# Professor Sabrina Howell is quoted in a feature article on her joint research with Professor David Yermack on initial coin offerings

1 Faculty News July 16, 2019 ![Econ Focus logo](/sites/default/files/styles/246w/public/assets/images/Econ-Focus-logo-feature.jpg?itok=Eec5GUQi)>

Excerpt from the [Econ Focus](https://www.richmondfed.org/publications/research/econ_focus/2019/q1/feature2) -- "'There is definitely some regulatory arbitrage and quite a bit of fraud that has happened,' says [Howell](https://www.stern.nyu.edu/faculty/bio/sabrina-howell). 'But I think ICOs also open the possibility for some exciting new business models.'"

[Read more](https://www.richmondfed.org/publications/research/econ_focus/2019/q1/feature2)