Abstract
This research paper explores the contributing factors behind the success of 146 ICOs from June 2017 to November 2017 by analysing the role of ICO characteristics, team quality and market sentiment behind each ICO on the short-term return on investment, first-day return and the total amount raised in the ICO. The results indicate, among other factors, that the initial price of the token in the ICO is negatively correlated to the four-month ROI and first-day returns, the use of the Ethereum platform in an ICO is negatively correlated to first-day returns and the greater the number of years of leadership experience the CEO has as well as the size of the team is positively correlated to the amount raised in the ICO. This research is the first of its kind to incorporate news article features, Google search statistics as well as specific management team criteria for a sample of ICOs and will contribute to the further development of ICO due diligence processes and serve as a guide to investors and ICO team members interested in identifying the positive signals behind successful ICOs.
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