Corporate Governance In ICOs: Evidence From Anti-Flipping Mechanism

This thesis investigates the role of corporate goverance in ICO's by looking at the anti-flipping mechanism: Token lockups.I found that there is less flipping probability when the ICO has its financial advisor disclosed, has a high-quality advisory team, has its business model available and has a KYC/AML procedure. Further, I found that the anti-flipping mechanism increases fundraising. In summary, this research suggests that anti-flipping mechanism acts as a good corporate governance practice in the ICO market.