Readability of token whitepaper and ICO first-day return

摘要

We study the association between readability of the ICO whitepaper and the offering's first-day return. Using data from the four largest tokens exchanges in Asia, we find that an ICO whitepaper narrative with more readable disclosures is likely to result in a higher initial return for ICO investors. (C) 2019 Elsevier B.V. All rights reserved.