Do whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-11 DOI:10.1016/j.frl.2025.107747

Stefanie Moser

引用次数: 0

Abstract

This study investigates the role of cryptocurrency whitepapers in coin performance. Analysing 1231 cryptocurrencies, 315 of which have whitepapers, reveals significantly higher average excess returns for coins accompanied by whitepapers, particularly in the long term, rather than immediately after being listed on CoinGecko.com. In addition, specific whitepaper characteristics such as scope, readability, and sentiment are investigated regarding their relationships with coin performance. The results indicate a wide variance among certain features, showing that larger whitepapers negatively correlate with excess returns, while readability shows no consistent effect. Whitepaper sentiment is negatively connected to long-term excess returns, though in a complex relationship. Several robustness tests are conducted to evaluate the reliability of the results.

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白皮书重要吗？调查加密货币白皮书的长期影响

本研究调查了加密货币白皮书在硬币表现中的作用。对1231种加密货币（其中315种有白皮书）的分析显示，有白皮书的加密货币的平均超额回报要高得多，尤其是在长期内，而不是在CoinGecko.com上上市后立即。此外，还研究了特定的白皮书特征，如范围、可读性和情绪，以及它们与硬币性能的关系。结果表明，某些特征之间存在很大差异，表明较大的白皮书与超额回报呈负相关，而可读性则没有一致的影响。白皮书情绪与长期超额回报呈负相关，尽管关系复杂。进行了几个稳健性测试来评估结果的可靠性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance