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The Informativeness of ICO Whitepapers, A Topic Modeling Approach

Deveux, BenoƮt
(2021)

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DEVEUX_70011800_2021.pdf
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Details

Supervisors
Thewissen, James
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, Ơ finalitƩ spƩcialisƩe
Abstract
The ICO industry is growing fast and becomes increasingly integrated into business models of young companies. However, this inherently unregulated environment is plagued by information asymmetry. It is thus essential to determine the ICO success factors that will help entrepreneurs as well as investors to identify valuable token sales. We take a new angle compared to previous ICO success research by examining the importance of the thematic content in ICO whitepapers. To do so, we use a topic modeling approach to quantify the potential informational value of the thematic content. We employ a database of 1848 ICOs between 2016 and 2020 from ICO.Bench.com. We show that topics matter for the ICO success (TokenTradedHistorical), the amount raised by the ICO (AmountRaised) and its return relative to the market return (AbnormalIR). In a second step, we discuss the different topics that are of interest to investors. We show that blockchain related topics positively impact the success while law category reacts negatively.