近年在區塊鏈、虛擬貨幣快速發展而使新創企業有新的募資方式——首次發行代幣，發行方利用發行其自行發行的代幣以換取其他虛擬貨幣的方式得到營運的資金，並且在完成募資後取得方得以在特定的交易所購買、售出代幣，同時對投資人而言也是一種新的投資方式與標的。目前ICO公司的狀況良銹不齊，無一定資訊揭露標準，整體市場對於投資人而言風險也較高，而公司在資訊呈現上勢必會影響投資人的投資決策。本研究針對公司網站呈現之方法以及網站提供特定社群網站之連結探討對上市交易後交易量之影響，研究結果發現ICO公司首頁以「敘述」方式呈現與上市第一天交易量有顯著相關，以「標語」方式呈現文字與2019年一月及二月交易量亦有顯著相關。社群網站部分，ICO公司提供facebook連結與上市第一天交易量有顯著負相關 ; ICO公司提供reddit連結與2019年一月及二月之較易量皆呈現顯著正相關 ; 而ICO公司提供bitcointalk在交易第一天與2019年一月及二月皆呈現顯著負相關。

Because of the rapid growth of blockchain and cryptocurrencies in recent years, startups have a new method, initial coin offering (ICO), to raise their fund. For the purpose of fundraising, the startups issue their own tokens which can be traded in some platforms and exchanges for other cryptocurrencies. Meanwhile, ICO provides investors a new option to invest. However, not every company launching an ICO works well, and the risk of the overall ICO market is relatively high. Based on former researches, the presentation format of information influences the investment decisions of market participants. Therefore, to understand what affects the trading volume of ICOs, this research focuses on the relationship between the official website’s presentation format of the ICO companies and their trading volume. I find that there is a significant relationship between trading volume and (i) how the ICO companies present information on their website and (ii) whether they provide hyperlinks to specific social media on the official website.

Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 64-75.
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980.
Aldrich, H. E., & Fiol, C. M. (1994). Fools rush in? The institutional context of industry creation. Academy of Management Review, 19(4), 645-670.
Ametrano, F. M., (2016) Hayek Money: The Cryptocurrency Price Stability Solution. Available at SSRN: https://ssrn.com/abstract=2425270
Amsden, R. & Schweizer, D. (2018). Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings. Available at SSRN: https://ssrn.com/abstract=3163849 or http://dx.doi.org/10.2139/ssrn.3163849
Barber, B., Lehavy, R., McNichols, M., & Trueman, B. (2001). Can investors profit from the prophets? Security analyst recommendations and stock returns. The Journal of Finance, 56(2), 531-563.
Benedetti, H. E., & Kostovetsky, L. (2018). Digital Tulips? Returns to Investors in Initial Coin Offerings. Available at SSRN: https://ssrn.com/abstract=3182169 or http://dx.doi.org/10.2139/ssrn.3182169
Bhattacharya, S., & Ritter, J. R. (1983). Innovation and communication: Signalling with partial disclosure. The Review of Economic Studies, 50(2), 331-346.
Bollen, L. H., Hassink, H. F., de Lange, R. K., & Buijl, S. D. (2008). Best practices in managing investor relations websites: Directions for future research. Journal of Information Systems, 22(2), 171-194.
Boreiko, D., & Vidusso, G. (2019). New blockchain intermediaries: do ICO rating websites do their job well?. The Journal of Alternative Investments, 21(4), 67-79.
Boreiko, D., & Sahdev, N. K. (2018) To ICO or not to ICO – Empirical Analysis of Initial Coin Offerings and Token Sales. Available at SSRN: https://ssrn.com/abstract=3209180 or http://dx.doi.org/10.2139/ssrn.3209180
Bukovina, J. (2016). Social media big data and capital markets—An overview. Journal of Behavioral and Experimental Finance, 11, 18-26.
Catalini, C., & Gans, J. S. (2018). Initial coin offerings and the value of crypto tokens. National Bureau of Economic Research. Available at https://www.nber.org/papers/w24418
Cerchiello, P., Tasca, P., & Toma, A. M. (2019). ICO Success Drivers: A Textual and Statistical Analysis. The Journal of Alternative Investments, 21(4), 13-25.
Chatterjee, D., Pacini, C., & Sambamurthy, V. (2002). The shareholder-wealth and trading-volume effects of information-technology infrastructure investments. Journal of Management Information Systems, 19(2), 7-42.
