Initial coin offerings and entrepreneurial finance: The role of founders’ characteristics

Jiafu AN, Tinghua DUAN, Wenxuan HOU, Xinyu XU

Research output: Journal PublicationsJournal Article (refereed)peer-review

40 Citations (Scopus)


Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the Internet. This study tests the effects of disclosure of founders’ background information and founding team’s collective human capital on ICO outcomes. The authors find both the disclosure of founders’ information and founding team’s human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Their results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.
Original languageEnglish
Pages (from-to)26-40
Number of pages15
JournalJournal of Alternative Investments
Issue number4
Early online date1 Apr 2019
Publication statusPublished - 2019
Externally publishedYes


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