Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100(1), 64–75. https://doi.org/10.1016/j.jeconbus.2018.04.001
Albrecht, S., Lutz, B., & Neumann, D. (2019). How sentiment impacts the success of blockchain startups-an analysis of social media data and initial coin offerings. Proceedings of the 52nd Hawaii International Conference on System Sciences 2019, Hawaii.
Albrecht, S., Lutz, B., & Neumann, D. (2020). The behavior of Blockchain ventures on twitter as a determinant for funding success. Electronic Markets, 30(2), 241–257. https://doi.org/10.1007/s12525-019-00371-w.
Article
Google Scholar
Alt, R. (2020). Electronic markets on blockchain markets. Electronic Markets, 30(2), 181–188. https://doi.org/10.1007/s12525-020-00428-1.
Article
Google Scholar
Alt, R., Beck, R., & Smits, M. T. (2018). FinTech and the transformation of the financial industry. Electronic Markets, 28(3), 235–243. https://doi.org/10.1007/s12525-018-0310-9
Amblee, N., & Bui, T. (2011). Harnessing the influence of social proof in online shopping: The effect of electronic word of mouth on sales of digital microproducts. International Journal of Electronic Commerce, 16(2), 91–114. https://doi.org/10.2753/JEC1086-4415160205
Amsden, R., & Schweizer, D. (2018). Are blockchain crowdsales the new 'gold rush’? Success determinants of initial coin offerings. Available at SSRN: https://doi.org/10.2139/ssrn.3163849
Aral, S., & Walker, D. (2011). Creating social contagion through viral product design: a randomized trial of peer influence in networks. Management Science, 57(9), 1623–1639. https://doi.org/10.1287/mnsc.1110.1421
Bae, J. (2018). Lemons problem in collaborative consumption platforms. Internet Research, 28(3), 746–766. https://doi.org/10.1108/IntR-08-2017-0332.
Article
Google Scholar
Bauer, I., Zavolokina, L., & Schwabe, G. (2020). Is there a market for trusted car data? Electronic Markets, 30(2), 211–225. https://doi.org/10.1007/s12525-019-00368-5
Beier, M., & Wagner, K. (2015). Crowdfunding success: a perspective from social media and e-commerce. Thirty Sixth International Conference on Information Systems (ICIS), Fort Worth.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Benedetti, H., & Kostovetsky, L. (2018). Digital tulips? Returns to investors in initial coin offerings. Journal of Corporate Finance, 66(101786). https://doi.org/10.2139/ssrn.3182169
Benlian, A., & Hess, T. (2011). The signaling role of IT features in influencing trust and participation in online communities. International Journal of Electronic Commerce, 15(4), 7–56. https://doi.org/10.2753/JEC1086-4415150401
Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026.
Article
Google Scholar
Bodnaruk, A., Kandel, E., Massa, M., & Simonov, A. (2007). Shareholder diversification and the decision to go public. The Review of Financial Studies, 21(6), 2779–2824. https://doi.org/10.1093/rfs/hhm036
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance†. Journal of Economic Perspectives, 29(2), 213–238. https://doi.org/10.1257/jep.29.2.213.
Article
Google Scholar
Bons, R., Versendaal, J., Zavolokina, L., & Shi, W. (2020). Potential and limits of Blockchain technology for networked businesses. Electronic Markets, 30(2), 189–194. https://doi.org/10.1007/s12525-020-00421-8.
Boreiko, D., & Sahdev, N. K. (2018). To ICO or not to ICO–Empirical analysis of initial coin offerings and token sales. Available at SSRN: https://doi.org/10.2139/ssrn.3209180
Brau, J. C., & Fawcett, S. E. (2006). Initial public offerings: An analysis of theory and practice. The Journal of Finance, 61(1), 399–436. https://doi.org/10.1111/j.1540-6261.2006.00840.x
Brau, J. C., Francis, B., & Kohers, N. (2003). The choice of IPO versus takeover: Empirical evidence. The Journal of Business, 76(4), 583–612. https://doi.org/10.1086/377032
Bruton, G. D., Chahine, S., & Filatotchev, I. (2009). Founders, private equity investors, and underpricing in entrepreneurial IPOs. Entrepreneurship Theory and Practice, 33(4), 909–928. https://doi.org/10.1111/j.1540-6520.2009.00309.x
Carter, R. B., Dark, F. H., & Singh, A. K. (1998). Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance, 53(1), 285–311. https://doi.org/10.1111/0022-1082.104624
Certo, S. T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review, 28(3), 432–446. https://doi.org/10.5465/amr.2003.10196754
Chan, Y.-C. (2014). How does retail sentiment affect IPO returns? Evidence from the internet bubble period. International Review of Economics & Finance, 29(1), 235–248. https://doi.org/10.1016/j.iref.2013.05.016
Chanson, M., Gjoen, J., Risius, M., & Wortmann, F. (2018). Initial coin offerings (ICOs): The role of social media for organizational legitimacy and underpricing. International conference on information systems (ICIS), San Francisco.
