# kaal:claim:3249860-016

**Claim.** For token issuers in the dataset that did not conduct an ICO, the author used the date of first publicly listed trade as a proxy variable for launch date.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- issuers in the dataset without an ICO

**Source quote.**

> For token issuers in the dataset that did not engage in an ICO, the author used the date of first publicly listed trade as a proxy variable.

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), III. Methodology & Data, page 11

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Topics.** research-methods, securities-law

**Keywords.** methodology, proxy-variable, ico, launch-date

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