Kondova, Galia

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Kondova
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Galia
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Kondova, Galia

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2018 - 20194
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Item-Typ: Publikation × Typ: 01A - Beitrag in wissenschaftlicher Zeitschrift ×

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Gerade angezeigt 1 - 4 von 4
  • Vorschaubild
    Publikation
    Blockchain in Startup Financing: ICOs and STOs in Switzerland
    (North American Business Press, 12.07.2019) Kondova, Galia; Simonella, Geremia [in: Journal of Strategic Innovation and Sustainability]
    This paper provides a comparative analysis of the new blockchain-based start-up and small companies funding methods, namely, initial coin offerings (ICOs) and security token offerings (STOs) against the backdrop of traditional fundraising methods like venture capital and private equity building on the experience of Switzerland. In particular, the comparative analysis is based on a theoretical overview of the nature of these blockchain applications, the relevant legislative framework as well as recent market developments with a focus on Switzerland. The paper concludes that both ICOs and STOs are characterized by lower entry barriers for investors and higher cost efficiency as compared to traditional start-up fundraising methods. However, STOs provide more security to investors than ICOs due to their wider regulation.
    01A - Beitrag in wissenschaftlicher Zeitschrift
  • Vorschaubild
    Publikation
    Governance of decentralized autonomous organizations
    (David Publishing, 2019) Kondova, Galia; Barba, Renato [in: Journal of Modern Accounting and Auditing]
    This paper draws parallels between the OECD principle on disclosure and transparency and the decentralized autonomous organization (DAO) governance on a blockchain. It provides an overview of the DAO concept based on self-executing smart contracts on a blockchain. The blockchain keeps a record of data and transactions in a decentralized and immutable form. The self-executing smart contracts on a blockchain ensure transparency and automation of the decision-making process in a DAO. The paper concludes that a DAO governance structure provides for transparency and enables shareholders to exercise their rights in an informed way. Considering the early stage of development of DAOs, however, caution is needed especially with regards to potential protocol vulnerabilities and legal uncertainties.
    01A - Beitrag in wissenschaftlicher Zeitschrift
  • Vorschaubild
    Publikation
    Economic development in Mexico and the role of blockchain
    (Horizon Research, 2019) Zbinden, Fabian; Kondova, Galia [in: Advances in Economics and Business]
    This paper studies recent economic and political developments in Mexico and the potential role of blockchain technology in improving governance and fighting corruption in the country. Mexico badly needs innovative solutions to fight the persistent problems of corruption and inefficient governance. At the same time, blockchain, being a decentralized technology, promises to reduce administrative costs and ensure transparency in the public services. The paper takes stock of the current state of blockchain implementation in the economy and in the public administration of Mexico as well as studies the advantages and disadvantages related to the further outspread of the technology in the country. Moreover, the work aims at drawing policy recommendations as to the future role of blockchain in the public management and economic development in Mexico.
    01A - Beitrag in wissenschaftlicher Zeitschrift
  • Vorschaubild
    Publikation
    Swiss Cantonal Banks: A DEA Efficiency and Productivity Analysis
    (Horizon Research Publishing, 30.05.2018) Bandyopadhyay, Trishit; Bobst, David; Hummel, Tobias; Kondova, Galia [in: Universal Journal of Accounting and Finance]
    This paper applies a data envelopment analysis (DEA) to study the efficiency and productivity changes in the Swiss cantonal bank sector in the period 2006-2014. The efficiency analysis is conducted by applying the production input-oriented DEA variable returns to scale model in a three-stage procedure. The productivity is studied by estimating a DEA-based Malmquist Productivity Index (MPI) that provides evidence of increasing productivity growth on average for the sector in the studied period. The main source of productivity growth as per the components of the Banker, Charnes and Cooper (BCC) MPI model is related to a frontier-shift (technological innovation) rather than to improvements in the technical efficiency. The decreasing average DEA scores in the post-global financial crisis period of 2008-2014 further support this finding. In the second stage of the efficiency analysis, the environmental factors influencing the productivity growth are analysed by conducting a general method of moments (GMM) regression. The results provide evidence of a positive and statistically significant relationship between the new annual residences per canton and technical efficiency. In the third stage, the environmental variables from the second-stage regression are included within the constraints of the first-stage DEA model as proposed by Ray [1]. The third-stage DEA scores support the evidence of slightly decreasing average post-global crisis technical efficiency. The overall average technical efficiency in the Swiss cantonal banking sector, however, remains at a relatively high level in the studied period.
    01A - Beitrag in wissenschaftlicher Zeitschrift