The Role of Disclosure and Information Intermediaries in an Unregulated Capital Market: Evidence from Initial Coin Offerings

• 成果类型: Article
• 署名作者: Bourveau, Thomas; De George, Emmanuel T.; Ellahie, Atif; Macciocchi, Daniele
• 署名单位: Columbia University; University of Miami; Utah System of Higher Education; University of Utah
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12404
• 发表日期: 2022
• 页码: 129-167
• 关键词: voluntary disclosure; economic consequences; private meetings; credibility; liquidity; PROCEEDS; lemons; COSTS; firm

摘要

Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role of disclosure and information intermediaries in the unregulated crypto-tokens market. First, we document substantial cross-sectional variation in the voluntary disclosure practices of ventures seeking to raise capital through ICOs, such as the extent of information released in a prospectus-type document called a white paper; releasing the technical source code; and communicating through social media platforms. Second, we find that, even with limited disclosure verifiability, ventures with higher levels of disclosure have a greater ability to raise capital. Finally, we find that this association is stronger in the presence of mechanisms that lend credibility to ventures' voluntary disclosures, such as internal governance practices or external scrutiny from information intermediaries. Overall, our results suggest that voluntary disclosure and information intermediaries facilitate the functioning of ICOs as an alternative capital market.