Please use this identifier to cite or link to this item: http://hdl.handle.net/11144/5686
Title: ICObench ratings and initial coin offerings’ success.
Authors: Brochado, Ana
Mergulhão, Mariana
Keywords: Financial technology (fintech)
initial coin offering (ICO)
rating,
earlystage investment
signaling theory
Issue Date: Jun-2022
Publisher: CICEE. Universidade Autónoma de Lisboa
Abstract: Initial coin offerings (ICOs)–commonly referred to as token sales or token offerings– are assisted by blockchain technology. This financing tool helps entrepreneurs finance early-stage ventures on a decentralized, global scale. Researchers have previously called for more research to be carried out vis-à-vis the role of information intermediaries in the ICO ecosystem. The main goal of this study was to analyze the correlation between ICO ratings and the financing success of ICOs. As a result, secondary microdata on 5,581 ICOs were collected from the ICObench website. The results reveal that ICO ratings issued by third parties have a positive influence on the fundraising campaign of these offerings. ICO ratings thus appear to function as an effective signal to buyers and to reduce information asymmetry between sellers and investors.
Peer Reviewed: yes
URI: http://hdl.handle.net/11144/5686
metadata.dc.identifier.doi: https://doi.org/10.26619/ERBE-2022.2.1.6
ISSN: 2184-898X
Appears in Collections:ERBE - European Review of Business Economics. Vol.2, nº1(2022)

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