RT Journal Article SR Electronic T1 Initial Coin Offerings and Entrepreneurial Finance: The Role of Founders’ Characteristics JF The Journal of Alternative Investments FD Institutional Investor Journals SP jai.2019.1.068 DO 10.3905/jai.2019.1.068 A1 Jiafu An A1 Tinghua Duan A1 Wenxuan Hou A1 Xinyu Xu YR 2019 UL https://pm-research.com/content/early/2019/03/05/jai.2019.1.068.abstract AB Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the Internet. This study tests the effects of disclosure of founders’ background information and founding team’s collective human capital on ICO outcomes. We find both the disclosure of founders’ information and founding team’s human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Our results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.