroscedasticity	heteroscedasticity	NOUN
gujaf-381	125	24	(	(	PUNCT
gujaf-381	125	25	breusch	breusch	ADJ
gujaf-381	125	26	-	-	PUNCT
gujaf-381	125	27	pagan	pagan	ADJ
gujaf-381	125	28	test	test	NOUN
gujaf-381	125	29	p	p	NOUN
gujaf-381	125	30	=	=	NOUN
gujaf-381	125	31	0.46	0.46	NUM
gujaf-381	125	32	)	)	PUNCT
gujaf-381	125	33	or	or	CCONJ
gujaf-381	125	34	autocorrelation	autocorrelation	NOUN
gujaf-381	125	35	(	(	PUNCT
gujaf-381	125	36	durbin	durbin	NOUN
gujaf-381	125	37	-	-	PUNCT
gujaf-381	125	38	watson	watson	NOUN
gujaf-381	125	39	=	=	NOUN
gujaf-381	125	40	1.97	1.97	NUM
gujaf-381	125	41	)	)	PUNCT
gujaf-381	125	42	.	.	PUNCT
gujaf-381	126	1	these	these	DET
gujaf-381	126	2	results	result	NOUN
gujaf-381	126	3	confirm	confirm	VERB
gujaf-381	126	4	that	that	SCONJ
gujaf-381	126	5	nonlinear	nonlinear	ADJ
gujaf-381	126	6	modeling	modeling	NOUN
gujaf-381	126	7	enhances	enhance	VERB
gujaf-381	126	8	explanatory	explanatory	ADJ
gujaf-381	126	9	power	power	NOUN
gujaf-381	126	10	and	and	CCONJ
gujaf-381	126	11	provides	provide	VERB
gujaf-381	126	12	nuanced	nuanced	ADJ
gujaf-381	126	13	insights	insight	NOUN
gujaf-381	126	14	into	into	ADP
gujaf-381	126	15	network	network	NOUN
gujaf-381	126	16	effects	effect	NOUN
gujaf-381	126	17	on	on	ADP
gujaf-381	126	18	valuation	valuation	NOUN
gujaf-381	126	19	.	.	PUNCT
gujaf-381	127	1	the	the	DET
gujaf-381	127	2	iv	iv	NUM
gujaf-381	127	3	model	model	NOUN
gujaf-381	127	4	(	(	PUNCT
gujaf-381	127	5	table	table	NOUN
gujaf-381	127	6	3	3	NUM
gujaf-381	127	7	)	)	PUNCT
gujaf-381	127	8	addresses	address	NOUN
gujaf-381	127	9	potential	potential	ADJ
gujaf-381	127	10	endogeneity	endogeneity	NOUN
gujaf-381	127	11	of	of	ADP
gujaf-381	127	12	cf	cf	NOUN
gujaf-381	127	13	backing	backing	NOUN
gujaf-381	127	14	,	,	PUNCT
gujaf-381	127	15	which	which	PRON
gujaf-381	127	16	may	may	AUX
gujaf-381	127	17	arise	arise	VERB
gujaf-381	127	18	from	from	ADP
gujaf-381	127	19	reverse	reverse	ADJ
gujaf-381	127	20	causality	causality	NOUN
gujaf-381	127	21	or	or	CCONJ
gujaf-381	127	22	omitted	omit	VERB
gujaf-381	127	23	variables	variable	NOUN
gujaf-381	127	24	correlated	correlate	VERB
gujaf-381	127	25	with	with	ADP
gujaf-381	127	26	both	both	PRON
gujaf-381	127	27	cf	cf	NOUN
gujaf-381	127	28	investment	investment	NOUN
gujaf-381	127	29	and	and	CCONJ
gujaf-381	127	30	ddp	ddp	PROPN
gujaf-381	127	31	valuation	valuation	PROPN
gujaf-381	127	32	.	.	PUNCT
gujaf-381	128	1	the	the	DET
gujaf-381	128	2	first	first	ADJ
gujaf-381	128	3	stage	stage	NOUN
gujaf-381	128	4	shows	show	VERB
gujaf-381	128	5	that	that	SCONJ
gujaf-381	128	6	the	the	DET
gujaf-381	128	7	chosen	choose	VERB
gujaf-381	128	8	instrument	instrument	NOUN
gujaf-381	128	9	lagged	lag	VERB
gujaf-381	128	10	cf	cf	NOUN
gujaf-381	128	11	network	network	NOUN
gujaf-381	128	12	size	size	NOUN
gujaf-381	128	13	is	be	AUX
gujaf-381	128	14	strongly	strongly	ADV
gujaf-381	128	15	correlated	correlate	VERB
gujaf-381	128	16	with	with	ADP
gujaf-381	128	17	cf	cf	NOUN
gujaf-381	128	18	backing	backing	NOUN
gujaf-381	128	19	(	(	PUNCT
gujaf-381	128	20	f	f	NOUN
gujaf-381	128	21	-	-	PUNCT
gujaf-381	128	22	statistic	statistic	NOUN
gujaf-381	128	23	=	=	NOUN
gujaf-381	128	24	15.78	15.78	NUM
gujaf-381	128	25	>	>	SYM
gujaf-381	128	26	10	10	NUM
gujaf-381	128	27	)	)	PUNCT
gujaf-381	128	28	,	,	PUNCT
gujaf-381	128	29	mitigating	mitigate	VERB
gujaf-381	128	30	weak	weak	ADJ
gujaf-381	128	31	instrument	instrument	NOUN
gujaf-381	128	32	concerns	concern	NOUN
gujaf-381	128	33	(	(	PUNCT
gujaf-381	128	34	staiger	staiger	NOUN
gujaf-381	128	35	&	&	CCONJ
gujaf-381	128	36	stock	stock	NOUN
gujaf-381	128	37	,	,	PUNCT
gujaf-381	128	38	1997	1997	NUM
gujaf-381	128	39	)	)	PUNCT
gujaf-381	128	40	.	.	PUNCT
gujaf-381	129	1	in	in	ADP
gujaf-381	129	2	the	the	DET
gujaf-381	129	3	second	second	ADJ
gujaf-381	129	4	stage	stage	NOUN
gujaf-381	129	5	,	,	PUNCT
gujaf-381	129	6	cf	cf	NOUN
gujaf-381	129	7	backing	backing	NOUN
gujaf-381	129	8	remains	remain	VERB
gujaf-381	129	9	significantly	significantly	ADV
gujaf-381	129	10	positive	positive	ADJ
gujaf-381	129	11	(	(	PUNCT
gujaf-381	129	12	β	β	X
gujaf-381	129	13	=	=	SYM
gujaf-381	129	14	0.244	0.244	NUM
gujaf-381	129	15	,	,	PUNCT
gujaf-381	129	16	p	p	X
gujaf-381	129	17	=	=	NOUN
gujaf-381	129	18	0.003	0.003	NUM
gujaf-381	129	19	)	)	PUNCT
gujaf-381	129	20	,	,	PUNCT
gujaf-381	129	21	with	with	SCONJ
gujaf-381	129	22	network	network	NOUN
gujaf-381	129	23	centrality	centrality	NOUN
gujaf-381	129	24	also	also	ADV
gujaf-381	129	25	significant	significant	ADJ
gujaf-381	129	26	(	(	PUNCT
gujaf-381	129	27	β	β	X
gujaf-381	129	28	=	=	SYM
gujaf-381	129	29	0.121	0.121	NUM
gujaf-381	129	30	,	,	PUNCT
gujaf-381	129	31	p	p	X
gujaf-381	129	32	=	=	NOUN
gujaf-381	129	33	0.025	0.025	NUM
gujaf-381	129	34	)	)	PUNCT
gujaf-381	129	35	,	,	PUNCT
gujaf-381	129	36	confirming	confirm	VERB
gujaf-381	129	37	the	the	DET
gujaf-381	129	38	robustness	robustness	NOUN
gujaf-381	129	39	of	of	ADP
gujaf-381	129	40	the	the	DET
gujaf-381	129	41	key	key	ADJ
gujaf-381	129	42	relationships	relationship	NOUN
gujaf-381	129	43	under	under	ADP
gujaf-381	129	44	exogeneity	exogeneity	NOUN
gujaf-381	129	45	correction	correction	NOUN
gujaf-381	129	46	.	.	PUNCT
gujaf-381	130	1	the	the	DET
gujaf-381	130	2	sargan	sargan	PROPN
gujaf-381	130	3	-	-	PUNCT
gujaf-381	130	4	hansen	hansen	PROPN
gujaf-381	130	5	test	test	NOUN
gujaf-381	130	6	(	(	PUNCT
gujaf-381	130	7	p	p	X
gujaf-381	130	8	=	=	NOUN
gujaf-381	130	9	0.274	0.274	NUM
gujaf-381	130	10	)	)	PUNCT
gujaf-381	130	11	supports	support	VERB
gujaf-381	130	12	instrument	instrument	NOUN
gujaf-381	130	13	validity	validity	NOUN
gujaf-381	130	14	,	,	PUNCT
gujaf-381	130	15	while	while	SCONJ
gujaf-381	130	16	the	the	DET
gujaf-381	130	17	durbin	durbin	ADJ
gujaf-381	130	18	-	-	PUNCT
gujaf-381	130	19	wu	wu	PROPN
gujaf-381	130	20	-	-	PUNCT
gujaf-381	130	21	hausman	hausman	PROPN
gujaf-381	130	22	test	test	NOUN
gujaf-381	130	23	rejects	reject	VERB
gujaf-381	130	24	exogeneity	exogeneity	NOUN
gujaf-381	130	25	of	of	ADP
gujaf-381	130	26	cf	cf	NOUN
gujaf-381	130	27	backing	backing	NOUN
gujaf-381	130	28	(	(	PUNCT
gujaf-381	130	29	p	p	X
gujaf-381	130	30	=	=	NOUN
gujaf-381	130	31	0.012	0.012	NUM
gujaf-381	130	32	)	)	PUNCT
gujaf-381	130	33	,	,	PUNCT
gujaf-381	130	34	justifying	justify	VERB
gujaf-381	130	35	the	the	DET
gujaf-381	130	36	iv	iv	NUM
gujaf-381	130	37	approach	approach	NOUN
gujaf-381	130	38	.	.	PUNCT
gujaf-381	131	1	robustness	robustness	NOUN
gujaf-381	131	2	checks	check	NOUN
gujaf-381	131	3	with	with	ADP
gujaf-381	131	4	alternative	alternative	ADJ
gujaf-381	131	5	instruments	instrument	NOUN
gujaf-381	131	6	and	and	CCONJ
gujaf-381	131	7	different	different	ADJ
gujaf-381	131	8	subsets	subset	NOUN
gujaf-381	131	9	of	of	ADP
gujaf-381	131	10	data	datum	NOUN
gujaf-381	131	11	yield	yield	VERB
gujaf-381	131	12	qualitatively	qualitatively	ADV
gujaf-381	131	13	consistent	consistent	ADJ
gujaf-381	131	14	results	result	NOUN
gujaf-381	131	15	,	,	PUNCT
gujaf-381	131	16	strengthening	strengthen	VERB
gujaf-381	131	17	confidence	confidence	NOUN
gujaf-381	131	18	in	in	ADP
gujaf-381	131	19	causal	causal	ADJ
gujaf-381	131	20	interpretation	interpretation	NOUN
gujaf-381	131	21	.	.	PUNCT
gujaf-381	132	1	these	these	DET
gujaf-381	132	2	findings	finding	NOUN
gujaf-381	132	3	suggest	suggest	VERB
gujaf-381	132	4	that	that	SCONJ
gujaf-381	132	5	cf	cf	NOUN
gujaf-381	132	6	backing	backing	NOUN
gujaf-381	132	7	causally	causally	ADV
gujaf-381	132	8	contributes	contribute	VERB
gujaf-381	132	9	to	to	ADP
gujaf-381	132	10	higher	high	ADJ
gujaf-381	132	11	ddp	ddp	NOUN
gujaf-381	132	12	valuations	valuation	NOUN
gujaf-381	132	13	,	,	PUNCT
gujaf-381	132	14	highlighting	highlight	VERB
gujaf-381	132	15	the	the	DET
gujaf-381	132	16	critical	critical	ADJ
gujaf-381	132	17	role	role	NOUN
gujaf-381	132	18	of	of	ADP
gujaf-381	132	19	crypto	crypto	ADJ
gujaf-381	132	20	funds	fund	NOUN
gujaf-381	132	21	in	in	ADP
gujaf-381	132	22	mitigating	mitigate	VERB
gujaf-381	132	23	coordination	coordination	NOUN
gujaf-381	132	24	frictions	friction	NOUN
gujaf-381	132	25	.	.	PUNCT
gujaf-381	133	1	policy	policy	NOUN
gujaf-381	133	2	implications	implication	NOUN
gujaf-381	133	3	the	the	DET
gujaf-381	133	4	findings	finding	NOUN
gujaf-381	133	5	of	of	ADP
gujaf-381	133	6	this	this	DET
gujaf-381	133	7	study	study	NOUN
gujaf-381	133	8	have	have	VERB
gujaf-381	133	9	important	important	ADJ
gujaf-381	133	10	implications	implication	NOUN
gujaf-381	133	11	for	for	ADP
gujaf-381	133	12	both	both	DET
gujaf-381	133	13	project	project	NOUN
gujaf-381	133	14	developers	developer	NOUN
gujaf-381	133	15	and	and	CCONJ
gujaf-381	133	16	investors	investor	NOUN
gujaf-381	133	17	operating	operate	VERB
gujaf-381	133	18	within	within	ADP
gujaf-381	133	19	blockchain	blockchain	PROPN
gujaf-381	133	20	ecosystems	ecosystem	NOUN
gujaf-381	133	21	.	.	PUNCT
gujaf-381	134	1	first	first	ADV
gujaf-381	134	2	,	,	PUNCT
gujaf-381	134	3	the	the	DET
gujaf-381	134	4	positive	positive	ADJ
gujaf-381	134	5	and	and	CCONJ
gujaf-381	134	6	persistent	persistent	ADJ
gujaf-381	134	7	effect	effect	NOUN
gujaf-381	134	8	of	of	ADP
gujaf-381	134	9	crowdfunding	crowdfunde	VERB
gujaf-381	134	10	backing	back	VERB
gujaf-381	134	11	on	on	ADP
