The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings
نویسندگان
چکیده
Abstract Certification by analysts on a FinTech platform that harnesses the “wisdom of crowds” is associated with successful initial coin offerings (ICOs). We show favorable ratings group diverse backgrounds positively predict fundraising success and long-run token performance. Analysts’ also help detect potential fraud ex ante. document have career concerns are incentivized to issue informative ratings. Overall, our results suggest market-based certification process relies individuals at play in financing blockchain startups. (JEL D82, G11, G24, G32, G34, L26).
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ژورنال
عنوان ژورنال: The Review of Corporate Finance Studies
سال: 2021
ISSN: ['2046-9136', '2046-9128']
DOI: https://doi.org/10.1093/rcfs/cfab014