Thewissen, JamesCarette, PierrePierreCarette2025-05-142025-05-142025-05-142022https://hdl.handle.net/2078.2/29463The Initial Coin Offering sector is increasingly popular in terms of fundraising among early-stage companies. This unregulated environment is characterized by high information asymmetry. The objective of this paper will be to provide a new angle of information analysis through a linguistic investigation of financial disclosures. To achieve this, a method will be used to measure linguistic ambiguity in financial documents in order to provide a new understanding of the informational value of white papers for investors. Using an ambiguity dictionary, the ambiguity rate in an extensive database of 2503 ICO white papers published between 2015 and the fundraising performance of ICOs. The aim will be to establish a link between the use of ambiguous vocabulary in ICOs’ financial disclosures and their attractiveness to investors. The relationship between ambiguity and the regulations surrounding ICOs will also be studied and discussed.ICOswhite papersambiguityuncertaintylinguistictext::thesis::master thesisthesis:27813