gujaf-381	134	12	token	token	ADJ
gujaf-381	134	13	valuation	valuation	NOUN
gujaf-381	134	14	underscores	underscore	VERB
gujaf-381	134	15	the	the	DET
gujaf-381	134	16	critical	critical	ADJ
gujaf-381	134	17	role	role	NOUN
gujaf-381	134	18	of	of	ADP
gujaf-381	134	19	early	early	ADJ
gujaf-381	134	20	-	-	PUNCT
gujaf-381	134	21	stage	stage	NOUN
gujaf-381	134	22	investor	investor	NOUN
gujaf-381	134	23	support	support	NOUN
gujaf-381	134	24	as	as	ADP
gujaf-381	134	25	a	a	DET
gujaf-381	134	26	signaling	signal	VERB
gujaf-381	134	27	mechanism	mechanism	NOUN
gujaf-381	134	28	.	.	PUNCT
gujaf-381	135	1	practitioners	practitioner	NOUN
gujaf-381	135	2	should	should	AUX
gujaf-381	135	3	therefore	therefore	ADV
gujaf-381	135	4	prioritize	prioritize	VERB
gujaf-381	135	5	transparent	transparent	ADJ
gujaf-381	135	6	and	and	CCONJ
gujaf-381	135	7	credible	credible	ADJ
gujaf-381	135	8	crowdfunding	crowdfunding	NOUN
gujaf-381	135	9	campaigns	campaign	NOUN
gujaf-381	135	10	,	,	PUNCT
gujaf-381	135	11	leveraging	leverage	VERB
gujaf-381	135	12	them	they	PRON
gujaf-381	135	13	not	not	PART
gujaf-381	135	14	only	only	ADV
gujaf-381	135	15	for	for	ADP
gujaf-381	135	16	capital	capital	NOUN
gujaf-381	135	17	raising	raising	NOUN
gujaf-381	135	18	but	but	CCONJ
gujaf-381	135	19	also	also	ADV
gujaf-381	135	20	as	as	ADP
gujaf-381	135	21	a	a	DET
gujaf-381	135	22	tool	tool	NOUN
gujaf-381	135	23	to	to	PART
gujaf-381	135	24	build	build	VERB
gujaf-381	135	25	trust	trust	NOUN
gujaf-381	135	26	and	and	CCONJ
gujaf-381	135	27	legitimacy	legitimacy	NOUN
gujaf-381	135	28	in	in	ADP
gujaf-381	135	29	competitive	competitive	ADJ
gujaf-381	135	30	markets	market	NOUN
gujaf-381	135	31	.	.	PUNCT
gujaf-381	136	1	project	project	NOUN
gujaf-381	136	2	teams	team	NOUN
gujaf-381	136	3	could	could	AUX
gujaf-381	136	4	enhance	enhance	VERB
gujaf-381	136	5	their	their	PRON
gujaf-381	136	6	crowdfunding	crowdfunding	NOUN
gujaf-381	136	7	strategies	strategy	NOUN
gujaf-381	136	8	by	by	ADP
gujaf-381	136	9	engaging	engage	VERB
gujaf-381	136	10	broader	broad	ADJ
gujaf-381	136	11	investor	investor	NOUN
gujaf-381	136	12	networks	network	NOUN
gujaf-381	136	13	,	,	PUNCT
gujaf-381	136	14	improving	improve	VERB
gujaf-381	136	15	project	project	NOUN
gujaf-381	136	16	disclosures	disclosure	NOUN
gujaf-381	136	17	,	,	PUNCT
gujaf-381	136	18	and	and	CCONJ
gujaf-381	136	19	emphasizing	emphasize	VERB
gujaf-381	136	20	community	community	NOUN
gujaf-381	136	21	involvement	involvement	NOUN
gujaf-381	136	22	to	to	PART
gujaf-381	136	23	maximize	maximize	VERB
gujaf-381	136	24	valuation	valuation	NOUN
gujaf-381	136	25	benefits	benefit	NOUN
gujaf-381	136	26	.	.	PUNCT
gujaf-381	137	1	second	second	ADJ
gujaf-381	137	2	,	,	PUNCT
gujaf-381	137	3	network	network	NOUN
gujaf-381	137	4	centrality	centrality	NOUN
gujaf-381	137	5	’s	’s	PART
gujaf-381	137	6	positive	positive	ADJ
gujaf-381	137	7	but	but	CCONJ
gujaf-381	137	8	nonlinear	nonlinear	ADJ
gujaf-381	137	9	influence	influence	NOUN
gujaf-381	137	10	on	on	ADP
gujaf-381	137	11	token	token	ADJ
gujaf-381	137	12	valuation	valuation	NOUN
gujaf-381	137	13	highlights	highlight	NOUN
gujaf-381	137	14	the	the	DET
gujaf-381	137	15	need	need	NOUN
gujaf-381	137	16	for	for	ADP
gujaf-381	137	17	project	project	NOUN
gujaf-381	137	18	developers	developer	NOUN
gujaf-381	137	19	to	to	PART
gujaf-381	137	20	strategically	strategically	ADV
gujaf-381	137	21	foster	foster	VERB
gujaf-381	137	22	meaningful	meaningful	ADJ
gujaf-381	137	23	connections	connection	NOUN
gujaf-381	137	24	within	within	ADP
gujaf-381	137	25	the	the	DET
gujaf-381	137	26	blockchain	blockchain	PROPN
gujaf-381	137	27	ecosystem	ecosystem	PROPN
gujaf-381	137	28	.	.	PUNCT
gujaf-381	138	1	building	build	VERB
gujaf-381	138	2	a	a	DET
gujaf-381	138	3	well	well	ADV
gujaf-381	138	4	-	-	PUNCT
gujaf-381	138	5	integrated	integrate	VERB
gujaf-381	138	6	and	and	CCONJ
gujaf-381	138	7	engaged	engaged	ADJ
gujaf-381	138	8	network	network	NOUN
gujaf-381	138	9	can	can	AUX
gujaf-381	138	10	generate	generate	VERB
gujaf-381	138	11	significant	significant	ADJ
gujaf-381	138	12	value	value	NOUN
gujaf-381	138	13	through	through	ADP
gujaf-381	138	14	enhanced	enhance	VERB
gujaf-381	138	15	liquidity	liquidity	NOUN
gujaf-381	138	16	and	and	CCONJ
gujaf-381	138	17	network	network	NOUN
gujaf-381	138	18	externalities	externality	NOUN
gujaf-381	138	19	.	.	PUNCT
gujaf-381	139	1	however	however	ADV
gujaf-381	139	2	,	,	PUNCT
gujaf-381	139	3	the	the	DET
gujaf-381	139	4	diminishing	diminish	VERB
gujaf-381	139	5	marginal	marginal	ADJ
gujaf-381	139	6	returns	return	NOUN
gujaf-381	139	7	observed	observe	VERB
gujaf-381	139	8	at	at	ADP
gujaf-381	139	9	higher	high	ADJ
gujaf-381	139	10	levels	level	NOUN
gujaf-381	139	11	of	of	ADP
gujaf-381	139	12	centrality	centrality	NOUN
gujaf-381	139	13	caution	caution	NOUN
gujaf-381	139	14	against	against	ADP
gujaf-381	139	15	over	over	ADP
gujaf-381	139	16	-	-	PUNCT
gujaf-381	139	17	concentration	concentration	NOUN
gujaf-381	139	18	of	of	ADP
gujaf-381	139	19	influence	influence	NOUN
gujaf-381	139	20	or	or	CCONJ
gujaf-381	139	21	overreliance	overreliance	NOUN
gujaf-381	139	22	on	on	ADP
gujaf-381	139	23	a	a	DET
gujaf-381	139	24	narrow	narrow	ADJ
gujaf-381	139	25	set	set	NOUN
gujaf-381	139	26	of	of	ADP
gujaf-381	139	27	connections	connection	NOUN
gujaf-381	139	28	.	.	PUNCT
gujaf-381	140	1	diversification	diversification	NOUN
gujaf-381	140	2	in	in	ADP
gujaf-381	140	3	network	network	NOUN
gujaf-381	140	4	ties	tie	NOUN
gujaf-381	140	5	and	and	CCONJ
gujaf-381	140	6	active	active	ADJ
gujaf-381	140	7	engagement	engagement	NOUN
gujaf-381	140	8	with	with	ADP
gujaf-381	140	9	multiple	multiple	ADJ
gujaf-381	140	10	stakeholder	stakeholder	NOUN
gujaf-381	140	11	groups	group	NOUN
gujaf-381	140	12	developers	developer	NOUN
gujaf-381	140	13	,	,	PUNCT
gujaf-381	140	14	users	user	NOUN
gujaf-381	140	15	,	,	PUNCT
gujaf-381	140	16	investors	investor	NOUN
gujaf-381	140	17	may	may	AUX
gujaf-381	140	18	optimize	optimize	VERB
gujaf-381	140	19	token	token	VERB
gujaf-381	140	20	performance	performance	NOUN
gujaf-381	140	21	.	.	PUNCT
gujaf-381	141	1	third	third	ADJ
gujaf-381	141	2	,	,	PUNCT
gujaf-381	141	3	the	the	DET
gujaf-381	141	4	negative	negative	ADJ
gujaf-381	141	5	association	association	NOUN
gujaf-381	141	6	between	between	ADP
gujaf-381	141	7	token	token	ADJ
gujaf-381	141	8	ownership	ownership	NOUN
gujaf-381	141	9	concentration	concentration	NOUN
gujaf-381	141	10	and	and	CCONJ
gujaf-381	141	11	valuation	valuation	NOUN
gujaf-381	141	12	suggests	suggest	VERB
gujaf-381	141	13	that	that	SCONJ
gujaf-381	141	14	projects	project	NOUN
gujaf-381	141	15	should	should	AUX
gujaf-381	141	16	carefully	carefully	ADV
gujaf-381	141	17	consider	consider	VERB
gujaf-381	141	18	their	their	PRON
gujaf-381	141	19	token	token	ADJ
gujaf-381	141	20	distribution	distribution	NOUN
gujaf-381	141	21	strategies	strategy	NOUN
gujaf-381	141	22	.	.	PUNCT
gujaf-381	142	1	high	high	ADJ
gujaf-381	142	2	concentration	concentration	NOUN
gujaf-381	142	3	of	of	ADP
gujaf-381	142	4	token	token	ADJ
gujaf-381	142	5	ownership	ownership	NOUN
gujaf-381	142	6	can	can	AUX
gujaf-381	142	7	raise	raise	VERB
gujaf-381	142	8	liquidity	liquidity	NOUN
gujaf-381	142	9	risks	risk	NOUN
gujaf-381	142	10	and	and	CCONJ
gujaf-381	142	11	investor	investor	NOUN
gujaf-381	142	12	concerns	concern	NOUN
gujaf-381	142	13	about	about	ADP
gujaf-381	142	14	manipulation	manipulation	NOUN
gujaf-381	142	15	or	or	CCONJ
gujaf-381	142	16	governance	governance	NOUN
gujaf-381	142	17	control	control	NOUN
gujaf-381	142	18	,	,	PUNCT
gujaf-381	142	19	potentially	potentially	ADV
gujaf-381	142	20	suppressing	suppress	VERB
gujaf-381	142	21	price	price	NOUN
gujaf-381	142	22	growth	growth	NOUN
gujaf-381	142	23	.	.	PUNCT
gujaf-381	143	1	best	good	ADJ
gujaf-381	143	2	practices	practice	NOUN
gujaf-381	143	3	for	for	ADP
gujaf-381	143	4	tokenomics	tokenomic	NOUN
gujaf-381	143	5	should	should	AUX
gujaf-381	143	6	include	include	VERB
gujaf-381	143	7	mechanisms	mechanism	NOUN
gujaf-381	143	8	to	to	PART
gujaf-381	143	9	promote	promote	VERB
gujaf-381	143	10	broad	broad	ADJ
gujaf-381	143	11	and	and	CCONJ
gujaf-381	143	12	decentralized	decentralize	VERB
gujaf-381	143	13	token	token	ADJ
gujaf-381	143	14	ownership	ownership	NOUN
gujaf-381	143	15	,	,	PUNCT
gujaf-381	143	16	such	such	ADJ
gujaf-381	143	17	as	as	ADP
gujaf-381	143	18	incentivized	incentivize	VERB
gujaf-381	143	19	distribution	distribution	NOUN
gujaf-381	143	20	,	,	PUNCT
gujaf-381	143	21	staking	stake	VERB
gujaf-381	143	22	rewards	reward	NOUN
gujaf-381	143	23	for	for	ADP
gujaf-381	143	24	retail	retail	ADJ
gujaf-381	143	25	investors	investor	NOUN
gujaf-381	143	26	,	,	PUNCT
gujaf-381	143	27	or	or	CCONJ
gujaf-381	143	28	governance	governance	NOUN
gujaf-381	143	29	models	model	NOUN
gujaf-381	143	30	that	that	PRON
gujaf-381	143	31	encourage	encourage	VERB
gujaf-381	143	32	participatory	participatory	ADJ
gujaf-381	143	33	decision	decision	NOUN
gujaf-381	143	34	-	-	PUNCT
gujaf-381	143	35	making	making	NOUN
gujaf-381	143	36	.	.	PUNCT
gujaf-381	144	1	investors	investor	NOUN
gujaf-381	144	2	should	should	AUX
gujaf-381	144	3	also	also	ADV
gujaf-381	144	4	exercise	exercise	VERB
gujaf-381	144	5	caution	caution	NOUN
