Cerchiello, Paola;
Tasca, Paolo;
Toma, Anca Mirela;
(2019)
ICO Success Drivers: A Textual and Statistical Analysis.
The Journal of Alternative Investments
, 21
(4)
pp. 13-25.
10.3905/jai.2019.21.4.013.
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Abstract
Recently, tech-savvy start-ups and SMEs have begun to finance their business by raising funds through the issuance and sale of “branded” newly minted digital currencies. Since this alternative capital market is largely unregulated, investors need to separate the drivers of business success from those that indicate failure, or worse, fraudulent money-raising. Through standard logistic regression and extreme value logistic regression, the authors are able to shed light on the riskiest business projects. In particular, they find that the existence of a white paper, the number of advisors, the number of people on the team, and the presence of a Telegram chat are significant factors useful for discerning a successful capital raising from an unsuccessful one. Conversely, the non-existence of a company website and an inactive Twitter account are indicators of a possible scam.
| Type: | Article |
|---|---|
| Title: | ICO Success Drivers: A Textual and Statistical Analysis |
| DOI: | 10.3905/jai.2019.21.4.013 |
| Publisher version: | http://doi.org/10.3905/jai.2019.21.4.013 |
| Language: | English |
| Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | ICOs, cryptocurrencies, fundraising, classification models, text analysis |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10179666 |
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