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Type	Bachelor's Thesis
Scope	Discipline-based scholarship
Title	Investor Analysis An Empirical Analysis of ICO Investors and Token Returns
Organization Unit	Financial Engineering (Markus Leippold)
Authors	Richard Buck
Supervisors	Benjamin Wilding Markus Leippold
Language	English
Institution	University of Zurich
Faculty	Faculty of Business, Economics and Informatics
Date	2021
Abstract Text	This investor analysis in the cryptocurrency market provides evidence that the composition of investors contains valuable information. The Ethereum blockchain addresses of 122 successful ICOs were analysed for the 2016 to 2019 period. The resulting investor base was categorized into four groups and used to estimate token return. The results indicate that a sophisticated investor base generates statistically significant alpha at the 10% level for the 365-days horizon, but not for the shorter horizons.
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