Abstract
We study the association between readability of the ICO whitepaper and the offering’s first-day return. Using data from the four largest tokens exchanges in Asia, we find that an ICO whitepaper narrative with more readable disclosures is likely to result in a higher initial return for ICO investors.
Original language | English |
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Pages (from-to) | 58-61 |
Journal | Economics Letters |
Volume | 180 |
DOIs | |
Publication status | Published - Jul 2019 |
Keywords
- cryptocurrency
- Bitcoin
- ICO
- token
- readability