Chen, Y. (2018). Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business Horizons, 61(4), 567–575. https://doi.org/10.1016/j.bushor.2018.03.006
Cheung, C. M., Xiao, B. S., & Liu, I. L. (2014). Do actions speak louder than voices? The signaling role of social information cues in influencing consumer purchase decisions. Decision Support Systems, 65, 50–58. https://doi.org/10.1016/j.dss.2014.05.002
Chevalier, J. A., & Mayzlin, D. (2006). The effect of word of mouth on sales: Online book reviews. Journal of Marketing Research, 43(3), 345–354. https://doi.org/10.1509/jmkr.43.3.345
Cialdini, R. B. (2009). Influence: Science and practice (Vol. 4). Boston: Allyn & Bacon.
Google Scholar
Claussen, J., Kretschmer, T., & Mayrhofer, P. (2013). The effects of rewarding user engagement: The case of Facebook apps. Information Systems Research, 24(1), 186–200. https://doi.org/10.1287/isre.1120.0467
CoinMarketCap. (2018). All cryptocurrencies. Retrieved from https://coinmarketcap.com/all/views/all/. Retrieved 01.12.2020.
Coinmarketcap. (2020a). Historical data for Bitcoin. Retrieved from https://coinmarketcap.com/currencies/bitcoin/historical-data/?start=20161101&end=20190331. Retrieved 01.12.2020.
Coinmarketcap. (2020b). Historical data for Ethereum. Retrieved from https://coinmarketcap.com/currencies/ethereum/historical-data/?start=20161101&end=20190331. Retrieved 01.12.2020.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Danmayr, F. (2013). Archetypes of crowdfunding platforms: A multidimensional comparison. Springer Science & Business Media. https://doi.org/10.1007/978-3-658-04559-3
Degeorge, F., Derrien, F., & Womack, K. L. (2007). Analyst hype in IPOs: Explaining the popularity of bookbuilding. The Review of Financial Studies, 20(4), 1021–1058. https://doi.org/10.1093/revfin/hhm010
Du Helen, S. (2019). Achieving mobile social media popularity to enhance customer acquisition. Internet Research, 29(6), 1386–1409. https://doi.org/10.1108/INTR-01-2018-0014.
Article
Google Scholar
Duan, W., Gu, B., & Whinston, A. B. (2009). Informational cascades and software adoption on the internet: An empirical investigation. MIS Quarterly, 33(1), 23–48. https://doi.org/10.2307/20650277
Fahlenbrach, R., & Frattaroli, M. (2020). ICO investors. Financial Markets and Portfolio Management. https://doi.org/10.1007/s11408-020-00366-0.
Fiedler, M., & Sandner, P. (2017, December 15). Identifying leading blockchain startups on a worldwide level. Medium. https://philippsandner.medium.com/
Filatotchev, I., & Bishop, K. (2002). Board composition, share ownership, and ‘underpricing’of UK IPO firms. Strategic Management Journal, 23(10), 941–955. https://doi.org/10.1002/smj.269
Fisch, C. (2019). Initial coin offerings (ICOs) to finance new ventures. Journal of Business Venturing, 34(1), 1–22. https://doi.org/10.1016/j.jbusvent.2018.09.007
Fisch, C., & Momtaz, P. P. (2020). Institutional investors and post-ICO performance: An empirical analysis of investor returns in initial coin offerings (ICOs). Journal of Corporate Finance, 64, 101679. https://doi.org/10.1016/j.jcorpfin.2020.101679.
Article
Google Scholar
Flanagin, A. J., & Metzger, M. J. (2013). Trusting expert- versus user-generated ratings online: The role of information volume, valence, and consumer characteristics. Computers in Human Behavior, 29(4), 1626–1634. https://doi.org/10.1016/j.chb.2013.02.001.
