The Secrets of Successful Initial Utility Token Offering White Papers, Revealed (UNDER REVIEW)



Year of publication 2024
Type Article in Periodical
Magazine / Source Accounting & Finance
MU Faculty or unit

Faculty of Economics and Administration

Keywords utility token; ITO; nature language processing; sentiment analysis; named entity recognition
Description The study identifies text-related variables measuring the collocations contained, white paper transparency, and tone to determine the amount of capital raised by an initial utility token offering. The study employs textual analysis and linear regression models to examine a dataset of 1,072 white papers published between 2017 and 2020. The results reveal four specific textual collocations, indicating the importance of financial and technological information, which contribute to the amount of capital obtained. Moreover, the results suggest that mentioning more unique organisations and keeping the tone of the text positive, without too much exaggerated language, enable issuers to raise more funds.
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