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...
mehr
ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
Signatur:
VS 544
Fernleihe:
keine Fernleihe
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.
