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The Journal of Alternative Investments

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Investor Sentiment and Initial Coin Offerings

Wolfgang Drobetz, Paul P. Momtaz and Henning Schröder
The Journal of Alternative Investments Spring 2019, 21 (4) 41-55; DOI: https://doi.org/10.3905/jai.2019.1.069
Wolfgang Drobetz
is professor of finance at Hamburg University in Hamburg, Germany
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Paul P. Momtaz
is a PhD student in finance at the Anderson School of Management at UCLA in Los Angeles, CA
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Henning Schröder
is an assistant professor of finance at Hamburg University in Hamburg, Germany
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Abstract

The authors examine to what extent the market for initial coin offerings (ICOs) is driven by investor sentiment. Their results, based on a comprehensive set of sentiment and coin price data, suggest that the ICO market is driven by crypto-related sentiment, but is almost unrelated to general capital market sentiment. Among the crypto-related sentiment, social media channels, rather than traditional news channels, are the main source of investor sentiment. The authors find that ICO firms exploit “windows of opportunity” and avoid periods of negative sentiment. Coins listed during periods with negative investor sentiment generate negative returns in the short run. Moreover, returns to investors on the first day of trading predict long-run returns up to six months.

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The Journal of Alternative Investments: 21 (4)
The Journal of Alternative Investments
Vol. 21, Issue 4
Spring 2019
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Investor Sentiment and Initial Coin Offerings
Wolfgang Drobetz, Paul P. Momtaz, Henning Schröder
The Journal of Alternative Investments Mar 2019, 21 (4) 41-55; DOI: 10.3905/jai.2019.1.069

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Investor Sentiment and Initial Coin Offerings
Wolfgang Drobetz, Paul P. Momtaz, Henning Schröder
The Journal of Alternative Investments Mar 2019, 21 (4) 41-55; DOI: 10.3905/jai.2019.1.069
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