Fahlenbrach Rüdiger, Frattaroli Marc
Swiss Finance Institute @ EPFL, Quartier Unil-Chamberonne, Extranef 211, 1015 Lausanne, Switzerland.
ECGI, Brussels, Belgium.
Financ Mark Portf Mang. 2021;35(1):1-59. doi: 10.1007/s11408-020-00366-0. Epub 2020 Nov 6.
We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early-stage financing. Nevertheless, returns 9 months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency.
我们对成功的首次代币发行（ICO）的投资者进行了详细分析。平均每个ICO有4700名贡献者。中位数参与者贡献的金额较小，而且许多投资者在基础产品开发出来之前就出售了他们的代币。大型预售投资者以折扣价获得代币，并在ICO后不久就抛售其部分配额。ICO的贡献者缺乏早期融资中传统上给予投资者的保护。尽管如此，ICO九个月后的回报平均为正，这主要是由以太坊加密货币价值的上涨推动的。
