ICO Analysts

Andreas Barth, Valerie Laturnus, Sasan Mansouri and Alexander Wagner
Additional contact information
Valerie Laturnus: Goethe University Frankfurt - Department of Finance
Sasan Mansouri: Goethe University Frankfurt - Department of Finance

No 21-26, Swiss Finance Institute Research Paper Series from Swiss Finance Institute

Abstract: Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly. Favorably rated ICOs tend to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a history of optimism, and when reviews strike a particulary positive tone. These findings help illuminate the workings of ICOs for funding new ventures, and the rich data also yield insights pertinent to the literature on equity analysts and rating agencies.

Keywords: Analysts; Asymmetric Information; FinTech; Initial Coin Offering (ICO) (search for similar items in EconPapers)
JEL-codes: D82 D83 G14 G24 L26 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2021-03
New Economics Papers: this item is included in nep-big and nep-pay
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:chf:rpseri:rp2126

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