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Factors Affecting Tokens’ Long-Term Return after ICO

Student: Valentin Shishkov

Supervisor: Victoria V. Dobrynskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Joint HSE-NES Undergraduate Program in Economics (Bachelor)

Year of Graduation: 2019

This paper studies long-term performance of tokens from sample consisting of 404 ICOs, which were finished in 2017-2018. Tokens were sorted into portfolios using 3 different criteria: amount raised during ICO, industry and half-years, when tokens were listed. Cross-sectional patterns were found as the result, which were later proved by regression analysis. Long-term performance is positively influenced by amount raised during ICO, product being related to cryptomarket, first-month return and number of days before listing. It is negatively influenced by ICO being related to trading industry and time period, when token was listed.

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