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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In this paper we discuss how sanctions disrupt the institutional framework for international business (IB) and how firms respond to sanctions. We also propose a new research agenda that would help firms and governments to shape their geopolitical strategies.
PANIBRATOV Andrei - |
- Research
- Governance, International Management