gujaf-381	144	6	when	when	SCONJ
gujaf-381	144	7	evaluating	evaluate	VERB
gujaf-381	144	8	projects	project	NOUN
gujaf-381	144	9	with	with	ADP
gujaf-381	144	10	highly	highly	ADV
gujaf-381	144	11	concentrated	concentrated	ADJ
gujaf-381	144	12	ownership	ownership	NOUN
gujaf-381	144	13	structures	structure	NOUN
gujaf-381	144	14	.	.	PUNCT
gujaf-381	145	1	lastly	lastly	ADV
gujaf-381	145	2	,	,	PUNCT
gujaf-381	145	3	the	the	DET
gujaf-381	145	4	consistent	consistent	ADJ
gujaf-381	145	5	positive	positive	ADJ
gujaf-381	145	6	effect	effect	NOUN
gujaf-381	145	7	of	of	ADP
gujaf-381	145	8	project	project	NOUN
gujaf-381	145	9	age	age	NOUN
gujaf-381	145	10	on	on	ADP
gujaf-381	145	11	valuation	valuation	NOUN
gujaf-381	145	12	suggests	suggest	VERB
gujaf-381	145	13	that	that	SCONJ
gujaf-381	145	14	longevity	longevity	NOUN
gujaf-381	145	15	and	and	CCONJ
gujaf-381	145	16	sustained	sustained	ADJ
gujaf-381	145	17	project	project	NOUN
gujaf-381	145	18	development	development	NOUN
gujaf-381	145	19	remain	remain	VERB
gujaf-381	145	20	valuable	valuable	ADJ
gujaf-381	145	21	signals	signal	NOUN
gujaf-381	145	22	of	of	ADP
gujaf-381	145	23	quality	quality	NOUN
gujaf-381	145	24	and	and	CCONJ
gujaf-381	145	25	stability	stability	NOUN
gujaf-381	145	26	.	.	PUNCT
gujaf-381	146	1	investors	investor	NOUN
gujaf-381	146	2	might	might	AUX
gujaf-381	146	3	prioritize	prioritize	VERB
gujaf-381	146	4	tokens	token	NOUN
gujaf-381	146	5	associated	associate	VERB
gujaf-381	146	6	with	with	ADP
gujaf-381	146	7	mature	mature	ADJ
gujaf-381	146	8	projects	project	NOUN
gujaf-381	146	9	demonstrating	demonstrate	VERB
gujaf-381	146	10	continuous	continuous	ADJ
gujaf-381	146	11	innovation	innovation	NOUN
gujaf-381	146	12	,	,	PUNCT
gujaf-381	146	13	gusau	gusau	ADJ
gujaf-381	146	14	journal	journal	NOUN
gujaf-381	146	15	of	of	ADP
gujaf-381	146	16	accounting	accounting	NOUN
gujaf-381	146	17	and	and	CCONJ
gujaf-381	146	18	finance	finance	NOUN
gujaf-381	146	19	,	,	PUNCT
gujaf-381	146	20	vol.6	vol.6	PROPN
gujaf-381	146	21	,	,	PUNCT
gujaf-381	146	22	issue	issue	NOUN
gujaf-381	146	23	1	1	NUM
gujaf-381	146	24	,	,	PUNCT
gujaf-381	146	25	april	april	PROPN
gujaf-381	146	26	,	,	PUNCT
gujaf-381	146	27	2025	2025	NUM
gujaf-381	146	28	238	238	NUM
gujaf-381	146	29	transparent	transparent	ADJ
gujaf-381	146	30	governance	governance	NOUN
gujaf-381	146	31	,	,	PUNCT
gujaf-381	146	32	and	and	CCONJ
gujaf-381	146	33	a	a	DET
gujaf-381	146	34	proven	prove	VERB
gujaf-381	146	35	track	track	NOUN
gujaf-381	146	36	record	record	NOUN
gujaf-381	146	37	,	,	PUNCT
gujaf-381	146	38	while	while	SCONJ
gujaf-381	146	39	developers	developer	NOUN
gujaf-381	146	40	should	should	AUX
gujaf-381	146	41	focus	focus	VERB
gujaf-381	146	42	on	on	ADP
gujaf-381	146	43	long	long	ADJ
gujaf-381	146	44	-	-	PUNCT
gujaf-381	146	45	term	term	NOUN
gujaf-381	146	46	ecosystem	ecosystem	NOUN
gujaf-381	146	47	growth	growth	NOUN
gujaf-381	146	48	rather	rather	ADV
gujaf-381	146	49	than	than	ADP
gujaf-381	146	50	short	short	ADJ
gujaf-381	146	51	-	-	PUNCT
gujaf-381	146	52	term	term	NOUN
gujaf-381	146	53	gains	gain	NOUN
gujaf-381	146	54	.	.	PUNCT
gujaf-381	147	1	5.0	5.0	NUM
gujaf-381	147	2	conclusions	conclusion	NOUN
gujaf-381	147	3	this	this	DET
gujaf-381	147	4	study	study	NOUN
gujaf-381	147	5	contributes	contribute	VERB
gujaf-381	147	6	to	to	ADP
gujaf-381	147	7	the	the	DET
gujaf-381	147	8	growing	grow	VERB
gujaf-381	147	9	body	body	NOUN
gujaf-381	147	10	of	of	ADP
gujaf-381	147	11	empirical	empirical	ADJ
gujaf-381	147	12	research	research	NOUN
gujaf-381	147	13	on	on	ADP
gujaf-381	147	14	blockchain	blockchain	PROPN
gujaf-381	147	15	token	token	PROPN
gujaf-381	147	16	valuation	valuation	NOUN
gujaf-381	147	17	by	by	ADP
gujaf-381	147	18	examining	examine	VERB
gujaf-381	147	19	how	how	SCONJ
gujaf-381	147	20	crowdfunding	crowdfunding	NOUN
gujaf-381	147	21	support	support	NOUN
gujaf-381	147	22	and	and	CCONJ
gujaf-381	147	23	network	network	NOUN
gujaf-381	147	24	centrality	centrality	NOUN
gujaf-381	147	25	influence	influence	NOUN
gujaf-381	147	26	token	token	VERB
gujaf-381	147	27	performance	performance	NOUN
gujaf-381	147	28	over	over	ADP
gujaf-381	147	29	time	time	NOUN
gujaf-381	147	30	.	.	PUNCT
gujaf-381	148	1	using	use	VERB
gujaf-381	148	2	a	a	DET
gujaf-381	148	3	dynamic	dynamic	ADJ
gujaf-381	148	4	panel	panel	NOUN
gujaf-381	148	5	data	datum	NOUN
gujaf-381	148	6	approach	approach	NOUN
gujaf-381	148	7	with	with	ADP
gujaf-381	148	8	the	the	DET
gujaf-381	148	9	arellano	arellano	PROPN
gujaf-381	148	10	-	-	PUNCT
gujaf-381	148	11	bond	bond	NOUN
gujaf-381	148	12	gmm	gmm	PROPN
gujaf-381	148	13	estimator	estimator	NOUN
gujaf-381	148	14	,	,	PUNCT
gujaf-381	148	15	the	the	DET
gujaf-381	148	16	analysis	analysis	NOUN
gujaf-381	148	17	confirms	confirm	VERB
gujaf-381	148	18	that	that	SCONJ
gujaf-381	148	19	token	token	ADJ
gujaf-381	148	20	valuation	valuation	NOUN
gujaf-381	148	21	exhibits	exhibit	VERB
gujaf-381	148	22	strong	strong	ADJ
gujaf-381	148	23	persistence	persistence	NOUN
gujaf-381	148	24	and	and	CCONJ
gujaf-381	148	25	is	be	AUX
gujaf-381	148	26	significantly	significantly	ADV
gujaf-381	148	27	shaped	shape	VERB
gujaf-381	148	28	by	by	ADP
gujaf-381	148	29	both	both	DET
gujaf-381	148	30	structural	structural	ADJ
gujaf-381	148	31	and	and	CCONJ
gujaf-381	148	32	temporal	temporal	ADJ
gujaf-381	148	33	factors	factor	NOUN
gujaf-381	148	34	.	.	PUNCT
gujaf-381	149	1	crowdfunding	crowdfunde	VERB
gujaf-381	149	2	backing	backing	NOUN
gujaf-381	149	3	emerges	emerge	VERB
gujaf-381	149	4	as	as	ADP
gujaf-381	149	5	a	a	DET
gujaf-381	149	6	consistent	consistent	ADJ
gujaf-381	149	7	and	and	CCONJ
gujaf-381	149	8	robust	robust	ADJ
gujaf-381	149	9	driver	driver	NOUN
gujaf-381	149	10	of	of	ADP
gujaf-381	149	11	token	token	ADJ
gujaf-381	149	12	value	value	NOUN
gujaf-381	149	13	,	,	PUNCT
gujaf-381	149	14	even	even	ADV
gujaf-381	149	15	after	after	ADP
gujaf-381	149	16	controlling	control	VERB
gujaf-381	149	17	for	for	ADP
gujaf-381	149	18	endogeneity	endogeneity	NOUN
gujaf-381	149	19	,	,	PUNCT
gujaf-381	149	20	highlighting	highlight	VERB
gujaf-381	149	21	its	its	PRON
gujaf-381	149	22	dual	dual	ADJ
gujaf-381	149	23	role	role	NOUN
gujaf-381	149	24	in	in	ADP
gujaf-381	149	25	financing	financing	NOUN
gujaf-381	149	26	and	and	CCONJ
gujaf-381	149	27	signaling	signal	VERB
gujaf-381	149	28	project	project	NOUN
gujaf-381	149	29	credibility	credibility	NOUN
gujaf-381	149	30	.	.	PUNCT
gujaf-381	150	1	network	network	NOUN
gujaf-381	150	2	centrality	centrality	NOUN
gujaf-381	150	3	also	also	ADV
gujaf-381	150	4	positively	positively	ADV
gujaf-381	150	5	affects	affect	VERB
gujaf-381	150	6	valuation	valuation	NOUN
gujaf-381	150	7	,	,	PUNCT
gujaf-381	150	8	though	though	SCONJ
gujaf-381	150	9	nonlinear	nonlinear	ADJ
gujaf-381	150	10	effects	effect	NOUN
gujaf-381	150	11	suggest	suggest	AUX
gujaf-381	150	12	diminishing	diminish	VERB
gujaf-381	150	13	marginal	marginal	ADJ
gujaf-381	150	14	returns	return	NOUN
gujaf-381	150	15	at	at	ADP
gujaf-381	150	16	higher	high	ADJ
gujaf-381	150	17	levels	level	NOUN
gujaf-381	150	18	of	of	ADP
gujaf-381	150	19	central	central	ADJ
gujaf-381	150	20	integration	integration	NOUN
gujaf-381	150	21	.	.	PUNCT
gujaf-381	151	1	the	the	DET
gujaf-381	151	2	findings	finding	NOUN
gujaf-381	151	3	further	far	ADV
gujaf-381	151	4	reveal	reveal	VERB
gujaf-381	151	5	that	that	SCONJ
gujaf-381	151	6	token	token	ADJ
gujaf-381	151	7	ownership	ownership	NOUN
gujaf-381	151	8	concentration	concentration	NOUN
gujaf-381	151	9	negatively	negatively	ADV
gujaf-381	151	10	impacts	impact	VERB
gujaf-381	151	11	valuation	valuation	NOUN
gujaf-381	151	12	,	,	PUNCT
gujaf-381	151	13	reinforcing	reinforce	VERB
gujaf-381	151	14	the	the	DET
gujaf-381	151	15	importance	importance	NOUN
gujaf-381	151	16	of	of	ADP
gujaf-381	151	17	decentralized	decentralized	ADJ
gujaf-381	151	18	ownership	ownership	NOUN
gujaf-381	151	19	structures	structure	NOUN
gujaf-381	151	20	in	in	ADP
gujaf-381	151	21	maintaining	maintain	VERB
gujaf-381	151	22	market	market	NOUN
gujaf-381	151	23	confidence	confidence	NOUN
gujaf-381	151	24	and	and	CCONJ
gujaf-381	151	25	liquidity	liquidity	NOUN
gujaf-381	151	26	.	.	PUNCT
gujaf-381	152	1	moreover	moreover	ADV
gujaf-381	152	2	,	,	PUNCT
gujaf-381	152	3	project	project	NOUN
gujaf-381	152	4	age	age	NOUN
gujaf-381	152	5	is	be	AUX
gujaf-381	152	6	positively	positively	ADV
gujaf-381	152	7	associated	associate	VERB
gujaf-381	152	8	with	with	ADP
gujaf-381	152	9	valuation	valuation	NOUN
gujaf-381	152	10	,	,	PUNCT
gujaf-381	152	11	suggesting	suggest	VERB
gujaf-381	152	12	that	that	SCONJ
gujaf-381	152	13	longevity	longevity	NOUN
gujaf-381	152	14	and	and	CCONJ
gujaf-381	152	15	sustained	sustained	ADJ
gujaf-381	152	16	development	development	NOUN
gujaf-381	152	17	are	be	AUX
gujaf-381	152	18	critical	critical	ADJ
gujaf-381	152	19	factors	factor	NOUN
gujaf-381	152	20	for	for	ADP
gujaf-381	152	21	success	success	NOUN
gujaf-381	152	22	in	in	ADP
gujaf-381	152	23	a	a	DET
gujaf-381	152	24	rapidly	rapidly	ADV
gujaf-381	152	25	evolving	evolve	VERB
gujaf-381	152	26	blockchain	blockchain	NOUN
gujaf-381	152	27	landscape	landscape	NOUN
gujaf-381	152	28	.	.	PUNCT
gujaf-381	153	1	these	these	DET
