Initial Coin Offering (ICO) Success and Post-ICO Performance

Evgeny Lyandres*, Berardino Palazzo, Daniel Rabetti

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

37 Scopus citations


We compile a comprehensive data set of initial coin offerings (ICOs) from 19 data sources including 11 ICO aggregators.We alleviate severe limitations of available ICO data by performing the first systematic analysis of ICO data quality.We use our data set to study determinants of ICO funding success as well as post-ICO operating performance and provide evidence on some novel determinants of initial and longer-term ICO success. Finally, we show that post-ICO operating performance is positively associated with contemporaneous token returns and is generally negatively associated with token return volatility, suggesting that post-ICO operating performance has financial ramifications.

Original languageEnglish
Pages (from-to)8658-8679
Number of pages22
JournalManagement Science
Issue number12
StatePublished - Dec 2022


  • ICOs
  • operating performance
  • token returns


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