Abstract
This paper examines the impact of historical endowment on the function of Initial Coin Offering (ICO) market. We find that a country’s legal origin, disease environment, exposure to slave trade, and proximity to ancient trade routes are important determinants of the total amount of capital raised through ICOs. Further analyses suggest that the impact of historical endowment operates through legal and information sharing institutions. This finding suggests that history plays an important role in shaping modern finance, even after addressing the simultaneity and reverse causality concerns.
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