Disclosure Readability in Unregulated Financial Markets: Evidence From Initial Coin Offerings

Qing L. Burke, Ben Li, Chi Wan, Yakun Wang, Department of Accountancy, Miami University, Department of Economics, University of Massachusetts, Department of Accounting and Finance, University of Massachusetts, School of Management and Economics, Chinese University of Hong Kong

Journal of Accounting, Auditing & Finance

Published online on February 27, 2025

Abstract

Journal of Accounting, Auditing & Finance, Volume 41, Issue 2, Page 547-579, April 2026.
Initial coin offerings (ICOs) have emerged as a popular method to raise capital by startups. During the ICO process, issuers release white papers, which serve as the primary offering documents. Unlike traditional corporate disclosures, ICO disclosures are ...