{"id":"https://openalex.org/W4382141127","doi":"https://doi.org/10.1007/s12525-023-00648-1","title":"The effect of lockup and persuasion on online investment decisions: An experimental study in ICOs","display_name":"The effect of lockup and persuasion on online investment decisions: An experimental study in ICOs","publication_year":2023,"publication_date":"2023-06-26","ids":{"openalex":"https://openalex.org/W4382141127","doi":"https://doi.org/10.1007/s12525-023-00648-1"},"language":"en","primary_location":{"id":"doi:10.1007/s12525-023-00648-1","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1007/s12525-023-00648-1","pdf_url":"https://link.springer.com/content/pdf/10.1007/s12525-023-00648-1.pdf","source":{"id":"https://openalex.org/S137519996","display_name":"Electronic Markets","issn_l":"1019-6781","issn":["1019-6781","1422-8890"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Electronic Markets","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://link.springer.com/content/pdf/10.1007/s12525-023-00648-1.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5015894875","display_name":"Moritz T. Bruckner","orcid":"https://orcid.org/0000-0001-6608-2019"},"institutions":[{"id":"https://openalex.org/I179225836","display_name":"University of Augsburg","ror":"https://ror.org/03p14d497","country_code":"DE","type":"education","lineage":["https://openalex.org/I179225836"]}],"countries":["DE"],"is_corresponding":true,"raw_author_name":"Moritz T. Bruckner","raw_affiliation_strings":["University of Augsburg, Faculty of Business and Economics, Augsburg, Germany"],"affiliations":[{"raw_affiliation_string":"University of Augsburg, Faculty of Business and Economics, Augsburg, Germany","institution_ids":["https://openalex.org/I179225836"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5010860979","display_name":"Dennis M. Steininger","orcid":"https://orcid.org/0000-0001-8248-5176"},"institutions":[{"id":"https://openalex.org/I4387152675","display_name":"Rheinland-Pf\u00e4lzische Technische Universit\u00e4t Kaiserslautern-Landau","ror":"https://ror.org/01qrts582","country_code":null,"type":"education","lineage":["https://openalex.org/I4387152675"]},{"id":"https://openalex.org/I2802076133","display_name":"University of Koblenz and Landau","ror":"https://ror.org/01j9f6752","country_code":"DE","type":"education","lineage":["https://openalex.org/I2802076133"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Dennis M. Steininger","raw_affiliation_strings":["RPTU Kaiserslautern-Landau, Faculty of Business Studies and Economics, Kaiserslautern, Germany"],"affiliations":[{"raw_affiliation_string":"RPTU Kaiserslautern-Landau, Faculty of Business Studies and Economics, Kaiserslautern, Germany","institution_ids":["https://openalex.org/I2802076133","https://openalex.org/I4387152675"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5028695671","display_name":"Jason Bennett Thatcher","orcid":"https://orcid.org/0000-0002-7136-8836"},"institutions":[{"id":"https://openalex.org/I84392919","display_name":"Temple University","ror":"https://ror.org/00kx1jb78","country_code":"US","type":"education","lineage":["https://openalex.org/I84392919"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jason Bennett Thatcher","raw_affiliation_strings":["Temple University, Fox School of Business, Philadelphia, USA"],"affiliations":[{"raw_affiliation_string":"Temple University, Fox School of Business, Philadelphia, USA","institution_ids":["https://openalex.org/I84392919"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5034516992","display_name":"Daniel Veit","orcid":"https://orcid.org/0000-0003-4657-2883"},"institutions":[{"id":"https://openalex.org/I179225836","display_name":"University of Augsburg","ror":"https://ror.org/03p14d497","country_code":"DE","type":"education","lineage":["https://openalex.org/I179225836"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Daniel J. Veit","raw_affiliation_strings":["University of Augsburg, Faculty of Business and Economics, Augsburg, Germany"],"affiliations":[{"raw_affiliation_string":"University of Augsburg, Faculty of Business and Economics, Augsburg, Germany","institution_ids":["https://openalex.org/I179225836"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5015894875"],"corresponding_institution_ids":["https://openalex.org/I179225836"],"apc_list":{"value":2590,"currency":"EUR","value_usd":3190},"apc_paid":{"value":2590,"currency":"EUR","value_usd":3190},"fwci":1.7631,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":{"value":0.8736682,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":96,"max":97},"biblio":{"volume":"33","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10609","display_name":"Digital Marketing and Social Media","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10609","display_name":"Digital Marketing and Social Media","score":0.9993000030517578,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9969000220298767,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10068","display_name":"Technology Adoption and User Behaviour","score":0.987500011920929,"subfield":{"id":"https://openalex.org/subfields/1802","display_name":"Information Systems and