Dombrowski, Niclas; Drobetz, Wolfgang; Hornuf, Lars; … - 2023
points in the ventures' life cycle. We find that, relative to purely crowdfunded ICO ventures, institutional investor …-backed ICO ventures exhibit poorer operating performance and fail earlier. However, conditional on their survival, these ventures … their reputation to drive up valuations and quickly exit the venture post-ICO. Our findings further indicate that there is …