gujaf-381	153	2	results	result	NOUN
gujaf-381	153	3	offer	offer	VERB
gujaf-381	153	4	actionable	actionable	ADJ
gujaf-381	153	5	insights	insight	NOUN
gujaf-381	153	6	for	for	ADP
gujaf-381	153	7	practitioners	practitioner	NOUN
gujaf-381	153	8	,	,	PUNCT
gujaf-381	153	9	particularly	particularly	ADV
gujaf-381	153	10	project	project	NOUN
gujaf-381	153	11	developers	developer	NOUN
gujaf-381	153	12	seeking	seek	VERB
gujaf-381	153	13	to	to	PART
gujaf-381	153	14	enhance	enhance	VERB
gujaf-381	153	15	token	token	ADJ
gujaf-381	153	16	performance	performance	NOUN
gujaf-381	153	17	through	through	ADP
gujaf-381	153	18	strategic	strategic	ADJ
gujaf-381	153	19	crowdfunding	crowdfunding	NOUN
gujaf-381	153	20	,	,	PUNCT
gujaf-381	153	21	network	network	NOUN
gujaf-381	153	22	design	design	NOUN
gujaf-381	153	23	,	,	PUNCT
gujaf-381	153	24	and	and	CCONJ
gujaf-381	153	25	governance	governance	NOUN
gujaf-381	153	26	structures	structure	NOUN
gujaf-381	153	27	.	.	PUNCT
gujaf-381	154	1	for	for	ADP
gujaf-381	154	2	investors	investor	NOUN
gujaf-381	154	3	,	,	PUNCT
gujaf-381	154	4	the	the	DET
gujaf-381	154	5	findings	finding	NOUN
gujaf-381	154	6	provide	provide	VERB
gujaf-381	154	7	empirical	empirical	ADJ
gujaf-381	154	8	guidance	guidance	NOUN
gujaf-381	154	9	on	on	ADP
gujaf-381	154	10	how	how	SCONJ
gujaf-381	154	11	to	to	PART
gujaf-381	154	12	evaluate	evaluate	VERB
gujaf-381	154	13	token	token	ADJ
gujaf-381	154	14	fundamentals	fundamental	NOUN
gujaf-381	154	15	and	and	CCONJ
gujaf-381	154	16	identify	identify	VERB
gujaf-381	154	17	projects	project	NOUN
gujaf-381	154	18	with	with	ADP
gujaf-381	154	19	strong	strong	ADJ
gujaf-381	154	20	long	long	ADJ
gujaf-381	154	21	-	-	PUNCT
gujaf-381	154	22	term	term	NOUN
gujaf-381	154	23	potential	potential	NOUN
gujaf-381	154	24	.	.	PUNCT
gujaf-381	155	1	from	from	ADP
gujaf-381	155	2	a	a	DET
gujaf-381	155	3	regulatory	regulatory	ADJ
gujaf-381	155	4	and	and	CCONJ
gujaf-381	155	5	policy	policy	NOUN
gujaf-381	155	6	perspective	perspective	NOUN
gujaf-381	155	7	,	,	PUNCT
gujaf-381	155	8	these	these	DET
gujaf-381	155	9	results	result	NOUN
gujaf-381	155	10	advocate	advocate	VERB
gujaf-381	155	11	for	for	ADP
gujaf-381	155	12	targeted	target	VERB
gujaf-381	155	13	interventions	intervention	NOUN
gujaf-381	155	14	that	that	PRON
gujaf-381	155	15	enhance	enhance	VERB
gujaf-381	155	16	transparency	transparency	NOUN
gujaf-381	155	17	,	,	PUNCT
gujaf-381	155	18	fairness	fairness	NOUN
gujaf-381	155	19	,	,	PUNCT
gujaf-381	155	20	and	and	CCONJ
gujaf-381	155	21	investor	investor	NOUN
gujaf-381	155	22	protection	protection	NOUN
gujaf-381	155	23	in	in	ADP
gujaf-381	155	24	blockchain	blockchain	PROPN
gujaf-381	155	25	markets	market	NOUN
gujaf-381	155	26	.	.	PUNCT
gujaf-381	156	1	regulatory	regulatory	ADJ
gujaf-381	156	2	bodies	body	NOUN
gujaf-381	156	3	could	could	AUX
gujaf-381	156	4	develop	develop	VERB
gujaf-381	156	5	guidelines	guideline	NOUN
gujaf-381	156	6	to	to	PART
gujaf-381	156	7	ensure	ensure	VERB
gujaf-381	156	8	comprehensive	comprehensive	ADJ
gujaf-381	156	9	disclosure	disclosure	NOUN
gujaf-381	156	10	during	during	ADP
gujaf-381	156	11	crowdfunding	crowdfunding	NOUN
gujaf-381	156	12	campaigns	campaign	NOUN
gujaf-381	156	13	,	,	PUNCT
gujaf-381	156	14	mandating	mandate	VERB
gujaf-381	156	15	standardized	standardized	ADJ
gujaf-381	156	16	reporting	reporting	NOUN
gujaf-381	156	17	on	on	ADP
gujaf-381	156	18	use	use	NOUN
gujaf-381	156	19	of	of	ADP
gujaf-381	156	20	funds	fund	NOUN
gujaf-381	156	21	,	,	PUNCT
gujaf-381	156	22	project	project	NOUN
gujaf-381	156	23	milestones	milestone	NOUN
gujaf-381	156	24	,	,	PUNCT
gujaf-381	156	25	and	and	CCONJ
gujaf-381	156	26	risk	risk	NOUN
gujaf-381	156	27	factors	factor	NOUN
gujaf-381	156	28	to	to	PART
gujaf-381	156	29	reduce	reduce	VERB
gujaf-381	156	30	information	information	NOUN
gujaf-381	156	31	asymmetry	asymmetry	NOUN
gujaf-381	156	32	.	.	PUNCT
gujaf-381	157	1	such	such	ADJ
gujaf-381	157	2	regulations	regulation	NOUN
gujaf-381	157	3	would	would	AUX
gujaf-381	157	4	help	help	VERB
gujaf-381	157	5	investors	investor	NOUN
gujaf-381	157	6	make	make	VERB
gujaf-381	157	7	more	more	ADV
gujaf-381	157	8	informed	informed	ADJ
gujaf-381	157	9	decisions	decision	NOUN
gujaf-381	157	10	and	and	CCONJ
gujaf-381	157	11	strengthen	strengthen	VERB
gujaf-381	157	12	the	the	DET
gujaf-381	157	13	credibility	credibility	NOUN
gujaf-381	157	14	of	of	ADP
gujaf-381	157	15	crowdfunding	crowdfunding	NOUN
gujaf-381	157	16	as	as	ADP
gujaf-381	157	17	a	a	DET
gujaf-381	157	18	valuation	valuation	NOUN
gujaf-381	157	19	driver	driver	NOUN
gujaf-381	157	20	.	.	PUNCT
gujaf-381	158	1	policymakers	policymaker	NOUN
gujaf-381	158	2	should	should	AUX
gujaf-381	158	3	encourage	encourage	VERB
gujaf-381	158	4	the	the	DET
gujaf-381	158	5	adoption	adoption	NOUN
gujaf-381	158	6	of	of	ADP
gujaf-381	158	7	token	token	ADJ
gujaf-381	158	8	distribution	distribution	NOUN
gujaf-381	158	9	frameworks	framework	NOUN
gujaf-381	158	10	that	that	PRON
gujaf-381	158	11	minimize	minimize	VERB
gujaf-381	158	12	ownership	ownership	NOUN
gujaf-381	158	13	concentration	concentration	NOUN
gujaf-381	158	14	and	and	CCONJ
gujaf-381	158	15	promote	promote	VERB
gujaf-381	158	16	decentralization	decentralization	NOUN
gujaf-381	158	17	.	.	PUNCT
gujaf-381	159	1	this	this	PRON
gujaf-381	159	2	could	could	AUX
gujaf-381	159	3	include	include	VERB
gujaf-381	159	4	regulatory	regulatory	ADJ
gujaf-381	159	5	incentives	incentive	NOUN
gujaf-381	159	6	for	for	ADP
gujaf-381	159	7	projects	project	NOUN
gujaf-381	159	8	that	that	PRON
gujaf-381	159	9	implement	implement	VERB
gujaf-381	159	10	fair	fair	ADJ
gujaf-381	159	11	launch	launch	NOUN
gujaf-381	159	12	mechanisms	mechanism	NOUN
gujaf-381	159	13	or	or	CCONJ
gujaf-381	159	14	enforce	enforce	VERB
gujaf-381	159	15	caps	cap	NOUN
gujaf-381	159	16	on	on	ADP
gujaf-381	159	17	maximum	maximum	ADJ
gujaf-381	159	18	token	token	ADJ
gujaf-381	159	19	holdings	holding	NOUN
gujaf-381	159	20	by	by	ADP
gujaf-381	159	21	single	single	ADJ
gujaf-381	159	22	entities	entity	NOUN
gujaf-381	159	23	.	.	PUNCT
gujaf-381	160	1	furthermore	furthermore	ADV
gujaf-381	160	2	,	,	PUNCT
gujaf-381	160	3	the	the	DET
gujaf-381	160	4	promotion	promotion	NOUN
gujaf-381	160	5	of	of	ADP
gujaf-381	160	6	decentralized	decentralize	VERB
gujaf-381	160	7	governance	governance	NOUN
gujaf-381	160	8	models	model	NOUN
gujaf-381	160	9	may	may	AUX
gujaf-381	160	10	mitigate	mitigate	VERB
gujaf-381	160	11	the	the	DET
gujaf-381	160	12	risks	risk	NOUN
gujaf-381	160	13	associated	associate	VERB
gujaf-381	160	14	with	with	ADP
gujaf-381	160	15	concentrated	concentrated	ADJ
gujaf-381	160	16	ownership	ownership	NOUN
gujaf-381	160	17	and	and	CCONJ
gujaf-381	160	18	align	align	ADJ
gujaf-381	160	19	project	project	NOUN
gujaf-381	160	20	incentives	incentive	NOUN
gujaf-381	160	21	with	with	ADP
gujaf-381	160	22	wider	wide	ADJ
gujaf-381	160	23	community	community	NOUN
gujaf-381	160	24	interests	interest	NOUN
gujaf-381	160	25	.	.	PUNCT
gujaf-381	161	1	also	also	ADV
gujaf-381	161	2	,	,	PUNCT
gujaf-381	161	3	regulatory	regulatory	ADJ
gujaf-381	161	4	frameworks	framework	NOUN
gujaf-381	161	5	should	should	AUX
gujaf-381	161	6	support	support	VERB
gujaf-381	161	7	interoperability	interoperability	NOUN
gujaf-381	161	8	and	and	CCONJ
gujaf-381	161	9	openness	openness	NOUN
gujaf-381	161	10	within	within	ADP
gujaf-381	161	11	blockchain	blockchain	PROPN
gujaf-381	161	12	ecosystems	ecosystem	NOUN
gujaf-381	161	13	to	to	PART
gujaf-381	161	14	facilitate	facilitate	VERB
gujaf-381	161	15	cross	cross	ADJ
gujaf-381	161	16	-	-	ADJ
gujaf-381	161	17	network	network	ADJ
gujaf-381	161	18	interactions	interaction	NOUN
gujaf-381	161	19	and	and	CCONJ
gujaf-381	161	20	prevent	prevent	VERB
gujaf-381	161	21	monopolistic	monopolistic	ADJ
gujaf-381	161	22	control	control	NOUN
gujaf-381	161	23	of	of	ADP
gujaf-381	161	24	network	network	NOUN
gujaf-381	161	25	hubs	hub	NOUN
gujaf-381	161	26	.	.	PUNCT
gujaf-381	162	1	policies	policy	NOUN
gujaf-381	162	2	that	that	PRON
gujaf-381	162	3	foster	foster	VERB
gujaf-381	162	4	collaboration	collaboration	NOUN
gujaf-381	162	5	and	and	CCONJ
gujaf-381	162	6	transparency	transparency	NOUN
gujaf-381	162	7	among	among	ADP
gujaf-381	162	8	blockchain	blockchain	PROPN
gujaf-381	162	9	projects	project	NOUN
gujaf-381	162	10	and	and	CCONJ
gujaf-381	162	11	platforms	platform	NOUN
gujaf-381	162	12	could	could	AUX
gujaf-381	162	13	enhance	enhance	VERB
gujaf-381	162	14	overall	overall	ADJ
gujaf-381	162	15	market	market	NOUN
gujaf-381	162	16	efficiency	efficiency	NOUN
gujaf-381	162	17	and	and	CCONJ
gujaf-381	162	18	innovation	innovation	NOUN
gujaf-381	162	19	.	.	PUNCT
gujaf-381	163	1	finally	finally	ADV
gujaf-381	163	2	,	,	PUNCT
gujaf-381	163	3	regulators	regulator	NOUN
gujaf-381	163	4	should	should	AUX
gujaf-381	163	5	consider	consider	VERB
gujaf-381	163	6	establishing	establish	VERB
gujaf-381	163	7	mechanisms	mechanism	NOUN
gujaf-381	163	8	to	to	PART
gujaf-381	163	9	monitor	monitor	VERB
gujaf-381	163	10	and	and	CCONJ
gujaf-381	163	11	support	support	VERB
gujaf-381	163	12	the	the	DET
gujaf-381	163	13	longevity	longevity	NOUN
gujaf-381	163	14	and	and	CCONJ
gujaf-381	163	15	sustainability	sustainability	NOUN
