ICO Success and Post-ICO Performance

59 Pages Posted: 12 Dec 2018 Last revised: 1 Oct 2020

See all articles by Evgeny Lyandres

Evgeny Lyandres

Tel Aviv University; Boston University

Berardino Palazzo

Board of Governors of the Federal Reserve System

Daniel Rabetti

Tel Aviv University - Coller School of Management

Date Written: July 17, 2020

Abstract

We compile a comprehensive dataset 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 and use our dataset to study determinants of ICO funding success as well as post-ICO operating and financial performance. We highlight determinants of ICO success that are new to the literature and overturn some findings in existing studies. In addition, we provide evidence on some determinants of initial and longer-term ICO success on which existing literature has not reached a consensus. We also show that entrepreneurs' skin in the game is an important determinant of venture's post-ICO operating performance. Finally, we demonstrate that post-ICO operating success translates into financial one.

Keywords: ICOs, data quality, performance

Suggested Citation

Lyandres, Evgeny and Palazzo, Berardino and Rabetti, Daniel, ICO Success and Post-ICO Performance (July 17, 2020). Available at SSRN: https://ssrn.com/abstract=3287583 or http://dx.doi.org/10.2139/ssrn.3287583

Evgeny Lyandres (Contact Author)

Tel Aviv University ( email )

Ramat Aviv
Tel-Aviv, 6997801
Israel
6400241 (Fax)

Boston University ( email )

595 Commonwealth Avenue
Boston, MA 02215
United States
617-3582279 (Phone)

Berardino Palazzo

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Daniel Rabetti

Tel Aviv University - Coller School of Management ( email )

Ramat Aviv
Tel-Aviv, 6997801
Israel
972-54-9107234 (Phone)

HOME PAGE: http://https://en-coller.tau.ac.il/

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