Cyber Risks and Initial Coin Offerings: Evidence from the World

23 Pages Posted: 11 Jun 2020

See all articles by Jiafu An

Jiafu An

University of Aberdeen

Tinghua Duan

IESEG School of Management

Wenxuan Hou

University of Edinburgh - Business School; University of Edinburgh - Business School; Shanghai Lixin University of Accounting and Finance

Xianda Liu

University of Edinburgh, Business School

Date Written: May 18, 2020

Abstract

This paper examines the impact of cyber risks on ventures’ initial coin offerings (ICOs) results. We match novel data on national cyber-security with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that institutional quality, such as the protection of investor rights and the function of the legal system, attenuates this relationship.

Keywords: ICO, Cyber Risks, Institution Quality

JEL Classification: F0, G30, G32, G38

Suggested Citation

An, Jiafu and Duan, Tinghua and Hou, Wenxuan and Hou, Wenxuan and Liu, Xianda, Cyber Risks and Initial Coin Offerings: Evidence from the World (May 18, 2020). Available at SSRN: https://ssrn.com/abstract=3604158 or http://dx.doi.org/10.2139/ssrn.3604158

Jiafu An

University of Aberdeen ( email )

King's College
Aberdeen
Aberdeen, AB24 3FX
United Kingdom

HOME PAGE: http://www.jiafuan.net

Tinghua Duan

IESEG School of Management ( email )

Socle de la Grande Arche
1 Parvis de la Defense
Puteaux, Paris 92800
France

Wenxuan Hou (Contact Author)

University of Edinburgh - Business School ( email )

University of Edinburgh
29 Buccleuch Place
Edinburgh, Scotland EH8 9JS
United Kingdom

HOME PAGE: http://www.wenxuanhou.com

University of Edinburgh - Business School ( email )

University of Edinburgh
29 Buccleuch Place
Edinburgh, Scotland EH8 9JS
United Kingdom

HOME PAGE: http://www.wenxuanhou.com

Shanghai Lixin University of Accounting and Finance ( email )

Xianda Liu

University of Edinburgh, Business School ( email )

Edinburgh
United Kingdom

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
65
Abstract Views
326
rank
429,316
PlumX Metrics