Does Geopolitical Risk Matter for the Success of Initial Coin Offerings?

Aristogenis Lazos and Laurent Pataillot
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Laurent Pataillot: IÉSEG School Of Management [Puteaux]

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Abstract: This study investigates the effect of country-specific geopolitical risk (GPR) on initial coin offering (ICO) success. The findings of this study reveal a positive relation. A plausible explanation may lie in prospect theory. When losses are more likely to take place, investors are risk-seeking and may overweight the low probability of hitting a big win in their pursuit of high returns. As a result, they may invest in high GPR ICOs that, in turn, may have a positive effect on their success. High GPR ICOs that employ the know your customer scheme, however, exhibit a lower likelihood of success.

Keywords: know your customer; initial coin offering; geopolitical risk; distributed ledger technology (search for similar items in EconPapers)
Date: 2026-04
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Published in International Journal of Finance and Economics, 2026, 31 (2), pp.2574 - 2779. ⟨10.1002/ijfe.70070⟩

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Journal Article: Does Geopolitical Risk Matter for the Success of Initial Coin Offerings? (2026)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05595808

DOI: 10.1002/ijfe.70070

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