Investor sentiment and initial coin offerings
Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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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 Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet
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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 -