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De-Crypto-ing Signals in Initial Coin Offerings: Evidence of Rational Token Retention

Davydiuk, Tetiana ; Gupta, Deeksha ; Rosen, Samuel

Management science, 2023-11, Vol.69 (11), p.6584-6624 [Periódico revisado por pares]

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Título:
De-Crypto-ing Signals in Initial Coin Offerings: Evidence of Rational Token Retention
Autor: Davydiuk, Tetiana ; Gupta, Deeksha ; Rosen, Samuel
Assuntos: Asymmetric information ; Coins ; Crowdfunding ; Data collection ; Due diligence ; entrepreneurial financing ; Entrepreneurs ; ICOs ; Information technology ; Investors ; Management science ; Retention ; signaling
É parte de: Management science, 2023-11, Vol.69 (11), p.6584-6624
Descrição: Using the market for initial coin offerings (ICOs) as a laboratory, we provide evidence that entrepreneurs use retention to alleviate information asymmetry. The underlying technology and the absence of regulation make the ICO market well suited to study this question empirically. Using a hand-collected data set, we show that ICO issuers that retain a larger fraction of their tokens are more successful in their funding efforts and are more likely to develop a working product. Moreover, we find that retention is a stronger signal when markets are crowded, and investors do not have as much time to conduct due diligence. This paper was accepted by Will Cong, Special Section of Management Science : Blockchains and Crypto Economics. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2022.4631 .
Editor: Linthicum: INFORMS
Idioma: Inglês

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