Article2022

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

Evgeny Lyandres · Berardino Palazzo · Daniel Rabetti

166 citations0/0 files storedManagement Science

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FinTech, Crowdfunding, Digital Finance Blockchain Technology Applications and Security Private Equity and Venture Capital

Abstract

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. Supplemental Material: Data are available at https://doi.org/10.1287/mnsc.2022.4312 .

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References

1977Informational Asymmetries, Financial Structure, and Financial Intermediation 1985Dividend Policy under Asymmetric Information 2003Overconfidence and Speculative Bubbles 1972The Market for Securities: Substitution Versus Price Pressure and the Effects of Information on Share Prices 2017Why Do Businesses Go Crypto? An Empirical Analysis of Initial Coin Offerings 2018Initial coin offerings (ICOs) to finance new ventures 2019Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales 2018A Theory of ICOs: Diversification, Agency, and Information Asymmetry

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