Determinants of ICO success and post-ICO performance

【Author】 Aslan, Aylin; Sensoy, Ahmet; Akdeniz, Levent

【Source】BORSA ISTANBUL REVIEW

【影响因子】4.288

【Abstract】Initial coin offerings (ICOs) have emerged as an alternative way of raising funds for entrepreneurial ventures to develop a new project or product. In this study, a comprehensive analysis is conducted on the determinants of ICO success and aftermarket performance of ICOs. Our evidence suggests that ICOs with higher ratings, shorter planned token sale duration, smaller share for token sale, larger number of experts and more members in the developing team have a greater likelihood of success and raising more funds. We also show that offer price and market sentiment play a major role in explaining longer term post-ICO performance. Yet, key to a successful ICO and post-ICO performance differ between boom vs bust periods in the cryptocurrency markets.Copyright (c) 2022 Borsa Istanbul Anonim S , irketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

【Keywords】Fundraising success; Initial coin offerings; Post-ICO Performance; Underpricing

【发表时间】2023 JAN

【收录时间】2023-04-09

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-ICO