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Zhang_Final.pdf (6.64 MB)
ETD Abstract Container
Abstract Header
Initial Coin Offerings: The Role of Subjective Information in Whitepapers
Author Info
Zhang, Jiahang
Permalink:
http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1576809509928498
Abstract Details
Year and Degree
2019, BA, Oberlin College, Economics.
Abstract
Initial coin offerings (ICOs) are an unregulated form of financing that raises funds by issuing crypto tokens using blockchain technology. In this paper, I explore the relationship between the level of mispricing at ICOs and the subjectivity in whitepapers, which are documents released before ICOs that provide details on the features of the tokens. The subjective information is examined by indices of confidence, tone, and readability. The model in this paper analyzes a sample of 258 ICOs that ended during January to October 2018. I find that the confidence score of a whitepaper is negatively associated with the daily excess return of a token, and thus there is an inverse relationship between the confident whitepapers and the level of underpricing. Further analysis indicates that this relationship is more pronounced in countries with no crypto anti-money laundering laws. This study provides insights into the role of whitepapers in the emerging ICO markets.
Committee
Edward F. McKelvey (Advisor)
Christopher Andrew James Cotter (Advisor)
Pages
38 p.
Subject Headings
Economics
;
Finance
Keywords
Cryptocurrency, ICOs, Whitepapers
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Citations
Zhang, J. (2019).
Initial Coin Offerings: The Role of Subjective Information in Whitepapers
[Undergraduate thesis, Oberlin College]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1576809509928498
APA Style (7th edition)
Zhang, Jiahang.
Initial Coin Offerings: The Role of Subjective Information in Whitepapers.
2019. Oberlin College, Undergraduate thesis.
OhioLINK Electronic Theses and Dissertations Center
, http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1576809509928498.
MLA Style (8th edition)
Zhang, Jiahang. "Initial Coin Offerings: The Role of Subjective Information in Whitepapers." Undergraduate thesis, Oberlin College, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1576809509928498
Chicago Manual of Style (17th edition)
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Document number:
oberlin1576809509928498
Download Count:
770
Copyright Info
© 2019, all rights reserved.
This open access ETD is published by Oberlin College Honors Theses and OhioLINK.