gujaf-381	163	16	of	of	ADP
gujaf-381	163	17	blockchain	blockchain	PROPN
gujaf-381	163	18	projects	project	NOUN
gujaf-381	163	19	.	.	PUNCT
gujaf-381	164	1	this	this	PRON
gujaf-381	164	2	might	might	AUX
gujaf-381	164	3	include	include	VERB
gujaf-381	164	4	post	post	ADJ
gujaf-381	164	5	-	-	ADJ
gujaf-381	164	6	ico	ico	ADJ
gujaf-381	164	7	supervision	supervision	NOUN
gujaf-381	164	8	,	,	PUNCT
gujaf-381	164	9	ongoing	ongoing	ADJ
gujaf-381	164	10	project	project	NOUN
gujaf-381	164	11	audits	audits	NOUN
gujaf-381	164	12	,	,	PUNCT
gujaf-381	164	13	or	or	CCONJ
gujaf-381	164	14	“	"	PUNCT
gujaf-381	164	15	quality	quality	NOUN
gujaf-381	164	16	labels	label	NOUN
gujaf-381	164	17	”	"	PUNCT
gujaf-381	164	18	certifying	certify	VERB
gujaf-381	164	19	projects	project	NOUN
gujaf-381	164	20	that	that	PRON
gujaf-381	164	21	meet	meet	VERB
gujaf-381	164	22	standards	standard	NOUN
gujaf-381	164	23	of	of	ADP
gujaf-381	164	24	continuous	continuous	ADJ
gujaf-381	164	25	development	development	NOUN
gujaf-381	164	26	and	and	CCONJ
gujaf-381	164	27	governance	governance	NOUN
gujaf-381	164	28	best	good	ADJ
gujaf-381	164	29	practices	practice	NOUN
gujaf-381	164	30	.	.	PUNCT
gujaf-381	165	1	encouraging	encourage	VERB
gujaf-381	165	2	a	a	DET
gujaf-381	165	3	focus	focus	NOUN
gujaf-381	165	4	on	on	ADP
gujaf-381	165	5	long	long	ADJ
gujaf-381	165	6	-	-	PUNCT
gujaf-381	165	7	term	term	NOUN
gujaf-381	165	8	project	project	NOUN
gujaf-381	165	9	viability	viability	NOUN
gujaf-381	165	10	rather	rather	ADV
gujaf-381	165	11	than	than	ADP
gujaf-381	165	12	speculative	speculative	ADJ
gujaf-381	165	13	trading	trading	NOUN
gujaf-381	165	14	would	would	AUX
gujaf-381	165	15	contribute	contribute	VERB
gujaf-381	165	16	to	to	ADP
gujaf-381	165	17	healthier	healthy	ADJ
gujaf-381	165	18	token	token	VERB
gujaf-381	165	19	markets	market	NOUN
gujaf-381	165	20	and	and	CCONJ
gujaf-381	165	21	investor	investor	NOUN
gujaf-381	165	22	confidence	confidence	NOUN
gujaf-381	165	23	.	.	PUNCT
gujaf-381	166	1	gusau	gusau	ADJ
gujaf-381	166	2	journal	journal	PROPN
gujaf-381	166	3	of	of	ADP
gujaf-381	166	4	accounting	accounting	NOUN
gujaf-381	166	5	and	and	CCONJ
gujaf-381	166	6	finance	finance	NOUN
gujaf-381	166	7	,	,	PUNCT
gujaf-381	166	8	vol.6	vol.6	PROPN
gujaf-381	166	9	,	,	PUNCT
gujaf-381	166	10	issue	issue	NOUN
gujaf-381	166	11	1	1	NUM
gujaf-381	166	12	,	,	PUNCT
gujaf-381	166	13	april	april	PROPN
gujaf-381	166	14	,	,	PUNCT
gujaf-381	166	15	2025	2025	NUM
gujaf-381	166	16	239	239	NUM
gujaf-381	166	17	references	reference	NOUN
gujaf-381	166	18	arellano	arellano	PROPN
gujaf-381	166	19	,	,	PUNCT
gujaf-381	166	20	m.	m.	NOUN
gujaf-381	166	21	,	,	PUNCT
gujaf-381	166	22	&	&	CCONJ
gujaf-381	166	23	bond	bond	PROPN
gujaf-381	166	24	,	,	PUNCT
gujaf-381	166	25	s.	s.	PROPN
gujaf-381	166	26	(	(	PUNCT
gujaf-381	166	27	1991	1991	NUM
gujaf-381	166	28	)	)	PUNCT
gujaf-381	166	29	.	.	PUNCT
gujaf-381	167	1	some	some	DET
gujaf-381	167	2	tests	test	NOUN
gujaf-381	167	3	of	of	ADP
gujaf-381	167	4	specification	specification	NOUN
gujaf-381	167	5	for	for	ADP
gujaf-381	167	6	panel	panel	NOUN
gujaf-381	167	7	data	datum	NOUN
gujaf-381	167	8	:	:	PUNCT
gujaf-381	167	9	monte	monte	PROPN
gujaf-381	167	10	carlo	carlo	PROPN
gujaf-381	167	11	evidence	evidence	NOUN
gujaf-381	167	12	and	and	CCONJ
gujaf-381	167	13	an	an	DET
gujaf-381	167	14	application	application	NOUN
gujaf-381	167	15	to	to	ADP
gujaf-381	167	16	employment	employment	NOUN
gujaf-381	167	17	equations	equation	NOUN
gujaf-381	167	18	.	.	PUNCT
gujaf-381	168	1	the	the	DET
gujaf-381	168	2	review	review	NOUN
gujaf-381	168	3	of	of	ADP
gujaf-381	168	4	economic	economic	ADJ
gujaf-381	168	5	studies	study	NOUN
gujaf-381	168	6	,	,	PUNCT
gujaf-381	168	7	58(2	58(2	NUM
gujaf-381	168	8	)	)	PUNCT
gujaf-381	168	9	,	,	PUNCT
gujaf-381	168	10	277–297	277–297	NUM
gujaf-381	168	11	.	.	PUNCT
gujaf-381	169	1	bond	bond	NOUN
gujaf-381	169	2	,	,	PUNCT
gujaf-381	169	3	s.	s.	PROPN
gujaf-381	169	4	(	(	PUNCT
gujaf-381	169	5	2002	2002	NUM
gujaf-381	169	6	)	)	PUNCT
gujaf-381	169	7	.	.	PUNCT
gujaf-381	170	1	dynamic	dynamic	ADJ
gujaf-381	170	2	panel	panel	NOUN
gujaf-381	170	3	data	datum	NOUN
gujaf-381	170	4	models	model	NOUN
gujaf-381	170	5	:	:	PUNCT
gujaf-381	170	6	a	a	DET
gujaf-381	170	7	guide	guide	NOUN
gujaf-381	170	8	to	to	ADP
gujaf-381	170	9	micro	micro	ADJ
gujaf-381	170	10	data	datum	NOUN
gujaf-381	170	11	methods	method	NOUN
gujaf-381	170	12	and	and	CCONJ
gujaf-381	170	13	practice	practice	NOUN
gujaf-381	170	14	.	.	PUNCT
gujaf-381	171	1	portuguese	portuguese	ADJ
gujaf-381	171	2	economic	economic	ADJ
gujaf-381	171	3	journal	journal	NOUN
gujaf-381	171	4	,	,	PUNCT
gujaf-381	171	5	1	1	NUM
gujaf-381	171	6	,	,	PUNCT
gujaf-381	171	7	141–162	141–162	NUM
gujaf-381	171	8	.	.	PUNCT
gujaf-381	171	9	catalini	catalini	PROPN
gujaf-381	171	10	,	,	PUNCT
gujaf-381	171	11	c.	c.	PROPN
gujaf-381	171	12	,	,	PUNCT
gujaf-381	171	13	&	&	CCONJ
gujaf-381	171	14	gans	gans	PROPN
gujaf-381	171	15	,	,	PUNCT
gujaf-381	171	16	j.	j.	PROPN
gujaf-381	171	17	s.	s.	PROPN
gujaf-381	171	18	(	(	PUNCT
gujaf-381	171	19	2016	2016	NUM
gujaf-381	171	20	)	)	PUNCT
gujaf-381	171	21	.	.	PUNCT
gujaf-381	172	1	some	some	DET
gujaf-381	172	2	simple	simple	ADJ
gujaf-381	172	3	economics	economic	NOUN
gujaf-381	172	4	of	of	ADP
gujaf-381	172	5	the	the	DET
gujaf-381	172	6	blockchain	blockchain	NOUN
gujaf-381	172	7	.	.	PUNCT
gujaf-381	173	1	communications	communication	NOUN
gujaf-381	173	2	of	of	ADP
gujaf-381	173	3	the	the	DET
gujaf-381	173	4	acm	acm	NOUN
gujaf-381	173	5	,	,	PUNCT
gujaf-381	173	6	63(7	63(7	NUM
gujaf-381	173	7	)	)	PUNCT
gujaf-381	173	8	,	,	PUNCT
gujaf-381	173	9	80–90	80–90	NUM
gujaf-381	173	10	.	.	PUNCT
gujaf-381	174	1	chen	chen	PROPN
gujaf-381	174	2	,	,	PUNCT
gujaf-381	174	3	j.	j.	PROPN
gujaf-381	174	4	,	,	PUNCT
gujaf-381	174	5	xu	xu	PROPN
gujaf-381	174	6	,	,	PUNCT
gujaf-381	174	7	h.	h.	PROPN
gujaf-381	174	8	,	,	PUNCT
gujaf-381	174	9	&	&	CCONJ
gujaf-381	174	10	zhang	zhang	PROPN
gujaf-381	174	11	,	,	PUNCT
gujaf-381	174	12	c.	c.	PROPN
gujaf-381	174	13	(	(	PUNCT
gujaf-381	174	14	2021	2021	NUM
gujaf-381	174	15	)	)	PUNCT
gujaf-381	174	16	.	.	PUNCT
gujaf-381	175	1	sentiment	sentiment	NOUN
gujaf-381	175	2	analysis	analysis	NOUN
gujaf-381	175	3	on	on	ADP
gujaf-381	175	4	cryptocurrency	cryptocurrency	NOUN
gujaf-381	175	5	tweets	tweet	NOUN
gujaf-381	175	6	for	for	ADP
gujaf-381	175	7	price	price	NOUN
gujaf-381	175	8	prediction	prediction	NOUN
gujaf-381	175	9	using	use	VERB
gujaf-381	175	10	deep	deep	ADJ
gujaf-381	175	11	learning	learning	NOUN
gujaf-381	175	12	.	.	PUNCT
gujaf-381	176	1	information	information	NOUN
gujaf-381	176	2	processing	processing	NOUN
gujaf-381	176	3	&	&	CCONJ
gujaf-381	176	4	management	management	NOUN
gujaf-381	176	5	,	,	PUNCT
gujaf-381	176	6	58(1	58(1	NUM
gujaf-381	176	7	)	)	PUNCT
gujaf-381	176	8	,	,	PUNCT
gujaf-381	176	9	102441	102441	NUM
gujaf-381	176	10	.	.	PUNCT
gujaf-381	177	1	chen	chen	PROPN
gujaf-381	177	2	,	,	PUNCT
gujaf-381	177	3	x.	x.	PROPN
gujaf-381	177	4	,	,	PUNCT
gujaf-381	177	5	huang	huang	PROPN
gujaf-381	177	6	,	,	PUNCT
gujaf-381	177	7	l.	l.	PROPN
gujaf-381	177	8	,	,	PUNCT
gujaf-381	177	9	&	&	CCONJ
gujaf-381	177	10	wang	wang	PROPN
gujaf-381	177	11	,	,	PUNCT
gujaf-381	177	12	h.	h.	PROPN
gujaf-381	177	13	(	(	PUNCT
gujaf-381	177	14	2022	2022	NUM
gujaf-381	177	15	)	)	PUNCT
gujaf-381	177	16	.	.	PUNCT
gujaf-381	178	1	macroeconomic	macroeconomic	ADJ
gujaf-381	178	2	uncertainty	uncertainty	NOUN
gujaf-381	178	3	and	and	CCONJ
gujaf-381	178	4	cryptocurrency	cryptocurrency	NOUN
gujaf-381	178	5	price	price	NOUN
gujaf-381	178	6	volatility	volatility	NOUN
gujaf-381	178	7	.	.	PUNCT
gujaf-381	179	1	journal	journal	NOUN
gujaf-381	179	2	of	of	ADP
gujaf-381	179	3	financial	financial	ADJ
gujaf-381	179	4	stability	stability	NOUN
gujaf-381	179	5	,	,	PUNCT
gujaf-381	179	6	58	58	NUM
gujaf-381	179	7	,	,	PUNCT
gujaf-381	179	8	100969	100969	NUM
gujaf-381	179	9	.	.	PUNCT
gujaf-381	180	1	cong	cong	PROPN
gujaf-381	180	2	,	,	PUNCT
gujaf-381	180	3	l.	l.	PROPN
gujaf-381	180	4	w.	w.	PROPN
gujaf-381	180	5	,	,	PUNCT
gujaf-381	180	6	li	li	PROPN
gujaf-381	180	7	,	,	PUNCT
gujaf-381	180	8	y.	y.	PROPN
gujaf-381	180	9	,	,	PUNCT
gujaf-381	180	10	&	&	CCONJ
gujaf-381	180	11	wang	wang	PROPN
gujaf-381	180	12	,	,	PUNCT
gujaf-381	180	13	n.	n.	PROPN
gujaf-381	180	14	(	(	PUNCT
gujaf-381	180	15	2021	2021	NUM
gujaf-381	180	16	)	)	PUNCT
gujaf-381	180	17	.	.	PUNCT
gujaf-381	181	1	tokenomics	tokenomic	NOUN
gujaf-381	181	2	:	:	PUNCT
gujaf-381	181	3	dynamic	dynamic	ADJ
gujaf-381	181	4	adoption	adoption	NOUN
gujaf-381	181	5	and	and	CCONJ
gujaf-381	181	6	valuation	valuation	NOUN
gujaf-381	181	7	.	.	PUNCT
gujaf-381	182	1	the	the	DET
gujaf-381	182	2	review	review	NOUN
gujaf-381	182	3	of	of	ADP
gujaf-381	182	4	economic	economic	ADJ
gujaf-381	182	5	studies	study	NOUN
gujaf-381	182	6	,	,	PUNCT
gujaf-381	182	7	88(3	88(3	NUM
gujaf-381	182	8	)	)	PUNCT
gujaf-381	182	9	,	,	PUNCT
gujaf-381	182	10	1292–1338	1292–1338	NUM
gujaf-381	182	11	.	.	PUNCT
gujaf-381	183	1	dowling	dowling	NOUN
gujaf-381	183	2	,	,	PUNCT
gujaf-381	183	3	m.	m.	NOUN
gujaf-381	183	4	(	(	PUNCT
gujaf-381	183	5	2022	2022	NUM
gujaf-381	183	6	)	)	PUNCT
gujaf-381	183	7	.	.	PUNCT
