Readability of token whitepaper and ICO first-day return

Shuyu Zhang, Walter Aerts, Liping Lu and Huifeng Pan

Economics Letters, 2019, vol. 180, issue C, 58-61

Abstract: We study the association between readability of the ICO whitepaper and the offering’s first-day return. Using data from the four largest tokens exchanges in Asia, we find that an ICO whitepaper narrative with more readable disclosures is likely to result in a higher initial return for ICO investors.

Keywords: Cryptocurrency; Bitcoin; ICO; Token; Readability (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:180:y:2019:i:c:p:58-61

DOI: 10.1016/j.econlet.2019.04.010

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