Initial Coin Offering (ICO) Success and Post-ICO Performance
Initial Coin Offering (ICO) Success and Post-ICO Performance
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首次代币发行 (ICO) 的成功和 ICO 后的表现
DOI：
10.1287/mnsc.2022.4312
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
Daniel Rabetti
中科院分区：
文献类型：
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作者：
Evgeny Lyandres;Berardino Palazzo;Daniel Rabetti
我们从19个数据源（包括11个ICO聚合器）中编译了一个全面的ICO数据集。我们通过对ICO数据质量进行首次系统分析，缓解了可用ICO数据的严重局限性。我们使用我们的数据集来研究ICO融资成功的决定因素以及ICO后的经营业绩，并提供有关ICO初始和长期成功的一些新决定因素的证据。最后，我们发现，ICO后的经营业绩与同期代币回报率呈正相关，通常与代币回报率波动率呈负相关，这表明ICO后的经营业绩具有财务影响。这篇论文被金融界的Kay Giesecke接受。
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.