Management"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/persuasion","display_name":"Persuasion","score":0.972779393196106},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.6931294202804565},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.5854812264442444},{"id":"https://openalex.org/keywords/context","display_name":"Context (archaeology)","score":0.5355145335197449},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"Investment decisions","score":0.4670397639274597},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.4295291602611542},{"id":"https://openalex.org/keywords/behavioral-economics","display_name":"Behavioral economics","score":0.36047235131263733},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.22681525349617004},{"id":"https://openalex.org/keywords/psychology","display_name":"Psychology","score":0.1522279679775238},{"id":"https://openalex.org/keywords/social-psychology","display_name":"Social psychology","score":0.10176140069961548},{"id":"https://openalex.org/keywords/political-science","display_name":"Political science","score":0.06588166952133179}],"concepts":[{"id":"https://openalex.org/C2781310500","wikidata":"https://www.wikidata.org/wiki/Q1231428","display_name":"Persuasion","level":2,"score":0.972779393196106},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6931294202804565},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5854812264442444},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.5355145335197449},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.4670397639274597},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.4295291602611542},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.36047235131263733},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22681525349617004},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.1522279679775238},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.10176140069961548},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.06588166952133179},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1007/s12525-023-00648-1","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1007/s12525-023-00648-1","pdf_url":"https://link.springer.com/content/pdf/10.1007/s12525-023-00648-1.pdf","source":{"id":"https://openalex.org/S137519996","display_name":"Electronic Markets","issn_l":"1019-6781","issn":["1019-6781","1422-8890"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Electronic Markets","raw_type":"journal-article"},{"id":"pmh:oai:uni-augsburg.opus-bayern.de:104541","is_oa":true,"landing_page_url":"https://opus.bibliothek.uni-augsburg.de/opus4/frontdoor/index/index/docId/104541","pdf_url":"https://nbn-resolving.org/urn:nbn:de:bvb:384-opus4-1045417","source":{"id":"https://openalex.org/S4306400930","display_name":"OPUS (Augsburg University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I119916105","host_organization_name":"Augsburg University","host_organization_lineage":["https://openalex.org/I119916105"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:article"},{"id":"pmh:oai:RePEc:spr:elmark:v:33:y:2023:i:1:d:10.1007_s12525-023-00648-1","is_oa":false,"landing_page_url":"http://link.springer.com/10.1007/s12525-023-00648-1","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:econstor.eu:10419/309491","is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/309491","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.1007/s12525-023-00648-1","is_oa":true,"landing_page_url":"http://dx.doi.org/10.1007/s12525-023-00648-1","pdf_url":"https://link.springer.com/content/pdf/10.1007/s12525-023-00648-1.pdf","source":{"id":"https://openalex.org/S137519996","display_name":"Electronic Markets","issn_l":"1019-6781","issn":["1019-6781","1422-8890"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Electronic Markets","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4382141127.pdf"},"referenced_works_count":118,"referenced_works":["https://openalex.org/W11308223","https://openalex.org/W87560683","https://openalex.org/W382750634","https://openalex.org/W566586761","https://openalex.org/W1506738637","https://openalex.org/W1534941172","https://openalex.org/W1576800334","https://openalex.org/W1980573833","https://openalex.org/W1985103963","https://openalex.org/W1997863493","https://openalex.org/W2016957235","https://openalex.org/W2051286323","https://openalex.org/W2053154970","https://openalex.org/W2061723221","https://openalex.org/W2063649921","https://openalex.org/W2065346744","https://openalex.org/W2085152852","https://openalex.org/W2085744223","https://openalex.org/W2090782879","https://openalex.org/W2091656550","https://openalex.org/W2102707980","https://openalex.org/W2106218328","https://openalex.org/W2112256230","https://openalex.org/W2116441659","https://openalex.org/W2118502934","https://openalex.org/W2132725536","https://openalex.org/W2137077490","https://openalex.org/W2139204976","https://openalex.org/W2143282577","https://openalex.org/W2146217571","https://openalex.org/W2148962857","https://openalex.org/W2149353214","https://openalex.org/W2153325306","https://openalex.org/W2160003140","https://openalex.org/W2171783200","https://openalex.org/W2179200719","https://openalex.org/W2277378622","https://openalex.org/W2281131911","https://openalex.org/W2328115885","https://openalex.org/W2334317552","https://openalex.org/W2342812826","https://openalex.org/W2550156300","https://openalex.org/W2571585955","https://openalex.