TY - JOUR
T1 - Cyber risks and initial coin offerings
T2 - Evidence from the world
AU - An, Jiafu
AU - Duan, Tinghua
AU - Hou, Wenxuan
AU - Liu, Xianda
PY - 2021/7
Y1 - 2021/7
N2 - This paper examines the impact of cyber risks on ventures’ initial coin offerings (ICOs) results. We match novel data on national cybersecurity with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that institutional quality, such as the protection of investor rights and the function of the legal system, attenuates this relationship.
AB - This paper examines the impact of cyber risks on ventures’ initial coin offerings (ICOs) results. We match novel data on national cybersecurity with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that institutional quality, such as the protection of investor rights and the function of the legal system, attenuates this relationship.
KW - ICO
KW - cyber risks
KW - institution quality
UR - https://www.research.ed.ac.uk/en/publications/cyber-risks-and-initial-coin-offerings-evidence-from-the-world
U2 - 10.1016/j.frl.2020.101858
DO - 10.1016/j.frl.2020.101858
M3 - Article
SN - 1544-6123
VL - 41
JO - Finance Research Letters
JF - Finance Research Letters
M1 - 101858
ER -