Unpacking the black box of ICO white papers: A topic modeling approach

Research
Corporate and Market Finance, Digital Transformation, Entrepreneurship

789 vues

This study applies a novel topic modeling method to map Initial Coin Offerings’ (ICOs’) white paper thematic content to analyze its information value to investors. Using a sentence-based topic modeling algorithm, we determine and empirically quantify 30 topics in an extensive collection of 5,210 ICO white papers between 2015 and 2021. We find that the algorithm produces a semantically meaningful set of topics, which significantly improves the model performance in identifying successful projects. The most value-relevant topics concern the technical features of the ICO. However, we fnd that white paper’s informativeness substantially diminishes after the token is listed.

Liens et ressources

https://www.sciencedirect.com/science/article/pii/S0929119922000682

Mots clés

Entrepreneurial Finance, ICO Analysts, ICO Regulation, ICOs, Topic modeling, White papers

Auteur.e(s)

SHRESTHA Prabal
Teacher-researcher
EMLV

Institution(s)

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Management Dictionary
Corporate and Market Finance, Entrepreneurship

Corporate and Market Finance

Digital Transformation

Entrepreneurship

Unpacking the black box of ICO white papers: A topic modeling approach

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