Digital transformation: statistical evaluation of success factors of an ICO-campaign

International Scientific Conference "Digital Transformation on Manufacturing, Infrastructure and Service"

Rasskazova, Albina^1 ; Koroleva, Elena^1 ; Rasskazov, Sergey^2

National Research University Higher School of Economics, Myasnitskaya str., 20, Moscow

101000, Russia^1

St. Petersburg State University, Universitetskaya emb., 7-9, St. Petersburg

199034, Russia^2

关键词: Dependent variables;    Digital transformation;    Excess returns;    Legal frameworks;    Logistic regressions;    Statistical evaluation;    Stock exchange;    Success factors;   

Others  :  https://iopscience.iop.org/article/10.1088/1757-899X/497/1/012087/pdf
DOI  :  10.1088/1757-899X/497/1/012087

来源: IOP

【 摘 要 】

High rates of growth of the ICO market and its excess returns stipulate a significant interest of investors to projects which use initial token allocation (ICO) for attracting investments. This work takes into account the fact that even a potentially profitable project may fail to collect the required amount of money and to start placing tokens on the stock exchange. We are speaking about success of an ICO-campaign for fund raising. In order to estimate the influence of factors and check the suggested research hypotheses, logistic regression was used. The selection included 672 projects. As a dependent variable, the proportion of the amount collected in the ICO process from the required value is selected. Depending on the tested hypothesis the influencing variables took into account the presence of a pre-sale stage and the bounty program and also the price of the token, the upper limit of fund raising, the duration of the ICO-campaign and the number of team members. The work results allow token emitters to substantiate managing the success of the ICO-campaign of the project and the investors to see whether it deserves their attention. Besides, the obtained materials can be useful for specialists in forming the legal framework of token transactions.