Investor sentiment and initial coin offerings

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

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Investor sentiment and initial coin offerings. / Drobetz, Wolfgang; Momtaz, Paul P.; Schröder, Henning.
in: Journal of Alternative Investments, Jahrgang 21, Nr. 4, 05.03.2019, S. 41-55.

Publikation: Beiträge in ZeitschriftenZeitschriftenaufsätzeForschungbegutachtet

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Drobetz W, Momtaz PP, Schröder H. Investor sentiment and initial coin offerings. Journal of Alternative Investments. 2019 Mär 5;21(4):41-55. doi: 10.3905/jai.2019.1.069

Bibtex

@article{0fcf318f444b430d9119a932e3bce4a2,
title = "Investor sentiment and initial coin offerings",
abstract = "The authors examine to what extent the market for initial coin offerings (ICOs) is driven by investor sentiment. Their results, based on a comprehensive set of sentiment and coin price data, suggest that the ICO market is driven by crypto-related sentiment, but is almost unrelated to general capital market sentiment. Among the crypto-related sentiment, social media channels, rather than traditional news channels, are the main source of investor sentiment. The authors find that ICO firms exploit “windows of opportunity” and avoid periods of negative sentiment. Coins listed during periods with negative investor sentiment generate negative returns in the short run. Moreover, returns to investors on the first day of trading predict long-run returns up to six months.",
keywords = "Management studies",
author = "Wolfgang Drobetz and Momtaz, {Paul P.} and Henning Schr{\"o}der",
year = "2019",
month = mar,
day = "5",
doi = "10.3905/jai.2019.1.069",
language = "English",
volume = "21",
pages = "41--55",
journal = "Journal of Alternative Investments",
issn = "1520-3255",
publisher = "Portfolio Management Research",
number = "4",

}

RIS

TY - JOUR

T1 - Investor sentiment and initial coin offerings

AU - Drobetz, Wolfgang

AU - Momtaz, Paul P.

AU - Schröder, Henning

PY - 2019/3/5

Y1 - 2019/3/5

N2 - The authors examine to what extent the market for initial coin offerings (ICOs) is driven by investor sentiment. Their results, based on a comprehensive set of sentiment and coin price data, suggest that the ICO market is driven by crypto-related sentiment, but is almost unrelated to general capital market sentiment. Among the crypto-related sentiment, social media channels, rather than traditional news channels, are the main source of investor sentiment. The authors find that ICO firms exploit “windows of opportunity” and avoid periods of negative sentiment. Coins listed during periods with negative investor sentiment generate negative returns in the short run. Moreover, returns to investors on the first day of trading predict long-run returns up to six months.

AB - The authors examine to what extent the market for initial coin offerings (ICOs) is driven by investor sentiment. Their results, based on a comprehensive set of sentiment and coin price data, suggest that the ICO market is driven by crypto-related sentiment, but is almost unrelated to general capital market sentiment. Among the crypto-related sentiment, social media channels, rather than traditional news channels, are the main source of investor sentiment. The authors find that ICO firms exploit “windows of opportunity” and avoid periods of negative sentiment. Coins listed during periods with negative investor sentiment generate negative returns in the short run. Moreover, returns to investors on the first day of trading predict long-run returns up to six months.

KW - Management studies

UR - http://www.scopus.com/inward/record.url?scp=85078460678&partnerID=8YFLogxK

U2 - 10.3905/jai.2019.1.069

DO - 10.3905/jai.2019.1.069

M3 - Journal articles

AN - SCOPUS:85078460678

VL - 21

SP - 41

EP - 55

JO - Journal of Alternative Investments

JF - Journal of Alternative Investments

SN - 1520-3255

IS - 4

ER -

DOI