Table 11.
Additional descriptive statistics
| Mean | Median | Min | Max | SD | N | |
|---|---|---|---|---|---|---|
| Panel A: ICO attributes | ||||||
| Is currency or general-purpose blockchain | 0.16 | 0.00 | 0.00 | 1.00 | 0.36 | 306 |
| Is a utility token | 0.61 | 1.00 | 0.00 | 1.00 | 0.49 | 306 |
| Length of crowdsale (calendar days, actual) | 28.45 | 29.50 | 1.00 | 148.00 | 22.43 | 306 |
| Length of crowdsale (calendar days, planned) | 31.92 | 31.00 | 1.00 | 148.00 | 21.66 | 303 |
| Time to listing (calendar days) | 19.92 | 13.00 | − 319.00 | 222.0 | 39.75 | 275 |
| Crowdsale is auction | 0.11 | 0.00 | 0.00 | 1.00 | 0.32 | 306 |
| Token supply is fixed | 0.89 | 1.00 | 0.00 | 1.00 | 0.31 | 306 |
| Token share crowdsale investors (ex post) | 0.42 | 0.40 | 0.00 | 1.00 | 0.27 | 227 |
| Unsold tokens kept by issuer | 0.45 | 0.00 | 0.00 | 1.00 | 0.50 | 306 |
| Lockup period unsold tokens (years) | 0.39 | 0.00 | 0.00 | 10.00 | 1.22 | 138 |
| Smart contract code available | 0.67 | 1.00 | 0.00 | 1.00 | 0.47 | 278 |
| Utility token enables decentralization | 0.75 | 1.00 | 0.00 | 1.00 | 0.44 | 186 |
| Financial advisor disclosed | 0.19 | 0.00 | 0.00 | 1.00 | 0.39 | 306 |
| Simple agreement for future tokens (SAFT) | 0.03 | 0.00 | 0.00 | 1.00 | 0.16 | 306 |
| Panel B: Company attributes | ||||||
| Whitepaper page count | 30.54 | 27.00 | 0.00 | 127.00 | 17.40 | 302 |
| Business model available | 0.67 | 1.00 | 0.00 | 1.00 | 0.47 | 306 |
| Project code available | 0.29 | 0.00 | 0.00 | 1.00 | 0.45 | 306 |
| Development road map available | 0.79 | 1.00 | 0.00 | 1.00 | 0.41 | 306 |
| Issuer has customers for product | 0.20 | 0.00 | 0.00 | 1.00 | 0.40 | 306 |
| Use of proceeds disclosed in detail | 0.05 | 0.00 | 0.00 | 1.00 | 0.22 | 306 |
| Experienced team | 0.58 | 1.00 | 0.00 | 1.00 | 0.50 | 306 |
| Product can be tried out | 0.40 | 0.00 | 0.00 | 1.00 | 0.49 | 306 |
| Team size | 11.46 | 9.00 | 2.00 | 80.00 | 9.20 | 282 |
| Team member with business background | 0.56 | 1.00 | 0.00 | 1.00 | 0.50 | 306 |
| Years since foundation | 1.60 | 1.00 | 0.00 | 16.00 | 2.06 | 306 |
| Unknown or low-quality advisors | 0.32 | 0.00 | 0.00 | 1.00 | 0.47 | 306 |
| Celebrity endorsement | 0.04 | 0.00 | 0.00 | 1.00 | 0.19 | 306 |
| Postal address known | 0.70 | 1.00 | 0.00 | 1.00 | 0.46 | 306 |
| Legal entity is foundation | 0.07 | 0.00 | 0.00 | 1.00 | 0.26 | 306 |
The table shows additional summary statistics for a hand-collected sample of 306 ICOs that took place between March 2016 and March 2018. All variables are defined in “Appendix 2.” The time to listing is negative if the token starts trading on an exchange before the end of the crowdsale