Online peer-to-peer (P2P) lending has emerged as an innovative financial technology (FinTech) platform that renders financial services that are potentially more inclusive and affordable than those offered by traditional financial institutions. A similar purpose is served by cryptocurrency...

How should crowdfunding platforms alleviate information asymmetry between creators and crowdfunders? In traditional financial markets, public companies are required to disclose potential risks to their investors, and such risk disclosure requirements are enforced by legal and fiduciary...

This study examines how crowdfunding (relative to angel investing) influences subsequent venture capital (VC) investments for startups. After addressing the potential endogeneity using a bivariate Probit model with the propensity score matching, we find that crowdfunded startups and angel-backed...