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Initial Coin Offerings
1UCLA Anderson School of Management, Los Angeles, California, United States of America.
Plos One
|May 22, 2020
Summary
Initial coin offerings (ICOs) offer rapid trading opportunities but often destroy investor value. Management quality boosts funding, while visionary projects may signal higher risk in this volatile blockchain-based market.
Area of Science:
- Blockchain Technology
- Financial Markets
- Entrepreneurial Finance
Background:
- Initial Coin Offerings (ICOs) utilize blockchain for decentralized fundraising.
- Tokens offer potential for liquid trading and rapid investor opportunities.
- ICO marketability provides unique insights into early-stage finance.
Purpose of the Study:
- To analyze the market dynamics and outcomes of Initial Coin Offerings (ICOs).
- To identify factors influencing ICO funding and investor returns.
- To assess the ICO market's susceptibility to external shocks.
Main Methods:
- Empirical analysis of ICO market data.
- Examination of trading performance and delisting rates.
- Sensitivity analysis to industry-specific adverse events.
Main Results:
- Investors earned an average of 8.2% on the first trading day, but 40% of ICOs destroyed value.
- Management quality and ICO profile positively correlated with funding and returns; visionary projects had a negative effect.
- ICO market demonstrated high susceptibility to environmental shocks, causing significant investor losses.
Conclusions:
- While ICOs present opportunities, significant risks and value destruction exist.
- Project characteristics like management quality and vision influence market success.
- The ICO market is highly vulnerable to regulatory and security-related industry events.
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