Cyber risks and initial coin offerings: evidence from the world

Jiafu An, Tinghua Duan, Wenxuan Hou, Xianda Liu

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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.
Original languageEnglish
Article number101858
JournalFinance Research Letters
Early online date24 Nov 2020
Publication statusEarly online - 24 Nov 2020


  • ICO
  • cyber risks
  • institution quality


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