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Conflicted Analysts and Initial Coin Offerings

Barth, Andreas; Laturnus, Valerie; Mansouri, Sasan; Wagner, Alexander F.


Andreas Barth

Sasan Mansouri

Alexander F. Wagner


This paper studies the contribution of analysts to the functioning and failure of the market for initial coin offerings (ICOs). The assessments of freelancing analysts exhibit biases because of reciprocal interactions of analysts with ICO team members. Even favorably rated ICOs tend to fail raising some capital when a greater portion of their ratings reciprocate prior ratings. Ninety days after listing on an exchange, the market capitalization relative to the initial funds raised is smaller for tokens with more reciprocal ratings. These findings suggest that conflicts of interest help explain the failure of ICOs.


Barth, A., Laturnus, V., Mansouri, S., & Wagner, A. F. (2023). Conflicted Analysts and Initial Coin Offerings. Management Science, 69(11), 6641-6666.

Journal Article Type Article
Acceptance Date Jun 6, 2023
Online Publication Date Sep 7, 2023
Publication Date 2023-11
Deposit Date Jun 11, 2024
Journal Management Science
Print ISSN 0025-1909
Electronic ISSN 1526-5501
Publisher Institute for Operations Research and Management Sciences
Peer Reviewed Peer Reviewed
Volume 69
Issue 11
Pages 6641-6666
Public URL

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