S/N Name of the article Authors Aim/ Objective

The purpose of this paper is to

analyze underpricing in initial
Underpricing in the coin offerings (ICO). It bridges
Thomas Heine Felix /
1 cryptocurrency world: evidence the gap between findings in
Henk von Eije
from initial coin offerings initial public offering (IPO)
literature and empirical results
from ICOs.

Initial coin offerings and their
2
initial returns
Impact of Social Media on
Fundraising Success in Initial
3 firms in financial industry, the
Coin Offering (ICO): An
Empirical Investigation
To educate investors on factors
affecting ICO investments and
to help them identify higher-
quality cryptocurrencies.
Secondly, it aims to guide ICO
Hui-Ching Hsieh / Jonas issuers in understanding the
Oppermann determinants of ICO
underpricing. By enhancing
firm quality, issuers can achieve
greater underpricing, signaling
favorable prospects to capital
market participants.
Few studies have looked at the
Mengfan Xuan / Xinyu use of social media by emerging
Zhu / J. Leon Zhao
fundraising from ICOs in
particular. Therefore, there is a
great call to explore how
blockchain startups can employ
social media to improve the
performance of ICOs. To
address this research gap, we
conduct empirical analysis
based on data collected from a
comprehensive sample of ICO
projects on ICObench.com up to
31st July 2019.
 The aim of this work is to
investigate the effects of
Effects of Initial Coin Offering different ICO characteristics,
André Meyer / Lennart
4 Characteristics on Cross-listing which are publicly known to the
Ante
Returns market, on the returns from
crosslisting events of ICO
tokens.

5
 Main Literature Conceptual Framework Variable

Cryptocurrencies as digital
assets / Initial public offering
vs initial coin offerings /
Underpricing theories / ICO-
specific characteristics
Initial coin offerings / Theory
of initial returns /

Institutional Background of
ICOs / Social Media in
Business
Cross-listings / ICO success /
ICO geography / ICO
characteristics /
 Population Sample Statistics Analysis

The researchers collected data on

cryptocurrency projects that conducted
their Initial Coin Offerings (ICOs)
between September 2015 and January
2018. They utilized icobench.com to
gather comprehensive information about
the projects, covering aspects like social,
business, technical, geographical, and
financial details. Additionally, they
accessed historical pricing data from
Descriptive statistics / Mean and median
coinmarketcap.com, which included
tests / Determinants of ICO underpricing
daily high, low, open, close, and volume
data in US dollars. Despite building a
Python scraper to retrieve data from both
sources, inconsistencies were frequent. To
address this, they manually supplemented
the data from icodrops.com,
cryptocompare.com, and various company
websites. As a result of the diverse data
sources and incomplete information, the
final dataset comprised 247 ICOs.
 The ICO characteristic variables are
Descriptive statistics / Effects of ICO
manually collected from multiple
characteristics and crypto markets on
available resources, including their
initial
websites, whitepapers and ICO tracking
returns / Effect of ICO duration on initial
websites, such as ICObench.com,
returns / Effect of ICO period, and cross-
GitHub.com, ICOdrops.com,
effect of ICO period and crypto
Icomarks.com, TrackICO.io and
market, on initial returns / Effect of ICO
Cryptoslate.com. After collecting and
jurisdiction and ICO industry on initial
matching all ICOs from January 2014 to
returns / Effect of conventional markets
August 2018, we have a final sample size
on initial returns
of 502.

We collected ICO project characteristics

of 5648 ICOs from ICObench.com up to
31st July 2019 and select 1709 projects Descrptive Statistics / Empirical
with clear start dates, end dates and the Analysis (H1, H2)
amount of capital raised among them. /
Twitter Data
 The data set consists of 250 cross-listing
events, which are distributed over 135
different ICO projects and their respective
tokens. The cross-listing events were
recorded via a publicly available telegram Descriptive statistics / Market model-
bot (t.me/cryptoeventbot), which connects based CAARs
to the application programming interfaces
(APIs) of
cryptocurrency exchanges and reports
new trading pairs
 Findings

It reveals that ICOs in the USA have

an average underpricing level of 123
percent, while in other countries, it is
97 percent. The underpricing of US
ICOs surpasses that of US Initial
Public Offerings (IPOs) and those
during the dot-com bubble. The
authors analyze determinants of ICO
underpricing, finding that factors like
first-day trading volume, positive
sentiment in the ICO market, and
large issue sizes or pre-ICO activities
influence the extent of underpricing.
Additionally, the study suggests that
in hot markets, first-day investors
may benefit less from ICOs.
 We found a significant phenomenon
of ICO underpricing, which supports
the information asymmetry and
behavioral finance theories adopted
from IPO underpricing. In terms of
the ICO characteristics, we found that
a presale and a lengthy whitepaper
have negative effects on the initial
return, while having a shorter
duration and running on an
independent blockchain with native
coin both have positive impacts. The
environment of the cryptocurrency
markets has a strong influence on
ICO initial returns. Our results show
that the movements of both Bitcoin
and Ethereum have significantly
positive influences.

By collecting data from

ICObench.com and Twitter, our
preliminary results show that first,
only creating a social media account
without good maintenance and
management does not have a
significant positive impact on ICO
fundraising performance. Second,
high activeness on social media
platform (including sending more
posts and updating more frequently)
has a significant positive impact on
ICO fundraising performance.
Third, being active on the social
media platform during ICO has a
larger impact on ICO fundraising
performance than being active before
ICO.
 results show that the market indeed
utilizes existing information to assess
the quality of ICO projects in the
context of cross-listings.