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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Market for Initial Coin Offerings 2018: Review of Global Empirical Research and ICO Activity in Switzerland and Liechtenstein |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 81 |
| Date | 2019 |
| Abstract Text | This thesis shows how token issuers can overcome information asymmetry by successfully signalling relevant investment information, such as quality of application, product, team and company or credibility signals to subscribers and investors. The academic literature on ICO success criteria is still heavily geared towards 2017 ICO data. Only few publications already extend to Q1/2018 or even Q2/2018 data. This analysis confirms major results of the empirical research based on the statistical analysis of 2018 data for the Swiss and the Liechtenstein ICO market. The study includes 145 Swiss and 7 Liechtenstein ICOs completed in 2018 and 28 different success criteria. The analysis confirms the paramount importance of the disclosure of quality (Source code on GitHub, ICObench.com rating) and of the disclosure of credibility (i.e., incorporation of the issuer), besides the power of social media marketing. It also confirms the “wisdom of the crowd” effect. |
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