Xingjie Wei - Confidence of management teams and raising capital

Can we judge a book by its cover? Our paper ‘Confidence and Capital Raising’ has been accepted by the Journal of Corporate Finance. We run an image experiment to assess the confidence of the management teams of initial coin offerings (ICOs) and find a positive association between confidence and the fundraising amount. Our study highlights the importance of using images as a channel to communicate with prospective investors.

The paper is online at:
https://doi.org/10.1016/j.jcorpfin.2021.101900

An accepted version can be found at: https://xw147.github.io/files/2021JCF-Huang-paper.pdf