期刊
ACCOUNTING AND FINANCE
卷 61, 期 4, 页码 5309-5340出版社
WILEY
DOI: 10.1111/acfi.12760
关键词
Initial coin offering; ICO; ICO white paper; Textual analysis; Cryptocurrency
资金
- DePaul University
The study found that ICOs with more unique or less common content in their white papers are related to ICO fund raising and post-ICO trading activities, and tend to perform better in the market.
This study examines whether the unique and common content of initial coin offering (ICO) white papers is related to ICO fund raising and post-ICO trading activities. Based on the signalling theory, we expect that high-quality ICOs can provide more unique content in their white papers to distinguish themselves from low-quality ICOs because it may be costly for low-quality ICOs to provide unique and specific information. Our results show that ICOs that have more unique or less common content in their white papers raise more funds or are subject to more active trading and higher market values in the post-ICO period.
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