Initial Coin Offering (ICO) Success and Post-ICO Performance
整合19个数据源（含11个ICO聚合器）构建全面数据集，系统分析ICO数据质量，探究ICO融资成功及后续运营表现的决定因素，发现ICO后运营表现与代币回报正相关、与波动率负相关。
We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators. We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality. We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positively associated with contemporaneous token returns and is generally negatively associated with token return volatility, suggesting that post-ICO operating performance has financial ramifications. This paper was accepted by Kay Giesecke, finance. Supplemental Material: Data are available at https://doi.org/10.1287/mnsc.2022.4312 .