Cyber risks and initial coin offerings: evidence from the world

Jiafu An; Tinghua Duan; Wenxuan Hou; Xianda Liu

doi:10.1016/j.frl.2020.101858

Cyber risks and initial coin offerings: evidence from the world

Jiafu An, Tinghua Duan, Wenxuan Hou, Xianda Liu

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Abstract

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 language	English
Article number	101858
Journal	Finance Research Letters
Early online date	24 Nov 2020
DOIs	https://doi.org/10.1016/j.frl.2020.101858
Publication status	Early online - 24 Nov 2020

Keywords

ICO
cyber risks
institution quality

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10.1016/j.frl.2020.101858

Cyber Risks and Initial Coin OfferingsAccepted author manuscript (Post-print), 464 KBLicence: CC BY-NC-ND

Cite this

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title = "Cyber risks and initial coin offerings: evidence from the world",

abstract = "This paper examines the impact of cyber risks on ventures{\textquoteright} 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.",

keywords = "ICO, cyber risks, institution quality",

author = "Jiafu An and Tinghua Duan and Wenxuan Hou and Xianda Liu",

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AB - 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.

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KW - institution quality

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Cyber risks and initial coin offerings: evidence from the world

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Keywords

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