Initial coin offerings and entrepreneurial finance: The role of founders’ characteristics

Jiafu An, Tinghua Duan, Wenxuan Hou, Xinyu Xu

Research output: Contribution to journalArticlepeer-review

Abstract / Description of output

Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the internet. This study tests the effects of disclosure of founders’ background information and founding team’s collective human capital on ICO outcomes. We find both the disclosure of founders’ information and founding team’s human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Our results thus highlight the importance of information disclosure and human capital in entrepreneurial. ©2019 IPR Journals. All rights reserved.
Original languageEnglish
JournalJournal of Alternative Investments
Issue number3
Early online date5 Mar 2019
Publication statusE-pub ahead of print - 5 Mar 2019

Keywords / Materials (for Non-textual outputs)

  • Initial coin offerings (ICOs)
  • founder characteristics
  • entrepreneurial finance
  • human capital


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