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The impact of CEOs' characteristics on pricing at initial coin offerings

Author

Listed:
  • Nemchenko, E.

    (Universita di Bologna, Bologna, Italy)

  • Pustynnikova, A.

    (HSE University, Saint Petersburg, Russia)

  • Krakovich, V.

    (HSE University, Saint Petersburg, Russia)

Abstract

The present study investigates the impact of chief executive offi cers' (CEOs) demographic, psychological, and facial traits on the valuation of initial coin offerings (ICOs). To collect data on the CEOs' traits, we processed textual data from websites, their personal pages on social networks, interviews, and other sources. We applied an artificial intelligence approach to quantify the facial characteristics of CEOs from their photos. We used the ICO Drops and CoinMarketCap databases to retrieve ICOs during the COVID-19 period. We then applied regression analysis to test hypotheses regarding their association with ICO valuation. The findings indicate significant results for tenure and dominance, while lacking predictive power for age, gender, human capital, extraversion, and facial parameters during the crisis period. The results, in the form of formulated CEO profiles during the crisis period, may provide implications for both investors and ventures to appropriately assess CEOs' signals during the ICO launching process.

Suggested Citation

  • Nemchenko, E. & Pustynnikova, A. & Krakovich, V., 2025. "The impact of CEOs' characteristics on pricing at initial coin offerings," Journal of the New Economic Association, New Economic Association, vol. 66(1), pages 132-157.
    • Handle: RePEc:nea:journl:y:2025:i:66:p:132-157
    DOI: 10.31737/22212264_2025_1_132-157
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    Keywords

    initial coin offering; CEO; signaling theory; upper echelons theory; COVID-19;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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