Ilan Alon , Andreas Sauge Berthelsen , Espen Bjellerås , Bernardo Silva-Rêgo
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引用次数: 0
Abstract
What makes a decentralized autonomous organization (DAO)-based venture capital (VC) whitepaper trustworthy? We conducted a content analysis of 10 prominent DAO VC whitepapers to identify the relevant components that promote investors’ trust. Our findings show that there are 10 key components that can do so: registration, permissioned access, token-based voting, staking, separation of strategic and operational votes, duration of dynamic voting, adaptive quorum systems, "rage quit" mechanisms, organizational support structures, and comprehensive whitepaper sections. Our findings make two contributions to VC studies. First, we illuminate how blockchain technology fosters trust within the investment ecosystem, potentially mitigating the information asymmetries and opportunistic behavior prevalent in traditional VC settings. Second, we highlight the potential of blockchain-based DAO VCs to democratize access to capital and address resource imbalances. Hence, the availability of a clear, informative whitepaper plays an important role in improving the DAO VCs’ transparency, increasing access to the resources needed for informed decision-making, and improving the trust of prospective investors in this new investment vehicle.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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