Article
Google Scholar
Fridgen, G., Regner, F., Schweizer, A., & Urbach, N. (2018). Don't slip on the ICO-a taxonomy for a blockchain-enabled form of crowdfunding. Proceedings of the European Conference on Information Systems (ECIS), Portsmouth, UK. https://aisel.aisnet.org/ecis2018_rp/83
Gleasure, R., Conboy, K., & Morgan, L. (2019). Talking up a storm: How backers use public discourse to exert control in crowdfunded systems development projects. Information Systems Research, 30(2), 447–465. https://doi.org/10.1287/isre.2019.0840
Google Trends (2020). Trend analysis of Bitcoin, ether and ethereum. In: Google inc.
Holmström, B., & Tirole, J. (1993). Market liquidity and performance monitoring. Journal of Political Economy, 101(4), 678–709.
Article
Google Scholar
Howell, S. T., Niessner, M., & Yermack, D. (2019). Initial coin offerings: Financing growth with cryptocurrency token sales. The Review of Financial Studies, 33(9), 3925–3974. https://doi.org/10.1093/rfs/hhz131.
Article
Google Scholar
Huang Lei, V. (2018). Tweeting #Leaders. Internet Research, 28(1), 123–142. https://doi.org/10.1108/IntR-08-2016-0248.
Article
Google Scholar
Huang, W., Meoli, M., & Vismara, S. (2020). The geography of initial coin offerings. Small Business Economics, 55, 77–102. https://doi.org/10.1007/s11187-019-00135-y
Huck, S., & Oechssler, J. (2000). Informational cascades in the laboratory: Do they occur for the right reasons? Journal of Economic Psychology, 21(6), 661–671. https://doi.org/10.1016/S0167-4870(00)00025-8
Hyvärinen, H., Risius, M., & Friis, G. (2017). A blockchain-based approach towards overcoming financial fraud in public sector services. Business & Information Systems Engineering, 59(6), 441–456. https://doi.org/10.1007/s12599-017-0502-4
Jin, S., Ali, R., & Vlasov, A. (2017). Cryptoeconomics: Data application for token sales analysis. International Conference on Information Systems (ICIS) Special Interest Group on Big Data Proceedings, Seoul, South Korea. http://aisel.aisnet.org/icis2017b/1
Kim, J.-Y. (2018). A study of social media users’ perceptional typologies and relationships to self-identity and personality. Internet Research, 28(3), 767–784. https://doi.org/10.1108/IntR-05-2017-0194.
Article
Google Scholar
Kim, W., & Weisbach, M. S. (2008). Motivations for public equity offers: An international perspective. Journal of Financial Economics, 87(2), 281–307. https://doi.org/10.1016/j.jfineco.2006.09.010
Kirmani, A., & Rao, A. R. (2000). No pain, no gain: A critical review of the literature on signaling unobservable product quality. Journal of Marketing, 64(2), 66–79.https://doi.org/10.1509/jmkg.64.2.66.1800
Kirsch, D., Goldfarb, B., & Gera, A. (2009). Form or substance: the role of business plans in venture capital decision making. Strategic Management Journal, 30(5), 487–515. https://doi.org/10.1002/smj.751
Kuppuswamy V., & Bayus B.L. (2018) Crowdfunding Creative Ideas: The Dynamics of Project Backers. In: Cumming D., Hornuf L. (Eds.) The Economics of Crowdfunding (pp 151-182). Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-66119-3_8
Lee Chang, H. (2019). Dealing with initial success versus failure in crowdfunding market. Internet Research, 29(5), 1190–1212. https://doi.org/10.1108/INTR-03-2018-0132.
Article
Google Scholar
Lee, J., Li, T., & Shin, D. (2019). The wisdom of crowds in FinTech: evidence from initial coin offerings. Available at SSRN: https://doi.org/10.2139/ssrn.3195877
Liu, Y. (2006). Word of mouth for movies: its dynamics and impact on box office revenue. Journal of Marketing, 70(3), 74–89. https://doi.org/10.1509/jmkg.70.3.074
Liu, L. (2018). Empathy or perceived credibility? An empirical study on individual donation behavior in charitable crowdfunding. Internet Research, 28(3), 623–651. https://doi.org/10.1108/IntR-06-2017-0240.
Article
Google Scholar
Liu, L. (2019). When will consumers be ready? A psychological perspective on consumer engagement in social media brand communities. Internet Research, 29(4), 704–724. https://doi.org/10.1108/IntR-05-2017-0177.
