Why do businesses go crypto? An empirical analysis of initial coin offerings
By Saman Adhami, G. Giudici, Stefano Martinazzi. Journal of Economics and Business, 2018
472 citations recorded by the source corpus.
In this work, we provide the first comprehensive description of the Initial Coin Offering (ICO) phenomenon, which by the end of 2017 allowed startups around the world to raise more than $5.3 billion, according to market observers. We analyze the determinants of the success of these token offerings by considering a sample of 253 campaigns. We find that the probability of an ICO’s success is higher if the code source is available, when a token presale is organized, and when tokens allow contributors to access a specific service (or to share profits). Our results provide valuable insights into this new source of capital for businesses and into the key determinants of fundraising success.
Subfields: Information Systems, Management Information Systems, Strategy and Management
View Paper: https://www.semanticscholar.org/paper/fdcde650ef859da8b51a465a977d22bf62ad57f6
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In Information Systems
In Management Information Systems
In Strategy and Management
Citations in the corpus
- Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings (2020, background): “Token offerings or Initial Coin Offerings (ICOs) are a recent phenomenon but the market is soaring (Adhami et al., 2018; Amsden and Schweizer, 2018; Momtaz, 2018, 2020b), even though it is plagued with a vast amount of scams (Kean, 2018; Shifflett and Jones, 2018). A limitation of the early literatu”
- Blockchain for Internet of Things: A Survey (2019, background): “The work of [109] also shows that a decentralized autonomous organization (DAO) attack stole $50 million worth of Ethereum by leveraging the vulnerability of smart contracts.”
- Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings (2018, unknown): “…2018); but collecting data from the ICO “universe” of websites that require prescreening or listing fees, such as Coinschedule.com and Topicolist.com,3 will likely result in a sample selection bias toward the more promising and larger ICOs (Adhami, Giudici, and Martinazzi, 2018; Fisch, 2019).”