Betting on the Horse, the Jockey or the Tips? Evidence from Blockchain-based Fundraising via Initial Coin Offerings

Wenjie Fan, Yanqing Lin, Wei Fan

Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-review

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Abstract

Initial Coin Offerings (ICOs), a novel fundraising form, allow blockchain-based ventures to issue crypto-assets in exchange for enormous amount of fund, with mere ideas in the conception stage, while without constraints of intermediaries or regulations. In this study, we develop a theoretical framework for how campaign profile, product quality, venture team characteristics, and expert ratings interrelate. Specifically, by establishing token sales as the primary ICO success measure, informational factors and the moderating role of expert ratings are proposed to investigate the underlying determinants affecting blockchain-based fundraising. By analyzing a dataset that consists of 4,183 ICOs from 2015 to 2020, we strive to clarify whether the investors should place more weight on the company (“the horse”), on the venture team (“the jockey”), or on the expert ratings (“the tips”). The research could promote the theoretical understanding of factors influencing ICOs, and help investors and entrepreneurs better appreciate the blockchain-based technology innovation.
Original languageEnglish
Title of host publicationPACIS 2020 Proceedings
PublisherAssociation for Information Systems
ISBN (Electronic)978-1-7336325-3-9
Publication statusPublished - 2020
MoE publication typeA4 Conference publication
EventPacific Asia Conference on Information Systems - Dubai, United Arab Emirates
Duration: 20 Jun 202024 Jun 2020
Conference number: 24

Conference

ConferencePacific Asia Conference on Information Systems
Abbreviated titlePACIS
Country/TerritoryUnited Arab Emirates
CityDubai
Period20/06/202024/06/2020

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