This paper examines the impact of cyber risks on ventures’ initial coin offerings (ICOs) results. We match novel data on national cybersecurity with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that institutional quality, such as the protection of investor rights and the function of the legal system, attenuates this relationship.
|Journal||Finance Research Letters|
|Early online date||24 Nov 2020|
|Publication status||Early online - 24 Nov 2020|
- cyber risks
- institution quality