The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings
研究发现，金融科技平台上分析师群体的多样化评级能预测首次代币发行的成功和长期表现，并有助于事前识别欺诈，表明基于市场的群体认证机制在区块链初创企业融资中发挥作用。
Abstract Certification by analysts on a FinTech platform that harnesses the “wisdom of crowds” is associated with successful initial coin offerings (ICOs). We show that favorable ratings by a group of analysts with diverse backgrounds positively predict fundraising success and long-run token performance. Analysts’ ratings also help detect potential fraud ex ante. We document that analysts have career concerns and are incentivized by the platform to issue informative ratings. Overall, our results suggest that a market-based certification process that relies on a diverse group of individuals is at play in financing blockchain startups..