RT Journal Article
SR Electronic
T1 Initial Coin Offerings and Entrepreneurial Finance: <em>The Role of Founders’ Characteristics</em>
JF The Journal of Alternative Investments
FD Institutional Investor Journals
SP 26
OP 40
DO 10.3905/jai.2019.1.068
VO 21
IS 4
A1 Jiafu An
A1 Tinghua Duan
A1 Wenxuan Hou
A1 Xinyu Xu
YR 2019
UL https://pm-research.com/content/21/4/26.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. The authors 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. Their results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.TOPICS: Currency, exchanges/markets/clearinghouses, quantitative methods