gujaf-381	184	1	fertile	fertile	ADJ
gujaf-381	184	2	land	land	NOUN
gujaf-381	184	3	:	:	PUNCT
gujaf-381	184	4	pricing	price	VERB
gujaf-381	184	5	non	non	ADJ
gujaf-381	184	6	-	-	ADJ
gujaf-381	184	7	fungible	fungible	ADJ
gujaf-381	184	8	tokens	token	NOUN
gujaf-381	184	9	.	.	PUNCT
gujaf-381	185	1	finance	finance	NOUN
gujaf-381	185	2	research	research	NOUN
gujaf-381	185	3	letters	letter	NOUN
gujaf-381	185	4	,	,	PUNCT
gujaf-381	185	5	44	44	NUM
gujaf-381	185	6	,	,	PUNCT
gujaf-381	185	7	102097	102097	NUM
gujaf-381	185	8	.	.	PUNCT
gujaf-381	186	1	feng	feng	PROPN
gujaf-381	186	2	,	,	PUNCT
gujaf-381	186	3	w.	w.	PROPN
gujaf-381	186	4	,	,	PUNCT
gujaf-381	186	5	wang	wang	PROPN
gujaf-381	186	6	,	,	PUNCT
gujaf-381	186	7	l.	l.	PROPN
gujaf-381	186	8	,	,	PUNCT
gujaf-381	186	9	&	&	CCONJ
gujaf-381	186	10	zhang	zhang	PROPN
gujaf-381	186	11	,	,	PUNCT
gujaf-381	186	12	y.	y.	PROPN
gujaf-381	186	13	(	(	PUNCT
gujaf-381	186	14	2020	2020	NUM
gujaf-381	186	15	)	)	PUNCT
gujaf-381	186	16	.	.	PUNCT
gujaf-381	187	1	network	network	NOUN
gujaf-381	187	2	centrality	centrality	NOUN
gujaf-381	187	3	and	and	CCONJ
gujaf-381	187	4	token	token	VERB
gujaf-381	187	5	price	price	NOUN
gujaf-381	187	6	dynamics	dynamic	NOUN
gujaf-381	187	7	:	:	PUNCT
gujaf-381	187	8	evidence	evidence	NOUN
gujaf-381	187	9	from	from	ADP
gujaf-381	187	10	blockchain	blockchain	PROPN
gujaf-381	187	11	transaction	transaction	PROPN
gujaf-381	187	12	data	data	PROPN
gujaf-381	187	13	.	.	PUNCT
gujaf-381	188	1	journal	journal	PROPN
gujaf-381	188	2	of	of	ADP
gujaf-381	188	3	financial	financial	ADJ
gujaf-381	188	4	markets	market	NOUN
gujaf-381	188	5	,	,	PUNCT
gujaf-381	188	6	49	49	NUM
gujaf-381	188	7	,	,	PUNCT
gujaf-381	188	8	100563	100563	NUM
gujaf-381	188	9	.	.	PUNCT
gujaf-381	189	1	fisch	fisch	PROPN
gujaf-381	189	2	,	,	PUNCT
gujaf-381	189	3	c.	c.	PROPN
gujaf-381	189	4	,	,	PUNCT
gujaf-381	189	5	momtaz	momtaz	NOUN
gujaf-381	189	6	,	,	PUNCT
gujaf-381	189	7	p.	p.	PROPN
gujaf-381	189	8	p.	p.	PROPN
gujaf-381	189	9	,	,	PUNCT
gujaf-381	189	10	&	&	CCONJ
gujaf-381	189	11	watanabe	watanabe	PROPN
gujaf-381	189	12	,	,	PUNCT
gujaf-381	189	13	k.	k.	PROPN
gujaf-381	189	14	(	(	PUNCT
gujaf-381	189	15	2021	2021	NUM
gujaf-381	189	16	)	)	PUNCT
gujaf-381	189	17	.	.	PUNCT
gujaf-381	190	1	initial	initial	ADJ
gujaf-381	190	2	coin	coin	NOUN
gujaf-381	190	3	offerings	offering	NOUN
gujaf-381	190	4	:	:	PUNCT
gujaf-381	190	5	financing	finance	VERB
gujaf-381	190	6	growth	growth	NOUN
gujaf-381	190	7	with	with	ADP
gujaf-381	190	8	blockchain	blockchain	PROPN
gujaf-381	190	9	technology	technology	PROPN
gujaf-381	190	10	.	.	PUNCT
gujaf-381	191	1	journal	journal	PROPN
gujaf-381	191	2	of	of	ADP
gujaf-381	191	3	corporate	corporate	ADJ
gujaf-381	191	4	finance	finance	NOUN
gujaf-381	191	5	,	,	PUNCT
gujaf-381	191	6	68	68	NUM
gujaf-381	191	7	,	,	PUNCT
gujaf-381	191	8	101976	101976	NUM
gujaf-381	191	9	.	.	PUNCT
gujaf-381	192	1	foley	foley	PROPN
gujaf-381	192	2	,	,	PUNCT
gujaf-381	192	3	s.	s.	PROPN
gujaf-381	192	4	,	,	PUNCT
gujaf-381	192	5	karlsen	karlsen	PROPN
gujaf-381	192	6	,	,	PUNCT
gujaf-381	192	7	j.	j.	PROPN
gujaf-381	192	8	r.	r.	PROPN
gujaf-381	192	9	,	,	PUNCT
gujaf-381	192	10	&	&	CCONJ
gujaf-381	192	11	putniņš	putniņš	PROPN
gujaf-381	192	12	,	,	PUNCT
gujaf-381	192	13	t.	t.	PROPN
gujaf-381	192	14	j.	j.	PROPN
gujaf-381	192	15	(	(	PUNCT
gujaf-381	192	16	2019	2019	NUM
gujaf-381	192	17	)	)	PUNCT
gujaf-381	192	18	.	.	PUNCT
gujaf-381	193	1	sex	sex	NOUN
gujaf-381	193	2	,	,	PUNCT
gujaf-381	193	3	drugs	drug	NOUN
gujaf-381	193	4	,	,	PUNCT
gujaf-381	193	5	and	and	CCONJ
gujaf-381	193	6	bitcoin	bitcoin	NOUN
gujaf-381	193	7	:	:	PUNCT
gujaf-381	193	8	how	how	SCONJ
gujaf-381	193	9	much	much	ADJ
gujaf-381	193	10	illegal	illegal	ADJ
gujaf-381	193	11	activity	activity	NOUN
gujaf-381	193	12	is	be	AUX
gujaf-381	193	13	financed	finance	VERB
gujaf-381	193	14	through	through	ADP
gujaf-381	193	15	cryptocurrencies	cryptocurrencie	NOUN
gujaf-381	193	16	?	?	PUNCT
gujaf-381	194	1	the	the	DET
gujaf-381	194	2	review	review	NOUN
gujaf-381	194	3	of	of	ADP
gujaf-381	194	4	financial	financial	ADJ
gujaf-381	194	5	studies	study	NOUN
gujaf-381	194	6	,	,	PUNCT
gujaf-381	194	7	32(5	32(5	NOUN
gujaf-381	194	8	)	)	PUNCT
gujaf-381	194	9	,	,	PUNCT
gujaf-381	194	10	1798–1853	1798–1853	NUM
gujaf-381	194	11	.	.	PUNCT
gujaf-381	195	1	giglio	giglio	PROPN
gujaf-381	195	2	,	,	PUNCT
gujaf-381	195	3	s.	s.	PROPN
gujaf-381	195	4	,	,	PUNCT
gujaf-381	195	5	kelly	kelly	PROPN
gujaf-381	195	6	,	,	PUNCT
gujaf-381	195	7	b.	b.	PROPN
gujaf-381	195	8	,	,	PUNCT
gujaf-381	195	9	&	&	CCONJ
gujaf-381	195	10	pruitt	pruitt	PROPN
gujaf-381	195	11	,	,	PUNCT
gujaf-381	195	12	s.	s.	PROPN
gujaf-381	195	13	(	(	PUNCT
gujaf-381	195	14	2021	2021	NUM
gujaf-381	195	15	)	)	PUNCT
gujaf-381	195	16	.	.	PUNCT
gujaf-381	196	1	systemic	systemic	ADJ
gujaf-381	196	2	risk	risk	NOUN
gujaf-381	196	3	and	and	CCONJ
gujaf-381	196	4	the	the	DET
gujaf-381	196	5	macroeconomy	macroeconomy	NOUN
gujaf-381	196	6	:	:	PUNCT
gujaf-381	196	7	an	an	DET
gujaf-381	196	8	empirical	empirical	ADJ
gujaf-381	196	9	evaluation	evaluation	NOUN
gujaf-381	196	10	.	.	PUNCT
gujaf-381	197	1	journal	journal	NOUN
gujaf-381	197	2	of	of	ADP
gujaf-381	197	3	financial	financial	ADJ
gujaf-381	197	4	economics	economic	NOUN
gujaf-381	197	5	,	,	PUNCT
gujaf-381	197	6	141(2	141(2	NUM
gujaf-381	197	7	)	)	PUNCT
gujaf-381	197	8	,	,	PUNCT
gujaf-381	197	9	357–373	357–373	NUM
gujaf-381	197	10	.	.	PUNCT
gujaf-381	198	1	howell	howell	PROPN
gujaf-381	198	2	,	,	PUNCT
gujaf-381	198	3	s.	s.	PROPN
gujaf-381	198	4	t.	t.	PROPN
gujaf-381	198	5	,	,	PUNCT
gujaf-381	198	6	niessner	niessner	NOUN
gujaf-381	198	7	,	,	PUNCT
gujaf-381	198	8	m.	m.	NOUN
gujaf-381	198	9	,	,	PUNCT
gujaf-381	198	10	&	&	CCONJ
gujaf-381	198	11	yermack	yermack	PROPN
gujaf-381	198	12	,	,	PUNCT
gujaf-381	198	13	d.	d.	PROPN
gujaf-381	198	14	(	(	PUNCT
gujaf-381	198	15	2021	2021	NUM
gujaf-381	198	16	)	)	PUNCT
gujaf-381	198	17	.	.	PUNCT
gujaf-381	199	1	initial	initial	ADJ
gujaf-381	199	2	coin	coin	NOUN
gujaf-381	199	3	offerings	offering	NOUN
gujaf-381	199	4	:	:	PUNCT
gujaf-381	199	5	financing	finance	VERB
gujaf-381	199	6	growth	growth	NOUN
gujaf-381	199	7	with	with	ADP
gujaf-381	199	8	cryptocurrency	cryptocurrency	NOUN
gujaf-381	199	9	token	token	VERB
gujaf-381	199	10	sales	sale	NOUN
gujaf-381	199	11	.	.	PUNCT
gujaf-381	200	1	the	the	DET
gujaf-381	200	2	review	review	NOUN
gujaf-381	200	3	of	of	ADP
gujaf-381	200	4	financial	financial	ADJ
gujaf-381	200	5	studies	study	NOUN
gujaf-381	200	6	,	,	PUNCT
gujaf-381	200	7	34(3	34(3	NUM
gujaf-381	200	8	)	)	PUNCT
gujaf-381	200	9	,	,	PUNCT
gujaf-381	200	10	1162–1201	1162–1201	NUM
gujaf-381	200	11	.	.	PUNCT
gujaf-381	201	1	kim	kim	PROPN
gujaf-381	201	2	,	,	PUNCT
gujaf-381	201	3	h.	h.	PROPN
gujaf-381	201	4	m.	m.	PROPN
gujaf-381	201	5	,	,	PUNCT
gujaf-381	201	6	&	&	CCONJ
gujaf-381	201	7	laskowski	laskowski	PROPN
gujaf-381	201	8	,	,	PUNCT
gujaf-381	201	9	m.	m.	NOUN
gujaf-381	201	10	(	(	PUNCT
gujaf-381	201	11	2018	2018	NUM
gujaf-381	201	12	)	)	PUNCT
gujaf-381	201	13	.	.	PUNCT
gujaf-381	202	1	toward	toward	ADP
gujaf-381	202	2	an	an	DET
gujaf-381	202	3	ontology	ontology	NOUN
gujaf-381	202	4	-	-	PUNCT
gujaf-381	202	5	driven	drive	VERB
gujaf-381	202	6	blockchain	blockchain	NOUN
gujaf-381	202	7	design	design	NOUN
gujaf-381	202	8	for	for	ADP
gujaf-381	202	9	supplychain	supplychain	ADJ
gujaf-381	202	10	provenance	provenance	NOUN
gujaf-381	202	11	.	.	PUNCT
gujaf-381	203	1	intelligent	intelligent	ADJ
gujaf-381	203	2	systems	system	NOUN
gujaf-381	203	3	in	in	ADP
gujaf-381	203	4	accounting	accounting	NOUN
gujaf-381	203	5	,	,	PUNCT
gujaf-381	203	6	finance	finance	NOUN
gujaf-381	203	7	and	and	CCONJ
gujaf-381	203	8	management	management	NOUN
gujaf-381	203	9	,	,	PUNCT
gujaf-381	203	10	25(1	25(1	NUM
gujaf-381	203	11	)	)	PUNCT
gujaf-381	203	12	,	,	PUNCT
gujaf-381	203	13	18–27	18–27	NUM
gujaf-381	203	14	.	.	PUNCT
gujaf-381	204	1	li	li	PROPN
gujaf-381	204	2	,	,	PUNCT
gujaf-381	204	3	x.	x.	PROPN
gujaf-381	204	4	,	,	PUNCT
gujaf-381	204	5	jiang	jiang	PROPN
gujaf-381	204	6	,	,	PUNCT
gujaf-381	204	7	p.	p.	PROPN
gujaf-381	204	8	,	,	PUNCT
gujaf-381	204	9	chen	chen	PROPN
gujaf-381	204	10	,	,	PUNCT
gujaf-381	204	11	t.	t.	PROPN
gujaf-381	204	12	,	,	PUNCT
gujaf-381	204	13	luo	luo	PROPN
gujaf-381	204	14	,	,	PUNCT
gujaf-381	204	15	x.	x.	NOUN
gujaf-381	204	16	,	,	PUNCT
gujaf-381	204	17	&	&	CCONJ
gujaf-381	204	18	wen	wen	PROPN
gujaf-381	204	19	,	,	PUNCT
gujaf-381	204	20	q.	q.	PROPN
gujaf-381	204	21	(	(	PUNCT
gujaf-381	204	22	2021	2021	NUM
gujaf-381	204	23	)	)	PUNCT
gujaf-381	204	24	.	.	PUNCT
gujaf-381	205	1	a	a	DET
gujaf-381	205	2	survey	survey	NOUN
gujaf-381	205	3	on	on	ADP
gujaf-381	205	4	the	the	DET
gujaf-381	205	5	security	security	NOUN
gujaf-381	205	6	of	of	ADP
gujaf-381	205	7	blockchain	blockchain	PROPN
gujaf-381	205	8	systems	system	NOUN
gujaf-381	205	9	.	.	PUNCT
gujaf-381	206	1	future	future	ADJ
gujaf-381	206	2	generation	generation	NOUN
gujaf-381	206	3	computer	computer	NOUN
gujaf-381	206	4	systems	system	NOUN
gujaf-381	206	5	,	,	PUNCT
gujaf-381	206	6	107	107	NUM
gujaf-381	206	7	,	,	PUNCT
gujaf-381	206	8	841–853	841–853	NUM
gujaf-381	206	9	.	.	PUNCT
gujaf-381	207	1	li	li	PROPN
gujaf-381	207	2	,	,	PUNCT
