Readability of token whitepaper and ICO first-day return

Shuyu Zhang*, Walter Aerts, L. Lu, Huifeng Pan

*Corresponding author for this work

    Research output: Contribution to journalArticleScientificpeer-review


    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 languageEnglish
    Pages (from-to)58-61
    JournalEconomics Letters
    Publication statusPublished - Jul 2019


    • cryptocurrency
    • Bitcoin
    • ICO
    • token
    • readability


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