We empirically examine the initial returns of Initial Coin Offerings (ICOs) and show that ICO underpricing is enormous, which implies that cryptocurrency markets are inefficient. Moreover, we find that having a short offering phase, not holding a presale, a precisely written whitepaper, and the creation of an independent blockchain all have a positive impact on ICOs’ initial returns. Our results also suggest that the driving factor behind initial returns is the movement of the cryptocurrency markets, measured by both Bitcoin and Ethereum returns. In addition, whether or not the jurisdiction has cryptocurrency regulations is an influential indicator. ICOs that belong to the high-tech services and platform industries have higher initial returns. Conventional financial assets, such as the stock market and gold, have a positive influence on ICOs’ initial returns.

我们根据经验检查了初始代币发行（ICO）的初始回报，并发现ICO的定价偏低是巨大的，这意味着加密货币市场效率低下。此外，我们发现有一个供不应求的阶段，不进行预售，没有写准确的白皮书以及创建独立的区块链都对ICO的初始回报产生积极影响。我们的结果还表明，初始收益背后的驱动因素是加密货币市场的变动，该变动通过比特币和以太坊收益来衡量。此外，司法管辖区是否有加密货币法规是一个有影响力的指标。属于高科技服务和平台行业的ICO具有更高的初始回报。常规金融资产，例如股票市场和黄金，