Article
Google Scholar
Ljungqvist, A., & Wilhelm Jr., W. J. (2003). IPO pricing in the dot-com bubble. The Journal of Finance, 58(2), 723–752. https://doi.org/10.1111/1540-6261.00543
Lowry, M., & Schwert, G. W. (2002). IPO market cycles: bubbles or sequential learning? The Journal of Finance, 57(3), 1171–1200. https://doi.org/10.1111/1540-6261.00458
Lu, C.-T., Xie, S., Kong, X., & Yu, P. S. (2014). Inferring the impacts of social media on crowdfunding. Proceedings of the ACM International Conference on Web Search and Data Mining. (WSDM '14), New York, NY, USA, 573–582. https://doi.org/10.1145/2556195.2556251
Lundmark, L. W., Oh, C., & Verhaal, J. C. (2017). A little Birdie told me: Social media, organizational legitimacy, and underpricing in initial public offerings. Information Systems Frontiers, 19(6), 1407–1422. https://doi.org/10.1007/s10796-016-9654-x
Madrazo-Lemarroy, P. (2019). Analyzing campaign’s outcome in reward-based crowdfunding. Internet Research, 29(5), 1171–1189. https://doi.org/10.1108/INTR-03-2018-0115.
Article
Google Scholar
Mai, F., Shan, Z., Bai, Q., Wang, X., & Chiang, R. H. (2018). How does social media impact Bitcoin value? A test of the silent majority hypothesis. Journal of Management Information Systems, 35(1), 19–52. https://doi.org/10.1080/07421222.2018.1440774
Maier, S., Pflug, G. C., & Polak, J. W. (2020). Valuing portfolios of interdependent real options under exogenous and endogenous uncertainties. European Journal of Operational Research, 285(1), 133–147. https://doi.org/10.1016/j.ejor.2019.01.055.
Article
Google Scholar
Mihaylov, T. (2018). The dark side of news community forums: Opinion manipulation trolls. Internet Research, 28(5), 1292–1312. https://doi.org/10.1108/IntR-03-2017-0118.
Article
Google Scholar
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Moss, T. W., Neubaum, D. O., & Meyskens, M. (2015). The effect of virtuous and entrepreneurial orientations on microfinance lending and repayment: a signaling theory perspective. Entrepreneurship Theory and Practice, 39(1), 27–52. https://doi.org/10.1111/etap.12110
Ostern, N. K. (2020). Blockchain in the IS research discipline: A discussion of terminology and concepts. Electronic Markets, 30(2), 195–210. https://doi.org/10.1007/s12525-019-00387.
Article
Google Scholar
Park, J.-W., & Yang, S.-B. (2018). An empirical study on factors affecting blockchain start-ups' fundraising via initial coin offerings. Proceedings of the International Conference on Information Systems (ICIS), San Francisco. https://aisel.aisnet.org/icis2018/crypto/Presentations/15/
Payne, G. T., Benson, G. S., & Finegold, D. L. (2009). Corporate board attributes, team effectiveness and financial performance. Journal of Management Studies, 46(4), 704–731. https://doi.org/10.1111/j.1467-6486.2008.00819.x
Petty, J. S., & Gruber, M. (2011). “In pursuit of the real deal”: A longitudinal study of VC decision making. Journal of Business Venturing, 26(2), 172–188. https://doi.org/10.1016/j.jbusvent.2009.07.002
Plummer, L. A., Allison, T. H., & Connelly, B. L. (2016). Better together? Signaling interactions in new venture pursuit of initial external capital. Academy of Management Journal, 59(5), 1585–1604. https://doi.org/10.5465/amj.2013.0100
Rao, A. R., Qu, L., & Ruekert, R. W. (1999). Signaling unobservable product quality through a brand ally. Journal of Marketing Research, 36(2), 258–268. https://doi.org/10.1177/002224379903600209
Shi, Z., & Whinston, A. B. (2013). Network structure and observational learning: Evidence from a location-based social network. Journal of Management Information Systems, 30(2), 185–212. https://doi.org/10.2753/MIS0742-1222300207
Siegfried, N., Rosenthal, T., & Benlian, A. (2020). Blockchain and the Industrial Internet of Things. Journal of Enterprise Information Management. https://doi.org/10.1108/JEIM-06-2018-0140
Simonsohn, U., & Ariely, D. (2008). When rational sellers face nonrational buyers: evidence from herding on eBay. Management Science, 54(9), 1624–1637. https://doi.org/10.1287/mnsc.1080.0881
Spence, M. (1973). Job market Signaling the quarterly. Journal of Economics, 87(3), 374.
