The Role of Disclosure and Information Intermediaries in an Unregulated Capital Market: Evidence from Initial Coin Offerings

Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role disclosure and information intermediaries in unregulated crypto-tokens market. First, document substantial cross-sectional variation voluntary practices ventures seeking to raise capital through ICOs, such as extent released a prospectus-type called white paper; releasing technical source code; communicating social media platforms. Second, find that, even with limited verifiability, higher levels have greater ability capital. Finally, that this association is stronger presence mechanisms lend credibility ventures’ disclosures, internal governance or external scrutiny from intermediaries. Overall, our results suggest facilitate functioning ICOs alternative