The Impact of Website Information Disclosure on Initial Coin Offerings

• Main Authors: Yu-Hung Lin, 林昱宏
• Other Authors: Ju-Chun Yen
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/r76n85

碩士 === 國立中央大學 === 會計研究所 === 107 === With the rise of blockchain technology, another new way of financing has emerged – initial coin offerings. However, the lack of information disclosure nor the unclear supervisory mechanism has led to frequent frauds in the investment market, and information asymmetry has become a major problem between issuers and investors. This study uses a total of 255 initial coin offerings projects from November 2016 to November 1, 2017 to analyze the impact of website information disclosure on initial coin offerings. The results show that there is a positive impact on the success of initial coin offerings if the issuer discloses more information on its website. By dividing website information into four categories (basic, team, social media, and contact), I find that more basic and social information have a positive impact on the success of initial coin offerings. By disclosing token-related information and providing information through a variety of social media channels, the issuers can help investors understand the information about the initial coin offerings and thus reduce information asymmetry between them.