Conflicted Analysts and Initial Coin Offerings

【Author】 Barth, Andreas; Laturnus, Valerie; Mansouri, Sasan; Wagner, Alexander F.

【Source】MANAGEMENT SCIENCE

【影响因子】6.172

【Abstract】This paper studies the contribution of analysts to the functioning and failure of the market for initial coin offerings (ICOs). The assessments of freelancing analysts exhibit biases because of reciprocal interactions of analysts with ICO team members. Even favorably rated ICOs tend to fail raising some capital when a greater portion of their ratings reciprocate prior ratings. Ninety days after listing on an exchange, the market capitalization relative to the initial funds raised is smaller for tokens with more reciprocal ratings. These findings suggest that conflicts of interest help explain the failure of ICOs.

【Keywords】analysts; asymmetric information; blockchains; conflicts of interest; fintech; initial coin offering (ICO)

【发表时间】2023 2023 SEP 7

【收录时间】2023-10-20

【文献类型】实证数据

【主题类别】

区块链应用-虚拟经济-ICO