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Do whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers

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  • Moser, Stefanie

Abstract

This study investigates the role of cryptocurrency whitepapers in coin performance. Analysing 1231 cryptocurrencies, 315 of which have whitepapers, reveals significantly higher average excess returns for coins accompanied by whitepapers, particularly in the long term, rather than immediately after being listed on CoinGecko.com. In addition, specific whitepaper characteristics such as scope, readability, and sentiment are investigated regarding their relationships with coin performance. The results indicate a wide variance among certain features, showing that larger whitepapers negatively correlate with excess returns, while readability shows no consistent effect. Whitepaper sentiment is negatively connected to long-term excess returns, though in a complex relationship. Several robustness tests are conducted to evaluate the reliability of the results.

Suggested Citation

  • Moser, Stefanie, 2025. "Do whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325010050
    DOI: 10.1016/j.frl.2025.107747
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