Publications
Publications
- December 2022
- Management Science
Initial Coin Offering (ICO) Success and Post-ICO Performance
By: Evgeny Lyandres, Berardino Palazzo and Daniel Rabetti
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
Citation
Lyandres, Evgeny, Berardino Palazzo, and Daniel Rabetti. "Initial Coin Offering (ICO) Success and Post-ICO Performance." Management Science 68, no. 12 (December 2022): 8658–8679.