The Influence of Institutional Investors on Initial Coin Offering Performance
Sammanfattning: The popularity of raising capital through Initial Coin Offerings and the rapidly evolving cryptocurrency market calls for a deeper understanding of success factors that can predict ICO success. In this paper, we examine the influence of institutional investors on ICO success by measuring the token's Buy and Hold Abnormal Returns and the venture's operational progress 180 days after the first day of trading. We find that institutional investor backed ventures outperform non-investor backed in terms of both investor returns, post-ICO employment and employment growth. Institutional investor backing can also help mitigate the information asymmetries in the ICO market through value signaling. In the unstable surroundings of the cryptocurrency market our results indicate that measuring the ICO performance with tangible measurements is preferable to measurements based on token prices.
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