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

Evgeny Lyandres (lyandres@tauex.tau.ac.il), Berardino Palazzo (dino.palazzo@frb.gov) and Daniel Rabetti (rabetti@mail.tau.ac.il)
Additional contact information
Evgeny Lyandres: Coller School of Management, Tel Aviv University, 6997801 Tel Aviv, Israel
Berardino Palazzo: Board of Governors of the Federal Reserve System, Washington, District of Columbia 20551
Daniel Rabetti: Coller School of Management, Tel Aviv University, 6997801 Tel Aviv, Israel

Management Science, 2022, vol. 68, issue 12, 8658-8679

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.

Keywords: ICOs; token returns; operating performance (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (12)

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http://dx.doi.org/10.1287/mnsc.2022.4312 (application/pdf)

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