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

2022; Institute for Operations Research and the Management Sciences; Volume: 68; Issue: 12 Linguagem: Inglês

10.1287/mnsc.2022.4312

1526-5501

Evgeny Lyandres, Berardino Palazzo, Daniel Rabetti,

Market Dynamics and Volatility

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 .