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.
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