gujaf-381	207	3	s.	s.	PROPN
gujaf-381	207	4	,	,	PUNCT
gujaf-381	207	5	&	&	CCONJ
gujaf-381	207	6	mann	mann	PROPN
gujaf-381	207	7	,	,	PUNCT
gujaf-381	207	8	s.	s.	PROPN
gujaf-381	207	9	(	(	PUNCT
gujaf-381	207	10	2020	2020	NUM
gujaf-381	207	11	)	)	PUNCT
gujaf-381	207	12	.	.	PUNCT
gujaf-381	208	1	token	token	VERB
gujaf-381	208	2	ownership	ownership	NOUN
gujaf-381	208	3	and	and	CCONJ
gujaf-381	208	4	price	price	NOUN
gujaf-381	208	5	manipulation	manipulation	NOUN
gujaf-381	208	6	in	in	ADP
gujaf-381	208	7	initial	initial	ADJ
gujaf-381	208	8	coin	coin	NOUN
gujaf-381	208	9	offerings	offering	NOUN
gujaf-381	208	10	.	.	PUNCT
gujaf-381	209	1	journal	journal	NOUN
gujaf-381	209	2	of	of	ADP
gujaf-381	209	3	corporate	corporate	ADJ
gujaf-381	209	4	finance	finance	NOUN
gujaf-381	209	5	,	,	PUNCT
gujaf-381	209	6	63	63	NUM
gujaf-381	209	7	,	,	PUNCT
gujaf-381	209	8	101664	101664	NUM
gujaf-381	209	9	.	.	PUNCT
gujaf-381	210	1	li	li	PROPN
gujaf-381	210	2	,	,	PUNCT
gujaf-381	210	3	y.	y.	PROPN
gujaf-381	210	4	,	,	PUNCT
gujaf-381	210	5	wang	wang	PROPN
gujaf-381	210	6	,	,	PUNCT
gujaf-381	210	7	n.	n.	PROPN
gujaf-381	210	8	,	,	PUNCT
gujaf-381	210	9	&	&	CCONJ
gujaf-381	210	10	cong	cong	PROPN
gujaf-381	210	11	,	,	PUNCT
gujaf-381	210	12	l.	l.	PROPN
gujaf-381	210	13	w.	w.	PROPN
gujaf-381	210	14	(	(	PUNCT
gujaf-381	210	15	2023	2023	NUM
gujaf-381	210	16	)	)	PUNCT
gujaf-381	210	17	.	.	PUNCT
gujaf-381	211	1	nfts	nft	NOUN
gujaf-381	211	2	and	and	CCONJ
gujaf-381	211	3	pricing	pricing	NOUN
gujaf-381	211	4	dynamics	dynamic	NOUN
gujaf-381	211	5	:	:	PUNCT
gujaf-381	211	6	an	an	DET
gujaf-381	211	7	empirical	empirical	ADJ
gujaf-381	211	8	investigation	investigation	NOUN
gujaf-381	211	9	.	.	PUNCT
gujaf-381	212	1	journal	journal	NOUN
gujaf-381	212	2	of	of	ADP
gujaf-381	212	3	financial	financial	ADJ
gujaf-381	212	4	economics	economic	NOUN
gujaf-381	212	5	,	,	PUNCT
gujaf-381	212	6	147(1	147(1	NUM
gujaf-381	212	7	)	)	PUNCT
gujaf-381	212	8	,	,	PUNCT
gujaf-381	212	9	116–138	116–138	NUM
gujaf-381	212	10	.	.	PUNCT
gujaf-381	213	1	liu	liu	PROPN
gujaf-381	213	2	,	,	PUNCT
gujaf-381	213	3	y.	y.	PROPN
gujaf-381	213	4	,	,	PUNCT
gujaf-381	213	5	&	&	CCONJ
gujaf-381	213	6	tsyvinski	tsyvinski	PROPN
gujaf-381	213	7	,	,	PUNCT
gujaf-381	213	8	a.	a.	NOUN
gujaf-381	213	9	(	(	PUNCT
gujaf-381	213	10	2021	2021	NUM
gujaf-381	213	11	)	)	PUNCT
gujaf-381	213	12	.	.	PUNCT
gujaf-381	214	1	risks	risk	NOUN
gujaf-381	214	2	and	and	CCONJ
gujaf-381	214	3	returns	return	NOUN
gujaf-381	214	4	of	of	ADP
gujaf-381	214	5	cryptocurrency	cryptocurrency	NOUN
gujaf-381	214	6	.	.	PUNCT
gujaf-381	215	1	the	the	DET
gujaf-381	215	2	review	review	NOUN
gujaf-381	215	3	of	of	ADP
gujaf-381	215	4	financial	financial	ADJ
gujaf-381	215	5	studies	study	NOUN
gujaf-381	215	6	,	,	PUNCT
gujaf-381	215	7	34(6	34(6	NOUN
gujaf-381	215	8	)	)	PUNCT
gujaf-381	215	9	,	,	PUNCT
gujaf-381	215	10	2689–2727	2689–2727	NUM
gujaf-381	215	11	.	.	PUNCT
gujaf-381	216	1	mai	mai	PROPN
gujaf-381	216	2	,	,	PUNCT
gujaf-381	216	3	f.	f.	PROPN
gujaf-381	216	4	,	,	PUNCT
gujaf-381	216	5	shan	shan	PROPN
gujaf-381	216	6	,	,	PUNCT
gujaf-381	216	7	z.	z.	PROPN
gujaf-381	216	8	,	,	PUNCT
gujaf-381	216	9	bai	bai	PROPN
gujaf-381	216	10	,	,	PUNCT
gujaf-381	216	11	q.	q.	PROPN
gujaf-381	216	12	,	,	PUNCT
gujaf-381	216	13	wang	wang	PROPN
gujaf-381	216	14	,	,	PUNCT
gujaf-381	216	15	x.	x.	PROPN
gujaf-381	216	16	,	,	PUNCT
gujaf-381	216	17	&	&	CCONJ
gujaf-381	216	18	chiang	chiang	PROPN
gujaf-381	216	19	,	,	PUNCT
gujaf-381	216	20	r.	r.	PROPN
gujaf-381	216	21	h.	h.	PROPN
gujaf-381	216	22	l.	l.	PROPN
gujaf-381	216	23	(	(	PUNCT
gujaf-381	216	24	2019	2019	NUM
gujaf-381	216	25	)	)	PUNCT
gujaf-381	216	26	.	.	PUNCT
gujaf-381	217	1	how	how	SCONJ
gujaf-381	217	2	does	do	VERB
gujaf-381	217	3	social	social	ADJ
gujaf-381	217	4	media	medium	NOUN
gujaf-381	217	5	impact	impact	NOUN
gujaf-381	217	6	bitcoin	bitcoin	NOUN
gujaf-381	217	7	value	value	NOUN
gujaf-381	217	8	?	?	PUNCT
gujaf-381	218	1	a	a	DET
gujaf-381	218	2	test	test	NOUN
gujaf-381	218	3	of	of	ADP
gujaf-381	218	4	the	the	DET
gujaf-381	218	5	silent	silent	ADJ
gujaf-381	218	6	majority	majority	NOUN
gujaf-381	218	7	hypothesis	hypothesis	NOUN
gujaf-381	218	8	.	.	PUNCT
gujaf-381	219	1	journal	journal	PROPN
gujaf-381	219	2	of	of	ADP
gujaf-381	219	3	management	management	NOUN
gujaf-381	219	4	information	information	NOUN
gujaf-381	219	5	systems	system	NOUN
gujaf-381	219	6	,	,	PUNCT
gujaf-381	219	7	36(3	36(3	NOUN
gujaf-381	219	8	)	)	PUNCT
gujaf-381	219	9	,	,	PUNCT
gujaf-381	219	10	738–765	738–765	NUM
gujaf-381	219	11	.	.	PUNCT
gujaf-381	220	1	momtaz	momtaz	NOUN
gujaf-381	220	2	,	,	PUNCT
gujaf-381	220	3	p.	p.	NOUN
gujaf-381	220	4	p.	p.	NOUN
gujaf-381	220	5	(	(	PUNCT
gujaf-381	220	6	2020	2020	NUM
gujaf-381	220	7	)	)	PUNCT
gujaf-381	220	8	.	.	PUNCT
gujaf-381	221	1	initial	initial	ADJ
gujaf-381	221	2	coin	coin	NOUN
gujaf-381	221	3	offerings	offering	NOUN
gujaf-381	221	4	.	.	PUNCT
gujaf-381	222	1	journal	journal	NOUN
gujaf-381	222	2	of	of	ADP
gujaf-381	222	3	financial	financial	ADJ
gujaf-381	222	4	economics	economic	NOUN
gujaf-381	222	5	,	,	PUNCT
gujaf-381	222	6	135(2	135(2	NUM
gujaf-381	222	7	)	)	PUNCT
gujaf-381	222	8	,	,	PUNCT
gujaf-381	222	9	473–495	473–495	NUM
gujaf-381	222	10	.	.	PUNCT
gujaf-381	223	1	pagnotta	pagnotta	PROPN
gujaf-381	223	2	,	,	PUNCT
gujaf-381	223	3	e.	e.	PROPN
gujaf-381	223	4	s.	s.	PROPN
gujaf-381	223	5	,	,	PUNCT
gujaf-381	223	6	&	&	CCONJ
gujaf-381	223	7	buraschi	buraschi	PROPN
gujaf-381	223	8	,	,	PUNCT
gujaf-381	223	9	a.	a.	NOUN
gujaf-381	223	10	(	(	PUNCT
gujaf-381	223	11	2018	2018	NUM
gujaf-381	223	12	)	)	PUNCT
gujaf-381	223	13	.	.	PUNCT
gujaf-381	224	1	an	an	DET
gujaf-381	224	2	equilibrium	equilibrium	NOUN
gujaf-381	224	3	valuation	valuation	NOUN
gujaf-381	224	4	of	of	ADP
gujaf-381	224	5	bitcoin	bitcoin	PROPN
gujaf-381	224	6	and	and	CCONJ
gujaf-381	224	7	decentralized	decentralized	ADJ
gujaf-381	224	8	network	network	NOUN
gujaf-381	224	9	assets	asset	NOUN
gujaf-381	224	10	.	.	PUNCT
gujaf-381	225	1	ssrn	ssrn	PROPN
gujaf-381	225	2	electronic	electronic	ADJ
gujaf-381	225	3	journal	journal	NOUN
gujaf-381	225	4	.	.	PUNCT
gujaf-381	226	1	https://doi.org/10.2139/ssrn.3135103	https://doi.org/10.2139/ssrn.3135103	NOUN
gujaf-381	226	2	schär	schär	NOUN
gujaf-381	226	3	,	,	PUNCT
gujaf-381	226	4	f.	f.	PROPN
gujaf-381	226	5	(	(	PUNCT
gujaf-381	226	6	2021	2021	NUM
gujaf-381	226	7	)	)	PUNCT
gujaf-381	226	8	.	.	PUNCT
gujaf-381	227	1	decentralized	decentralize	VERB
gujaf-381	227	2	finance	finance	NOUN
gujaf-381	227	3	:	:	PUNCT
gujaf-381	227	4	on	on	ADP
gujaf-381	227	5	blockchainand	blockchainand	PROPN
gujaf-381	227	6	smart	smart	ADJ
gujaf-381	227	7	contract	contract	NOUN
gujaf-381	227	8	-	-	PUNCT
gujaf-381	227	9	based	base	VERB
gujaf-381	227	10	financial	financial	ADJ
gujaf-381	227	11	markets	market	NOUN
gujaf-381	227	12	.	.	PUNCT
gujaf-381	228	1	federal	federal	PROPN
gujaf-381	228	2	reserve	reserve	PROPN
gujaf-381	228	3	bank	bank	PROPN
gujaf-381	228	4	of	of	ADP
gujaf-381	228	5	st	st	PROPN
gujaf-381	228	6	.	.	PROPN
gujaf-381	228	7	louis	louis	PROPN
gujaf-381	228	8	review	review	PROPN
gujaf-381	228	9	,	,	PUNCT
gujaf-381	228	10	103(2	103(2	NUM
gujaf-381	228	11	)	)	PUNCT
gujaf-381	228	12	,	,	PUNCT
gujaf-381	228	13	153–174	153–174	NUM
gujaf-381	228	14	.	.	PUNCT
gujaf-381	229	1	serra	serra	PROPN
gujaf-381	229	2	,	,	PUNCT
gujaf-381	229	3	a.	a.	PROPN
gujaf-381	229	4	,	,	PUNCT
gujaf-381	229	5	van	van	PROPN
gujaf-381	229	6	winden	winden	PROPN
gujaf-381	229	7	,	,	PUNCT
gujaf-381	229	8	w.	w.	PROPN
gujaf-381	229	9	,	,	PUNCT
gujaf-381	229	10	&	&	CCONJ
gujaf-381	229	11	gozzi	gozzi	PROPN
gujaf-381	229	12	,	,	PUNCT
gujaf-381	229	13	p.	p.	NOUN
gujaf-381	229	14	(	(	PUNCT
gujaf-381	229	15	2022	2022	NUM
gujaf-381	229	16	)	)	PUNCT
gujaf-381	229	17	.	.	PUNCT
gujaf-381	230	1	crowdfunding	crowdfunding	NOUN
gujaf-381	230	2	and	and	CCONJ
gujaf-381	230	3	blockchain	blockchain	PROPN
gujaf-381	230	4	:	:	PUNCT
gujaf-381	230	5	how	how	SCONJ
gujaf-381	230	6	initial	initial	ADJ
gujaf-381	230	7	coin	coin	NOUN
gujaf-381	230	8	offerings	offering	NOUN
gujaf-381	230	9	(	(	PUNCT
gujaf-381	230	10	icos	icos	PROPN
gujaf-381	230	11	)	)	PUNCT
gujaf-381	230	12	and	and	CCONJ
gujaf-381	230	13	security	security	NOUN
gujaf-381	230	14	token	token	VERB
gujaf-381	230	15	offerings	offering	NOUN
gujaf-381	230	16	(	(	PUNCT
gujaf-381	230	17	stos	stos	ADJ
gujaf-381	230	18	)	)	PUNCT
gujaf-381	230	19	reshape	reshape	NOUN
gujaf-381	230	20	crowdfunding	crowdfunding	NOUN
gujaf-381	230	21	.	.	PUNCT
gujaf-381	231	1	journal	journal	PROPN
gujaf-381	231	2	of	of	ADP
gujaf-381	231	3	business	business	NOUN
gujaf-381	231	4	venturing	venturing	NOUN
gujaf-381	231	5	,	,	PUNCT
gujaf-381	231	6	37(3	37(3	NUM
gujaf-381	231	7	)	)	PUNCT
gujaf-381	231	8	,	,	PUNCT
gujaf-381	231	9	106272	106272	NUM
gujaf-381	231	10	.	.	PUNCT
gujaf-381	232	1	zhang	zhang	PROPN
gujaf-381	232	2	,	,	PUNCT
gujaf-381	232	3	y.	y.	PROPN
gujaf-381	232	4	,	,	PUNCT
gujaf-381	232	5	xu	xu	PROPN
gujaf-381	232	6	,	,	PUNCT
gujaf-381	232	7	w.	w.	PROPN
gujaf-381	232	8	,	,	PUNCT
gujaf-381	232	9	&	&	CCONJ
gujaf-381	232	10	yang	yang	PROPN
gujaf-381	232	11	,	,	PUNCT
gujaf-381	232	12	y.	y.	PROPN
gujaf-381	232	13	(	(	PUNCT
gujaf-381	232	14	2023	2023	NUM
