We study initial coin offerings (ICOs) to understand how an unregulated market overcomes information frictions and conflicts of interest. Listing platforms both independently assess an offering and crowdsource information from "expert" reviewers. These experts provide more balanced textual...

Using computational linguistics, we examine whether risk factor disclosure in the offering prospectus provides unique information in the pricing of initial public offerings of bonds. Both credit ratings and initial yields are related to risks that discuss the financial condition of the firm, its...