Exploring the Impact of Bullet Points in Initial Coin Offering White papers: Enhancing Investor Engagement and Success

Details

Supervisors

Thewissen, James

Faculty

Louvain School of Management

Degree label

Master [120] : ingénieur de gestion, à finalité spécialisée

Abstract

Drawing from a sample of 1,084 ICOs, we analyze various models to examine the relationship between bullet points in white papers and the ICO success factors. Our findings reveal that an increase in the number of bullet points in white papers has a positive impact on the funds raised, and the presence of bullet points significantly contributes to the overall success of an ICO. Interestingly, we observe a non-linear relationship between the readability of a white paper and the number or presence of bullet points. This suggests that the positive impact of bullet points on ICO success extends beyond their influence on readability alone. Furthermore, our analysis indicates that the impact of bullet points varies depending on regulatory context and language. In countries without regulation and non-English-speaking countries, bullet points have a stronger influence on ICO success. Understanding these contextual factors can help ICO issuers tailor their white papers to different regions and regulatory environments. This study highlights the significance of bullet points in ICO white papers and provides valuable insights for ICO issuers in optimizing their communication strategies.