org/W2593649556","https://openalex.org/W2747118274","https://openalex.org/W2750697398","https://openalex.org/W2754890255","https://openalex.org/W2763951488","https://openalex.org/W2766107744","https://openalex.org/W2767120923","https://openalex.org/W2768761455","https://openalex.org/W2770239527","https://openalex.org/W2774325090","https://openalex.org/W2783946743","https://openalex.org/W2795084954","https://openalex.org/W2795321837","https://openalex.org/W2800979635","https://openalex.org/W2882988462","https://openalex.org/W2889499091","https://openalex.org/W2895650429","https://openalex.org/W2897981143","https://openalex.org/W2898432769","https://openalex.org/W2898806615","https://openalex.org/W2904130786","https://openalex.org/W2904264105","https://openalex.org/W2904992340","https://openalex.org/W2905003781","https://openalex.org/W2907260470","https://openalex.org/W2907717073","https://openalex.org/W2915312768","https://openalex.org/W2920730806","https://openalex.org/W2928030417","https://openalex.org/W2938911359","https://openalex.org/W2941520105","https://openalex.org/W2943784031","https://openalex.org/W2946445857","https://openalex.org/W2947839146","https://openalex.org/W2948873301","https://openalex.org/W2948908589","https://openalex.org/W2965696093","https://openalex.org/W2968531479","https://openalex.org/W2979098817","https://openalex.org/W2989794528","https://openalex.org/W2992703253","https://openalex.org/W2995630619","https://openalex.org/W2999582630","https://openalex.org/W3007515620","https://openalex.org/W3025711776","https://openalex.org/W3046514413","https://openalex.org/W3084241540","https://openalex.org/W3084680111","https://openalex.org/W3091068450","https://openalex.org/W3101560053","https://openalex.org/W3111194955","https://openalex.org/W3121659628","https://openalex.org/W3124023934","https://openalex.org/W3124787240","https://openalex.org/W3125061297","https://openalex.org/W3125510825","https://openalex.org/W3125993287","https://openalex.org/W3126026957","https://openalex.org/W3149048782","https://openalex.org/W3168946275","https://openalex.org/W3192963099","https://openalex.org/W4200483933","https://openalex.org/W4205701142","https://openalex.org/W4223522677","https://openalex.org/W4242514596","https://openalex.org/W4243866147","https://openalex.org/W4255437979","https://openalex.org/W4292157289","https://openalex.org/W6630155598","https://openalex.org/W6634681107","https://openalex.org/W6634685648","https://openalex.org/W6743681256","https://openalex.org/W6743716967","https://openalex.org/W6788088721","https://openalex.org/W7009293955"],"related_works":["https://openalex.org/W1193337282","https://openalex.org/W1508232898","https://openalex.org/W1995883834","https://openalex.org/W4384469292","https://openalex.org/W2037833310","https://openalex.org/W2560767474","https://openalex.org/W3183457448","https://openalex.org/W2182680315","https://openalex.org/W2954198703","https://openalex.org/W2308947234"],"abstract_inverted_index":{"Abstract":[0],"Many":[1],"firms":[2,189],"use":[3,52],"social":[4],"media":[5],"(SM)":[6],"to":[7,24,55,149,154,177,191],"solicit":[8],"online":[9,186],"investments.":[10],"In":[11],"this":[12,27,80],"study,":[13],"we":[14,34,82],"examine":[15],"the":[16,62,141,146,152,161],"interaction":[17,28],"between":[18,163],"SM":[19,69],"attributes":[20,23],"and":[21,70,137,166,188],"online-investment":[22],"determine":[25],"how":[26,61,151],"shapes":[29,73],"users\u2019":[30],"investment":[31,76,99,115],"decisions.":[32,77],"Specifically,":[33],"investigate":[35,150],"initial":[36],"coin":[37],"offerings":[38],"(ICOs)":[39],"as":[40],"an":[41,98,114],"application":[42],"domain":[43],"of":[44,64],"distributed":[45],"ledger":[46],"technology":[47],"for":[48,60,174],"peer-to-peer":[49],"investment.":[50],"We":[51],"signaling":[53],"theory":[54],"develop":[56],"a":[57,84,103,117,134],"context-specific":[58],"explanation":[59],"interplay":[63],"persuasion":[65,106,120,138,167],"signals":[66,107,121,139],"found":[67],"in":[68,110,126,156],"technology-enforced":[71,104,118,135,164],"lockups":[72,165],"individuals\u2019":[74],"ICO":[75,182],"To":[78],"evaluate":[79],"interplay,":[81],"conducted":[83],"2":[85,87],"\u00d7":[86],"factorial":[88],"experiment":[89],"with":[90],"473":[91],"participants.":[92],"The":[93,169],"results":[94],"show":[95],"that":[96,132],"when":[97,113],"does":[100],"not":[101,123],"require":[102],"lockup,":[105,119],"encourage":[108],"investments":[109,125],"ICOs;":[111],"however,":[112],"requires":[116],"do":[122],"affect":[124],"ICOs.":[127],"Furthermore,":[128],"our":[129],"analyses":[130],"suggest":[131],"combining":[133],"lockup":[136],"reduces":[140],"ICO\u2019s":[142],"plausibility.":[143],"This":[144],"is":[145,158],"first":[147],"study":[148],"willingness":[153],"invest":[155],"ICOs":[157],"influenced":[159],"by":[160],"relationship":[162],"signals.":[168],"findings":[170],"have":[171],"practical":[172],"implications":[173],"individuals":[175],"attempting":[176],"make":[178],"sound":[179],"decisions":[180],"on":[181],"investments,":[183,187],"policymakers":[184],"regulating":[185],"seeking":[190],"attract":[192],"investors.":[193]},"counts_by_year":[{"year":2024,"cited_by_count":3}],"updated_date":"2026-03-18T14:38:29.013473","created_date":"2025-10-10T00:00:00"}
