Readability of token whitepaper and ICO first-day return

Shuyu Zhang; Walter Aerts; L. Lu; Huifeng Pan

doi:10.1016/j.econlet.2019.04.010

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 journal › Article › Scientific › peer-review

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
Pages (from-to)	58-61
Journal	Economics Letters
Volume	180
DOIs	https://doi.org/10.1016/j.econlet.2019.04.010
Publication status	Published - Jul 2019

Keywords

cryptocurrency
Bitcoin
ICO
token
readability

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10.1016/j.econlet.2019.04.010

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title = "Readability of token whitepaper and ICO first-day return",

abstract = "We study the association between readability of the ICO whitepaper and the offering{\textquoteright}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.",

keywords = "cryptocurrency, Bitcoin, ICO, token, readability",

author = "Shuyu Zhang and Walter Aerts and L. Lu and Huifeng Pan",

year = "2019",

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AU - Lu, L.

AU - Pan, Huifeng

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AB - 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.

KW - cryptocurrency

KW - Bitcoin

KW - ICO

KW - token

KW - readability

U2 - 10.1016/j.econlet.2019.04.010

DO - 10.1016/j.econlet.2019.04.010

M3 - Article

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VL - 180

SP - 58

EP - 61

JO - Economics Letters

JF - Economics Letters

ER -

Readability of token whitepaper and ICO first-day return

Abstract

Keywords

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