Google Scholar
Spence, M. (1974). Market signaling: Informational transfer in hiring and related screening processes (Vol. 143). Cambridge: Harvard University Press.
Google Scholar
Spence, M. (1978). Job market signaling. In Diamond, P. & Rothschild, M. (Eds.) Uncertainty in economics (pp. 281, 283-306). Academic Press. https://doi.org/10.1016/B978-0-12-214850-7.50025-5
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. American Economic Review, 92(3), 434–459. https://doi.org/10.1257/00028280260136200.
Article
Google Scholar
Sun, H. (2013). A longitudinal study of herd behavior in the adoption and continued use of technology. MIS Quarterly, 37(4), 1013–1041. Retrieved from http://www.jstor.org/stable/43825780
Sun Yin, H. H., Langenheldt, K., Harlev, M., Mukkamala, R. R., & Vatrapu, R. (2019). Regulating cryptocurrencies: a supervised machine learning approach to de-anonymizing the bitcoin blockchain. Journal of Management Information Systems, 36(1), 37–73. https://doi.org/10.1080/07421222.2018.1550550
Thies, F., Wessel, M., & Benlian, A. (2016). Effects of social interaction dynamics on platforms. Journal of Management Information Systems, 33(3), 843–873. https://doi.org/10.1080/07421222.2016.1243967
Tönnissen, S., Beinke, J., & Teuteberg, F. (2020). Understanding token-based ecosystems – A taxonomy of blockchain-based business models of start-ups. Electronic Markets, 30(2), 307–323. https://doi.org/10.1007/s12525-020-00396-6.
Article
Google Scholar
Tucker, C., & Zhang, J. (2011). How does popularity information affect choices? A field experiment. Management Science, 57(5), 828–842. https://doi.org/10.1287/mnsc.1110.1312
Wallbach, S. et al. (2019). Multi-sided platform diffusion in competitive B2B networks: inhibiting factors and their impact on network effects. Electronic Markets 29.4, 693-710
Wallbach, S., Lehner, R., Roethke, K., Elbert, R., & Benlian, A. (2020). Trust-building effects of Blockchain features–an empirical analysis of immutability, traceability and anonymity. Proceedings of the 28th European Conference on Information Systems (ECIS), online AIS Conference. https://aisel.aisnet.org/ecis2020_rp/182
Weking, J., Mandalenakis, M., Hein, A., Hermes, S., Böhm, M., & Krcmar, H. (2020). The impact of blockchain technology on business models – A taxonomy and archetypal patterns. Electronic Markets, 30(2), 285–305. https://doi.org/10.1007/s12525-019-00386-3
Welch, I. (2000). Herding among security analysts. Journal of Financial Economics, 58(3), 369–396. https://doi.org/10.1016/S0304-405X(00)00076-3
Wessel, M., Thies, F., & Benlian, A. (2016). The emergence and effects of fake social information: Evidence from crowdfunding. Decision Support Systems, 90, 75–85. https://doi.org/10.1016/j.dss.2016.06.021
Yin, C. (2019). Does more crowd participation bring more value to crowdfunding projects? The perspective of crowd capital. Internet Research, 29(5), 1149–1170. https://doi.org/10.1108/INTR-03-2018-0103.
Article
Google Scholar
Yingjie, L. (2019). Does usage of enterprise social media affect employee turnover? Empirical evidence from Chinese companies. Internet Research, 29(4), 970–992. https://doi.org/10.1108/INTR-03-2018-0140.
Article
Google Scholar
Zacharakis, A. L., & Meyer, G. D. (2000). The potential of actuarial decision models: Can they improve the venture capital investment decision? Journal of Business Venturing, 15(4), 323–346. https://doi.org/10.1016/S0883-9026(98)00016-0
Zavolokina, L., Miscione, G., & Schwabe, G. (2019). Buyers of ‘lemons’: How can a blockchain platform address buyers’ needs in the market for ‘lemons’? Electronic Markets, 30(2), 227–239. https://doi.org/10.1007/s12525-019-00380-9.
Article
Google Scholar
Zhang, J., & Liu, P. (2012). Rational herding in microloan markets. Management Science, 58(5), 892–912. https://doi.org/10.1287/mnsc.1110.1459