Read me if you can! An analysis of ICO white papers
Read me if you can! An analysis of ICO white papers
复制标题
如果可以的话请读我！
DOI：
10.1016/j.frl.2020.101427
复制
发表时间：
2020
影响因子：
10.4
通讯作者：
D. Baur
中科院分区：
文献类型：
--
作者：
Shadi Samieifar;D. Baur
首次公开发行(ICO)是一种新的风险资本融资形式，在2016年至2019年间筹集了超过300亿美元。ICOS向更多样化的投资者群体开放了风险资本市场，此前仅限于“老练”的投资者。这项研究分析了1258份白皮书，发现白皮书的长度与ICO期间筹集的金额和成功完成ICO的可能性呈正相关。相比之下，白皮书的可读性等级只与募集量呈正相关。该研究强调了自愿披露在ICO市场中的作用。
Initial Coin Offerings (ICOs) are a new form of venture capital financing that raised more than 30 billion US dollars between 2016 and 2019. ICOs opened up the venture capital market to a more diverse investor base previously limited to “sophisticated” investors. This study analyses 1,258 white papers and finds that the length is positively correlated with the amount raised during the ICO and the likelihood of successfully completing the ICO. In contrast, the readability grade of the white paper is only positively correlated with the amount raised. The study highlights the role of voluntary disclosure in the ICO market.