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

Research output: Contribution to journalArticlepeer-review

  • Jiafu An
  • Tinghua Duan
  • Wenxuan Hou
  • Xinyu Xu
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. The authors 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. Their results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.
Original languageEnglish
Pages (from-to)26-40
JournalThe Journal of Alternative Investments
Issue number4
Publication statusPublished - 31 Mar 2019

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