Fear sells: On the sentiment deceptions and fundraising success of initial coin offerings

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annif.suggestionsfinance|money market|investors|financial markets|dictionaries|money (means of payment)|crowdfunding|gambling games|Saint Kitts and Nevis|monetary economy|enen
annif.suggestions.linkshttp://www.yso.fi/onto/yso/p1406|http://www.yso.fi/onto/yso/p6215|http://www.yso.fi/onto/yso/p18430|http://www.yso.fi/onto/yso/p7536|http://www.yso.fi/onto/yso/p5184|http://www.yso.fi/onto/yso/p3574|http://www.yso.fi/onto/yso/p27210|http://www.yso.fi/onto/yso/p3446|http://www.yso.fi/onto/yso/p109197|http://www.yso.fi/onto/yso/p2554en
dc.contributor.authorSapkota, Niranjan
dc.contributor.authorGrobys, Klaus
dc.contributor.departmentInnolab-
dc.contributor.facultyfi=Laskentatoimen ja rahoituksen yksikkö|en=School of Accounting and Finance|-
dc.contributor.orcidhttps://orcid.org/0000-0002-6549-8685-
dc.contributor.orcidhttps://orcid.org/0000-0002-4121-3606-
dc.contributor.organizationfi=Vaasan yliopisto|en=University of Vaasa|
dc.date.accessioned2023-03-28T12:26:09Z
dc.date.accessioned2025-06-25T12:38:45Z
dc.date.available2023-03-28T12:26:09Z
dc.date.issued2023-03
dc.description.abstractRetrieving information from an intensive hand-collected whitepaper data library covering 5,033 ICOs launched before 2020, we analyze the determinants of ICO success as measured by the amount of raised funding. We assess the sentiment and readability in ICO whitepapers in addition to other information disclosures. Whereas we do not find any evidence for that the riskiness of ICO projects would lower the predicted amount of raised funding, our results strongly suggest that ICO investors are largely guided by emotions when making investment decisions. Contrary to earlier literature, we find a weak association between quality signals of whitepapers and its success.-
dc.description.notification© 2023 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).-
dc.description.reviewstatusfi=vertaisarvioitu|en=peerReviewed|-
dc.format.bitstreamtrue
dc.format.contentfi=kokoteksti|en=fulltext|-
dc.format.extent35-
dc.identifier.olddbid17944
dc.identifier.oldhandle10024/15378
dc.identifier.urihttps://osuva.uwasa.fi/handle/11111/627
dc.identifier.urnURN:NBN:fi-fe2023032833507-
dc.language.isoeng-
dc.publisherElsevier-
dc.relation.doi10.1016/j.intfin.2022.101716-
dc.relation.funderLiikesivistysrahasto-
dc.relation.grantnumber190405-
dc.relation.ispartofjournalJournal of International Financial Markets, Institutions and Money-
dc.relation.issn1042-4431-
dc.relation.issn1873-0612-
dc.relation.urlhttps://doi.org/10.1016/j.intfin.2022.101716-
dc.relation.volume83-
dc.rightsCC BY 4.0-
dc.source.identifierScopus:85145335691-
dc.source.identifierhttps://osuva.uwasa.fi/handle/10024/15378
dc.subjectInitial Coin Offering (ICO)-
dc.subjectNatural Language Processing (NLP)-
dc.subjectSentiment Dictionaries-
dc.subjectDeep Learning-
dc.subjectArtificial Neural Networks (ANN)-
dc.subject.disciplinefi=Laskentatoimi ja rahoitus|en=Accounting and Finance|-
dc.titleFear sells: On the sentiment deceptions and fundraising success of initial coin offerings-
dc.type.okmfi=A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä|en=A1 Peer-reviewed original journal article|sv=A1 Originalartikel i en vetenskaplig tidskrift|-
dc.type.publicationarticle-
dc.type.versionpublishedVersion-

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