Innovative financing channels: International evidence from initial coin offering and project start-up success factors
Bibliographic record
Abstract
This study investigates Initial Coin Offerings (ICOs) as an innovative financing channel, focusing on the factors influencing their success and the project start-up post-ICO. Using a hand-collected dataset of 410 ICOs from the 2016–2018 period, we analyze ICOs as a mechanism that enables startups to raise significant capital. We categorize the success factors into voluntary disclosure quality, team characteristics, deal characteristics, and country of issuance or geographic location. We also examine security and payment tokens to explore their differing impacts on ICO outcomes. Our study contributes to the extant literature by offering a comprehensive view of the factors that drive ICO success and those that explain post-ICO performance. Our study provides critical insights for investors, regulators, and entrepreneurs.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.005 | 0.026 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.003 | 0.004 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.003 | 0.002 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".