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Initial Coin Offering (ICO) Success and Post-ICO Performance

Evgeny Lyandres, Berardino Palazzo, Daniel RabettiManagement创新管理UTD24
Management Science2022-02-14Tel Aviv University; Federal Reserve; Federal Reserve Board of GovernorsDOI
Citations153
Influential4
References14
Semantic Scholar

We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positively associated with contemporaneous token returns and is generally negatively associated with token return volatility, suggesting that post-ICO operating performance has financial ramifications. This paper was accepted by Kay Giesecke, finance. Supplemental Material: Data are available at https://doi.org/10.1287/mnsc.2022.4312 .

Security tokenVolatility (finance)Computer scienceSet (abstract data type)Big dataCryptocurrencyFinanceBusinessData miningComputer securityBlockchain Technology Applications and SecurityFinTech, Crowdfunding, Digital Finance
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