Chohan, U. W. (2017). Initial coin offerings (ICOs): Risks, regulation, and accountability. Available at SSRN: https://ssrn.com/abstract=3080098 or http://dx.doi.org/10.2139/ssrn.3080098
Dorri, A., Kanhere, S. S., & Jurdak, R. (2016). Blockchain in internet of things: challenges and solutions. Available at https://ui.adsabs.harvard.edu/abs/2016arXiv160805187D
Geissler, G. L., Zinkhan, G. M., & Watson, R. T. (2006). The influence of home page complexity on consumer attention, attitudes, and purchase intent. Journal of Advertising, 35(2), 69-80.
Grinblatt, M., & Keloharju, M. (2001). What makes investors trade?. The Journal of Finance, 56(2), 589-616.
Grover, R., & Srinivasan, V. (1987). A simultaneous approach to market segmentation and market s tructuring. Journal of Marketing Research, 24(2), 139-153.
Healy, P. M., Hutton, A. P., & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485-520.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Heflin, F. L., Shaw, K. W., & Wild, J. J. (2005). Disclosure policy and market liquidity: Impact of depth quotes and order sizes. Contemporary Accounting Research, 22(4), 829-865.
Howell, S. T., Niessner, M., & Yermack, D. (2018). Initial coin offerings: Financing growth with cryptocurrency token sales. Available at http://www.nber.org/papers/w24774
Kelton, A. S., Pennington, R. R., & Tuttle, B. M. (2010). The effects of information presentation format on judgment and decision making: A review of the information systems research. Journal of Information Systems, 24(2), 79-105.
Kaal, W. A., & Dell'Erba, M. (2017). Initial coin offerings: Emerging practices, risk factors, and red flags. Available at SSRN: https://ssrn.com/abstract=3067615 or http://dx.doi.org/10.2139/ssrn.3067615
Kahn, B. E., & Baron, J. (1995). An exploratory study of choice rules favored for high-stakes decisions. Journal of Consumer Psychology, 4(4), 305-328.
Kunreuther, H., Meyer, R., Zeckhauser, R., Slovic, P., Schwartz, B., Schade, C.,& Hogarth, R. (2002). High stakes decision making: Normative, descriptive and prescriptive considerations. Marketing Letters, 13(3), 259-268.
Lin, Q., & Lee, J. (2004). Consumer information search when making investment decisions. Financial Services Review, 13, 319-332.
Liu, L., Sherman, A., & Zhang, Y. (2008). The role of the media in initial public offerings. Working paper, Hong Kong University of Science & Technology.
Lyons, R. K. (1996). Optimal transparency in a dealer market with an application to foreign exchange. Journal of Financial Intermediation, 5(3), 225-254.
Momtaz, Paul P., Initial Coin Offerings (2018). Available at SSRN: https://ssrn.com/abstract=3166709 or http://dx.doi.org/10.2139/ssrn.3166709
Pollock, T. G., & Rindova, V. P. (2003). Media legitimation effects in the market for initial public offerings. Academy of Management Journal, 46(5), 631-642.
Preis, T., Moat, H. S., & Stanley, H. E. (2013). Quantifying trading behavior in financial markets usingGoogle Trends. Scientific Reports volume3, Article number: 1684 (2013)
Punj, G., & Stewart, D. W. (1983). Cluster analysis in marketing research: Review and suggestions for application. Journal of Marketing Research, 20(2), 134-148.
Rhue, L., (2018). Trust is All You Need: An Empirical Exploration of Initial Coin Offerings (ICOs) and ICO Reputation Scores. Available at SSRN: https://ssrn.com/abstract=3179723 or http://dx.doi.org/10.2139/ssrn.3179723
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579-590.
Venegas, P. (2017). Initial Coin Offering (ICO) Risk, Value and Cost in Blockchain Trustless Crypto Markets. Available at SSRN: https://ssrn.com/abstract=3012238 or http://dx.doi.org/10.2139/ssrn.3012238
Yadav, M. (2017). Exploring Signals for Investing in an Initial Coin Offering (ICO). Available at SSRN: https://ssrn.com/abstract=3037106 or http://dx.doi.org/10.2139/ssrn.3037106
Zetzsche, D. A., Buckley, R. P., Arner, D. W., & Föhr, L. (2018). The ICO Gold Rush: It's a Scam, It's a Bubble, It's a Super Challenge for Regulators. Available at SSRN: https://ssrn.com/abstract=3072298 or http://dx.doi.org/10.2139/ssrn.3072298
Zuckerman, E. W. (1999). The categorical imperative: Securities analysts and the illegitimacy discount. American Journal of Sociology, 104(5), 1398-1438.