Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the reciprocal...
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ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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Initial Coin Offerings (ICOs) provide a clean opportunity and rich data to study the contribution of analysts to the functioning of capital markets. The assessments of freelancing ICO analysts vary in quality and exhibit biases due to the reciprocal interactions of analysts with ICO team members. Ratings predict ICO success, but imperfectly. Even favorably rated ICOs tend to fail when a greater portion of their ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a history of optimism, and when reviews strike a particularly positive tone. These findings suggest that information about the track record of analysts and their potentially conflicting activities is valuable to investors
Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend...
mehr
ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
Signatur:
DSM 13
Fernleihe:
keine Fernleihe
Freelancing human experts play an important role in Initial Coin Offerings (ICOs). Expert ratings partially reflect the reciprocal network of ICO members and analysts. Ratings predict ICO success, but highly imperfectly so. Favorably rated ICOs tend to fail when more ratings reciprocate prior ratings. Failure despite strong ratings is also frequent when analysts have a history of optimism, and when reviews strike a particulary positive tone. These findings help illuminate the workings of ICOs for funding new ventures, and the rich data and the specific institutional setup also yield insights pertinent to the literature on equity analysts and rating agencies.
In this study, using a comprehensive dataset on business media coverage and textual analysis of the discussions in firms' quarterly earnings conference calls, we show that firms whose management fail to satisfy the demand for information, ceteris...
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ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
Signatur:
DSM 13
Fernleihe:
keine Fernleihe
In this study, using a comprehensive dataset on business media coverage and textual analysis of the discussions in firms' quarterly earnings conference calls, we show that firms whose management fail to satisfy the demand for information, ceteris paribus, receive less media coverage. Poor information environment hurts the information-creation capacity of the media, while such an environment does not show a similar association with the media's information-dissemination role. Furthermore, this association is more prominent for the professional business media, compared to their nonprofessional counterparts such as blogs and alternative articles. Our results add nuance to the literature on media coverage bias by showing that the coverage of the firms is mainly driven by the supply-side factors, i.e. the factors affecting the suppliers of the coverage, rather than being demand-driven.