Factors, Affecting Behaviour of Token After ICO

Student: Shipovskaia Anastasiia

Supervisor: Egor Krivosheya

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2019

We analyse characteristics of ICO that determine financial performance which is measured in ROI. Our primary target is to test two hypothesis. First, Ethereum blockchain tokens performs better than unique tokens that carry more risks for potential customers as a code is new for users and require more time for deeper analysis on its characteristics that are on the technical side. Second – financial success of ICO depends more on team characteristics rather than on quality of the product at the period of ICO. We ran four different OLS regressions on a total sample of 500 ICOs and discovered that experience in blockchain positively affect successful ICO that is measured in ROI. What is more, team size has a negative impact on the financial outcome of the offering. All data was collected for the period April 2017 – April 2019 and taken from online web-sites such as Coingecko.com, Cryptocompare.com, ICObench.com, Coincheckup.com, LinkedIn and official web-pages of projects.

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