Predictability of ICO Success and Returns

Authors

  • Tobias Dean NAB Australia
  • Dulani Jayasuriya Daluwathumullagamage University of Auckland
  • Alastair Marsden University of Auckland

DOI:

https://doi.org/10.33423/jabe.v22i13.3897

Keywords:

business, economics, initial coin offerings, white paper, blockchain, distributed ledger, cryptocurrency, digital tokens

Abstract

Initial coin offerings (ICOs) provide a platform to issue tokens to the public. This study analyses the determinants of ICO success and listing day returns using a dataset of 341 executed ICOs. Funds raised under an ICO are negatively related to target funding size and positively related to Cryptocurrency usage and ICO quality. ICO listing day returns are negatively related to the amount raised, the time period of the offer and time delay to listing. In contrast, ICO listing day returns are positively related to Blockchain usage, ICO quality and the ICO success to raise the target level of funds.

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Published

2020-12-20

How to Cite

Dean, T., Daluwathumullagamage, D. J., & Marsden, A. (2020). Predictability of ICO Success and Returns. Journal of Applied Business and Economics, 22(13). https://doi.org/10.33423/jabe.v22i13.3897

Issue

Vol. 22 No. 13 (2020)

Section

Articles

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