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Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title Conflicted Analysts and Initial Coin Offerings
Organization Unit
  • Andreas Barth
  • Valerie Laturnus
  • Sasan Mansouri
  • Alexander Wagner
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Journal Title Management Science
Publisher Institute for Operations Research and the Management Science
Geographical Reach international
ISSN 0025-1909
Volume 69
Number 11
Page Range 6641 - 6666
Date 2023
Abstract Text This paper studies the contribution of analysts to the functioning and failure of the market for Initial Coin Offerings (ICOs). The assessments of freelancing analysts exhibit biases due to reciprocal interactions of analysts with ICO team members. Even favorably rated ICOs tend to fail raising some capital when a greater portion of their ratings reciprocate prior ratings. 90 days after listing on an exchange the market capitalization relative to the initial funds raised is smaller for tokens with more reciprocal ratings. These findings suggest that conflicts of interest help explain the failure of ICOs.
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Digital Object Identifier 10.1287/mnsc.2021.02928
Other Identification Number merlin-id:23794
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