Institutional Investors and Post-ICO Performance: An Empirical Analysis of Investor Returns in Initial Coin Offerings (ICOs)
Institutional Investors and Post-ICO Performance: An Empirical Analysis of Investor Returns in Initial Coin Offerings (ICOs)
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机构投资者和 ICO 后的表现：首次代币发行 (ICO) 中投资者回报的实证分析
DOI：
10.2139/ssrn.3427025
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Paul P. Momtaz
中科院分区：
文献类型：
--
作者：
Christian Fisch;Paul P. Momtaz
摘要我们研究了机构投资者在首次公开发行硬币(ICO)中的作用。本文从财务投资者的角度，以565家ICO企业为样本，通过买入并持有超额收益(BHAR)对ICO上市后绩效的决定因素进行了评估。在概念上，我们认为机构投资者优越的筛选(选择效应)和指导能力(处理效应)使他们能够部分克服ICO背景下的信息不对称，并从他们的ICO投资中提取信息租金。我们发现，机构投资者的支持确实与ICO后更高的业绩相关。从计量经济学角度分析机构投资者的选择和处置效应，我们发现这两个效应都解释了机构投资者对ICO后绩效的正向影响。总体而言，我们的结果突显了机构投资者在ICO背景下的重要性。
Abstract We examine the role of institutional investors in initial coin offerings (ICOs). Taking a financial investor's perspective, we assess the determinants of post-ICO performance via buy-and-hold abnormal returns (BHAR) in a sample of 565 ICO ventures. Conceptually, we argue that institutional investors' superior screening (selection effect) and coaching abilities (treatment effect) enable them to partly overcome the information asymmetry of the ICO context and extract informational rents from their ICO investments. We find that institutional investor backing is indeed associated with higher post-ICO performance. Disentangling selection and treatment effects econometrically, we find that both of these effects explain the positive impact institutional investors have on post-ICO performance. Overall, our results highlight the importance of institutional investors in the ICO context.
影响因子：
6.1
作者：
Block, Joern;Fisch, Christian;Andres, Rene
通讯作者：
Andres, Rene