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

• 成果类型: Article
• 署名作者: Lyandres, Evgeny; Palazzo, Berardino; Rabetti, Daniel
• 署名单位: Tel Aviv University; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.4312
• 发表日期: 2022
• 页码: 8658-8679
• 关键词: ICOs; token returns; operating performance

摘要

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.