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.

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What is it ?
A conscious or subconscious process, in which people attempt to influence the perceptions of other people about a person, object or event by regulating and controlling information in social interaction
• Self-promotion
• Corporate image
Who cares ?
• Individuals in social interactions
• Recruiters and job seekers
• Companies
NAVAZHYLAVA Kseniya - EMLV |
- Management Dictionary
- Human Resources Management, Organizational Theory