网络风险和首次代币发行:来自世界的证据

Investments eJournal Pub Date : 2020-05-18 DOI:10.2139/ssrn.3604158

Jiafu An, Tinghua Duan, W. Hou, Xianda Liu

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引用次数: 10

摘要

摘要本文研究了网络风险对企业首次代币发行(ico)结果的影响。我们将国家网络安全的新数据与1654个ICO项目的手工收集特征进行了匹配，发现网络风险与ICO成功呈负相关。我们进一步发现，制度质量，如对投资者权利的保护和法律制度的功能，削弱了这种关系。

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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Cyber Risks and Initial Coin Offerings: Evidence from the World

Abstract This paper examines the impact of cyber risks on ventures’ initial coin offerings (ICOs) results. We match novel data on national cybersecurity with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that institutional quality, such as the protection of investor rights and the function of the legal system, attenuates this relationship.

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Investments eJournal

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