ICO analysts

Andreas Barth, Valerie Laturnus, Sasan Mansouri and Alexander F. Wagner

Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a history of optimism, and when reviews strike a particulary positive tone. These findings help illuminate the workings of ICOs for funding new ventures, and the rich data and the specific institutional setup also yield insights pertinent to the literature on equity analysts and rating agencies.

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Year of publication:	February 7, 2021
Authors:	Barth, Andreas ; Laturnus, Valerie ; Mansouri, Sasan ; Wagner, Alexander F.
Published in:	Jahrestagung 2021 ; 86
Publisher:	[Köln] : Verein für Socialpolitik
Subject:	Analysts \| Asymmetric Information \| FinTech \| Initial Coin Offering (ICO) \| Finanzanalyse \| Financial analysis \| Asymmetrische Information \| Asymmetric information \| Finanztechnologie \| Financial technology \| Informationswert \| Information value \| Anlageberatung \| Financial advisors

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Extent:	1 Online-Ressource (circa 56 Seiten) Illustrationen
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Konferenzbeitrag ; Conference paper ; Graue Literatur ; Non-commercial literature
Language:	English
Other identifiers:	hdl:10419/242429 [Handle]
Classification:	G14 - Information and Market Efficiency; Event Studies ; G24 - Investment Banking; Venture Capital; Brokerage ; L26 - Entrepreneurship ; D82 - Asymmetric and Private Information ; D83 - Search, Learning, Information and Knowledge
Source:	ECONIS - Online Catalogue of the ZBW

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