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Energy tokens as digital instruments of financial investment

Author

Listed:
  • Marchewka-Bartkowiak Kamilla

    (Department of Investments and Financial Markets, Poznań University of Economics and Business, al. Niepodległości 10, 61-875 Poznań, Poland)

  • Wiśniewski Marcin

    (Department of Investments and Financial Markets, Poznań University of Economics and Business, al. Niepodległości 10, 61-875 Poznań, Poland)

Abstract

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

Suggested Citation

  • Marchewka-Bartkowiak Kamilla & Wiśniewski Marcin, 2022. "Energy tokens as digital instruments of financial investment," Economics and Business Review, Sciendo, vol. 8(3), pages 109-125, October.
    • Handle: RePEc:vrs:ecobur:v:8:y:2022:i:3:p:109-125:n:1
    DOI: 10.18559/ebr.2022.3.6
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    References listed on IDEAS

    as
    1. Torsten Ehlers & Frank Packer, 2017. "Green bond finance and certification," BIS Quarterly Review, Bank for International Settlements, September.
    2. Stefan Tönnissen & Jan Heinrich Beinke & Frank Teuteberg, 2020. "Understanding token-based ecosystems – a taxonomy of blockchain-based business models of start-ups," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 307-323, June.
    3. Adhami, Saman & Giudici, Giancarlo & Martinazzi, Stefano, 2018. "Why do businesses go crypto? An empirical analysis of initial coin offerings," Journal of Economics and Business, Elsevier, vol. 100(C), pages 64-75.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    digital tokens; tokenization; climate-aligned tokens; energy tokens; investment efficiency;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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