gujaf-381	232	15	)	)	PUNCT
gujaf-381	232	16	.	.	PUNCT
gujaf-381	233	1	token	token	VERB
gujaf-381	233	2	ownership	ownership	NOUN
gujaf-381	233	3	concentration	concentration	NOUN
gujaf-381	233	4	and	and	CCONJ
gujaf-381	233	5	market	market	NOUN
gujaf-381	233	6	efficiency	efficiency	NOUN
gujaf-381	233	7	in	in	ADP
gujaf-381	233	8	blockchain	blockchain	PROPN
gujaf-381	233	9	ecosystems	ecosystem	NOUN
gujaf-381	233	10	.	.	PUNCT
gujaf-381	234	1	information	information	NOUN
gujaf-381	234	2	&	&	CCONJ
gujaf-381	234	3	management	management	PROPN
gujaf-381	234	4	,	,	PUNCT
gujaf-381	234	5	60(2	60(2	NUM
gujaf-381	234	6	)	)	PUNCT
gujaf-381	234	7	,	,	PUNCT
gujaf-381	234	8	103660	103660	NUM
gujaf-381	234	9	.	.	PUNCT
gujaf-381	235	1	gusau	gusau	PROPN
gujaf-381	235	2	journal	journal	PROPN
gujaf-381	235	3	of	of	ADP
gujaf-381	235	4	accounting	accounting	NOUN
gujaf-381	235	5	and	and	CCONJ
gujaf-381	235	6	finance	finance	NOUN
gujaf-381	235	7	,	,	PUNCT
gujaf-381	235	8	vol.6	vol.6	PROPN
gujaf-381	235	9	,	,	PUNCT
gujaf-381	235	10	issue	issue	NOUN
gujaf-381	235	11	1	1	NUM
gujaf-381	235	12	,	,	PUNCT
gujaf-381	235	13	april	april	PROPN
gujaf-381	235	14	,	,	PUNCT
gujaf-381	235	15	2025	2025	NUM
gujaf-381	235	16	240	240	NUM
gujaf-381	235	17	bond	bond	NOUN
gujaf-381	235	18	,	,	PUNCT
gujaf-381	235	19	s.	s.	PROPN
gujaf-381	235	20	(	(	PUNCT
gujaf-381	235	21	2002	2002	NUM
gujaf-381	235	22	)	)	PUNCT
gujaf-381	235	23	.	.	PUNCT
gujaf-381	236	1	dynamic	dynamic	ADJ
gujaf-381	236	2	panel	panel	NOUN
gujaf-381	236	3	data	datum	NOUN
gujaf-381	236	4	models	model	NOUN
gujaf-381	236	5	:	:	PUNCT
gujaf-381	236	6	a	a	DET
gujaf-381	236	7	guide	guide	NOUN
gujaf-381	236	8	to	to	ADP
gujaf-381	236	9	micro	micro	ADJ
gujaf-381	236	10	data	datum	NOUN
gujaf-381	236	11	methods	method	NOUN
gujaf-381	236	12	and	and	CCONJ
gujaf-381	236	13	practice	practice	NOUN
gujaf-381	236	14	.	.	PUNCT
gujaf-381	237	1	portuguese	portuguese	ADJ
gujaf-381	237	2	economic	economic	ADJ
gujaf-381	237	3	journal	journal	NOUN
gujaf-381	237	4	,	,	PUNCT
gujaf-381	237	5	1	1	NUM
gujaf-381	237	6	,	,	PUNCT
gujaf-381	237	7	141–162	141–162	NUM
gujaf-381	237	8	.	.	PUNCT
gujaf-381	237	9	catalini	catalini	PROPN
gujaf-381	237	10	,	,	PUNCT
gujaf-381	237	11	c.	c.	PROPN
gujaf-381	237	12	,	,	PUNCT
gujaf-381	237	13	&	&	CCONJ
gujaf-381	237	14	gans	gans	PROPN
gujaf-381	237	15	,	,	PUNCT
gujaf-381	237	16	j.	j.	PROPN
gujaf-381	237	17	s.	s.	PROPN
gujaf-381	237	18	(	(	PUNCT
gujaf-381	237	19	2020	2020	NUM
gujaf-381	237	20	)	)	PUNCT
gujaf-381	237	21	.	.	PUNCT
gujaf-381	238	1	some	some	DET
gujaf-381	238	2	simple	simple	ADJ
gujaf-381	238	3	economics	economic	NOUN
gujaf-381	238	4	of	of	ADP
gujaf-381	238	5	the	the	DET
gujaf-381	238	6	blockchain	blockchain	PROPN
gujaf-381	238	7	.	.	PROPN
gujaf-381	239	1	journal	journal	PROPN
gujaf-381	239	2	of	of	ADP
gujaf-381	239	3	economic	economic	ADJ
gujaf-381	239	4	perspectives	perspective	NOUN
gujaf-381	239	5	,	,	PUNCT
gujaf-381	239	6	34(3	34(3	NUM
gujaf-381	239	7	)	)	PUNCT
gujaf-381	239	8	,	,	PUNCT
gujaf-381	239	9	45–66	45–66	NUM
gujaf-381	239	10	.	.	PUNCT
gujaf-381	240	1	cong	cong	PROPN
gujaf-381	240	2	,	,	PUNCT
gujaf-381	240	3	l.	l.	PROPN
gujaf-381	240	4	w.	w.	PROPN
gujaf-381	240	5	,	,	PUNCT
gujaf-381	240	6	li	li	PROPN
gujaf-381	240	7	,	,	PUNCT
gujaf-381	240	8	y.	y.	PROPN
gujaf-381	240	9	,	,	PUNCT
gujaf-381	240	10	&	&	CCONJ
gujaf-381	240	11	wang	wang	PROPN
gujaf-381	240	12	,	,	PUNCT
gujaf-381	240	13	n.	n.	PROPN
gujaf-381	240	14	(	(	PUNCT
gujaf-381	240	15	2021	2021	NUM
gujaf-381	240	16	)	)	PUNCT
gujaf-381	240	17	.	.	PUNCT
gujaf-381	241	1	tokenomics	tokenomic	NOUN
gujaf-381	241	2	:	:	PUNCT
gujaf-381	241	3	dynamic	dynamic	ADJ
gujaf-381	241	4	adoption	adoption	NOUN
gujaf-381	241	5	and	and	CCONJ
gujaf-381	241	6	valuation	valuation	NOUN
gujaf-381	241	7	.	.	PUNCT
gujaf-381	242	1	the	the	DET
gujaf-381	242	2	review	review	NOUN
gujaf-381	242	3	of	of	ADP
gujaf-381	242	4	economic	economic	ADJ
gujaf-381	242	5	studies	study	NOUN
gujaf-381	242	6	,	,	PUNCT
gujaf-381	242	7	88(3	88(3	NUM
gujaf-381	242	8	)	)	PUNCT
gujaf-381	242	9	,	,	PUNCT
gujaf-381	242	10	1292–1338	1292–1338	NUM
gujaf-381	242	11	.	.	PUNCT
gujaf-381	243	1	giglio	giglio	PROPN
gujaf-381	243	2	,	,	PUNCT
gujaf-381	243	3	s.	s.	PROPN
gujaf-381	243	4	,	,	PUNCT
gujaf-381	243	5	kelly	kelly	PROPN
gujaf-381	243	6	,	,	PUNCT
gujaf-381	243	7	b.	b.	PROPN
gujaf-381	243	8	,	,	PUNCT
gujaf-381	243	9	&	&	CCONJ
gujaf-381	243	10	pruitt	pruitt	PROPN
gujaf-381	243	11	,	,	PUNCT
gujaf-381	243	12	s.	s.	PROPN
gujaf-381	243	13	(	(	PUNCT
gujaf-381	243	14	2021	2021	NUM
gujaf-381	243	15	)	)	PUNCT
gujaf-381	243	16	.	.	PUNCT
gujaf-381	244	1	systemic	systemic	ADJ
gujaf-381	244	2	risk	risk	NOUN
gujaf-381	244	3	and	and	CCONJ
gujaf-381	244	4	the	the	DET
gujaf-381	244	5	macroeconomy	macroeconomy	NOUN
gujaf-381	244	6	:	:	PUNCT
gujaf-381	244	7	an	an	DET
gujaf-381	244	8	empirical	empirical	ADJ
gujaf-381	244	9	evaluation	evaluation	NOUN
gujaf-381	244	10	.	.	PUNCT
gujaf-381	245	1	journal	journal	NOUN
gujaf-381	245	2	of	of	ADP
gujaf-381	245	3	financial	financial	ADJ
gujaf-381	245	4	economics	economic	NOUN
gujaf-381	245	5	,	,	PUNCT
gujaf-381	245	6	141(2	141(2	NUM
gujaf-381	245	7	)	)	PUNCT
gujaf-381	245	8	,	,	PUNCT
gujaf-381	245	9	357–373	357–373	NUM
gujaf-381	245	10	.	.	PUNCT
gujaf-381	246	1	li	li	PROPN
gujaf-381	246	2	,	,	PUNCT
gujaf-381	246	3	x.	x.	PROPN
gujaf-381	246	4	,	,	PUNCT
gujaf-381	246	5	jiang	jiang	PROPN
gujaf-381	246	6	,	,	PUNCT
gujaf-381	246	7	p.	p.	PROPN
gujaf-381	246	8	,	,	PUNCT
gujaf-381	246	9	chen	chen	PROPN
gujaf-381	246	10	,	,	PUNCT
gujaf-381	246	11	t.	t.	PROPN
gujaf-381	246	12	,	,	PUNCT
gujaf-381	246	13	luo	luo	PROPN
gujaf-381	246	14	,	,	PUNCT
gujaf-381	246	15	x.	x.	NOUN
gujaf-381	246	16	,	,	PUNCT
gujaf-381	246	17	&	&	CCONJ
gujaf-381	246	18	wen	wen	PROPN
gujaf-381	246	19	,	,	PUNCT
gujaf-381	246	20	q.	q.	PROPN
gujaf-381	246	21	(	(	PUNCT
gujaf-381	246	22	2021	2021	NUM
gujaf-381	246	23	)	)	PUNCT
gujaf-381	246	24	.	.	PUNCT
gujaf-381	247	1	a	a	DET
gujaf-381	247	2	survey	survey	NOUN
gujaf-381	247	3	on	on	ADP
gujaf-381	247	4	the	the	DET
gujaf-381	247	5	security	security	NOUN
gujaf-381	247	6	of	of	ADP
gujaf-381	247	7	blockchain	blockchain	PROPN
gujaf-381	247	8	systems	system	NOUN
gujaf-381	247	9	.	.	PUNCT
gujaf-381	248	1	future	future	ADJ
gujaf-381	248	2	generation	generation	NOUN
gujaf-381	248	3	computer	computer	NOUN
gujaf-381	248	4	systems	system	NOUN
gujaf-381	248	5	,	,	PUNCT
gujaf-381	248	6	107	107	NUM
gujaf-381	248	7	,	,	PUNCT
gujaf-381	248	8	841–853	841–853	NUM
gujaf-381	248	9	.	.	PUNCT
gujaf-381	249	1	serra	serra	PROPN
gujaf-381	249	2	,	,	PUNCT
gujaf-381	249	3	a.	a.	PROPN
gujaf-381	249	4	,	,	PUNCT
gujaf-381	249	5	van	van	PROPN
gujaf-381	249	6	winden	winden	PROPN
gujaf-381	249	7	,	,	PUNCT
gujaf-381	249	8	w.	w.	PROPN
gujaf-381	249	9	,	,	PUNCT
gujaf-381	249	10	&	&	CCONJ
gujaf-381	249	11	gozzi	gozzi	PROPN
gujaf-381	249	12	,	,	PUNCT
gujaf-381	249	13	p.	p.	NOUN
gujaf-381	249	14	(	(	PUNCT
gujaf-381	249	15	2022	2022	NUM
gujaf-381	249	16	)	)	PUNCT
gujaf-381	249	17	.	.	PUNCT
gujaf-381	250	1	crowdfunding	crowdfunding	NOUN
gujaf-381	250	2	and	and	CCONJ
gujaf-381	250	3	blockchain	blockchain	PROPN
gujaf-381	250	4	:	:	PUNCT
gujaf-381	250	5	how	how	SCONJ
gujaf-381	250	6	initial	initial	ADJ
gujaf-381	250	7	coin	coin	NOUN
gujaf-381	250	8	offerings	offering	NOUN
gujaf-381	250	9	(	(	PUNCT
gujaf-381	250	10	icos	icos	PROPN
gujaf-381	250	11	)	)	PUNCT
gujaf-381	250	12	and	and	CCONJ
gujaf-381	250	13	security	security	NOUN
gujaf-381	250	14	token	token	VERB
gujaf-381	250	15	offerings	offering	NOUN
gujaf-381	250	16	(	(	PUNCT
gujaf-381	250	17	stos	stos	ADJ
gujaf-381	250	18	)	)	PUNCT
gujaf-381	250	19	reshape	reshape	NOUN
gujaf-381	250	20	crowdfunding	crowdfunding	NOUN
gujaf-381	250	21	.	.	PUNCT
gujaf-381	251	1	journal	journal	PROPN
gujaf-381	251	2	of	of	ADP
gujaf-381	251	3	business	business	NOUN
gujaf-381	251	4	venturing	venturing	NOUN
gujaf-381	251	5	,	,	PUNCT
gujaf-381	251	6	37(3	37(3	NUM
gujaf-381	251	7	)	)	PUNCT
gujaf-381	251	8	,	,	PUNCT
gujaf-381	251	9	106272	106272	NUM
gujaf-381	251	10	.	.	PUNCT
gujaf-381	252	1	zhang	zhang	PROPN
gujaf-381	252	2	,	,	PUNCT
gujaf-381	252	3	y.	y.	PROPN
gujaf-381	252	4	,	,	PUNCT
gujaf-381	252	5	xu	xu	PROPN
gujaf-381	252	6	,	,	PUNCT
gujaf-381	252	7	w.	w.	PROPN
gujaf-381	252	8	,	,	PUNCT
gujaf-381	252	9	&	&	CCONJ
gujaf-381	252	10	yang	yang	PROPN
gujaf-381	252	11	,	,	PUNCT
gujaf-381	252	12	y.	y.	PROPN
gujaf-381	252	13	(	(	PUNCT
gujaf-381	252	14	2023	2023	NUM
gujaf-381	252	15	)	)	PUNCT
gujaf-381	252	16	.	.	PUNCT
gujaf-381	253	1	token	token	VERB
gujaf-381	253	2	ownership	ownership	NOUN
gujaf-381	253	3	concentration	concentration	NOUN
gujaf-381	253	4	and	and	CCONJ
gujaf-381	253	5	market	market	NOUN
gujaf-381	253	6	efficiency	efficiency	NOUN
gujaf-381	253	7	in	in	ADP
gujaf-381	253	8	blockchain	blockchain	PROPN
gujaf-381	253	9	ecosystems	ecosystem	NOUN
gujaf-381	253	10	.	.	PUNCT
gujaf-381	254	1	information	information	NOUN
gujaf-381	254	2	&	&	CCONJ
gujaf-381	254	3	management	management	PROPN
gujaf-381	254	4	,	,	PUNCT
gujaf-381	254	5	60(2	60(2	NUM
gujaf-381	254	6	)	)	PUNCT
gujaf-381	254	7	,	,	PUNCT
gujaf-381	254	8	103660	103660	NUM
gujaf-381	254	9	.	.	PUNCT