This study examines whether the unique and common content of initial coin offering (ICO) white papers is related to ICO fund raising and post‐ICO trading activities. Based on the signalling theory, we expect that high‐quality ICOs can provide more unique content in their white papers to distinguish themselves from low‐quality ICOs because it may be costly for low‐quality ICOs to provide unique and specific information. Our results show that ICOs that have more unique or less common content in their white papers raise more funds or are subject to more active trading and higher market values in the post‐ICO period.

中文翻译：

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差异更好：白皮书中独特的初始代币发行语言如何增强成功

这项研究检查了初始代币发行（ICO）白皮书的独特和共同之处是否与ICO资金筹集和ICO后交易活动有关。基于信号理论，我们期望高质量的ICO可以在其白皮书中提供更多独特的内容，以区别于劣质ICO，因为劣质ICO提供独特和特定的信息可能会付出高昂的代价。我们的结果表明，白皮书中具有独特性或共同性的ICO可以筹集更多资金，或者在ICO后时期内交易更加活跃，市场价值更高。