equity crowdfunding direct their investments to local firms. In line with agency theory, the results suggest that investors …-ups that run into insolvency or are dissolved, which indicates that local investments in equity crowdfunding constitute a …

platforms in 37 countries that explores whether lenders follow each other in the whole crowdfunding market, within the groups of … and highlight the controversial effects of signaling mechanisms on adverse selection in crowdfunding markets. …

It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as … by analysing the cash flow and control rights crowd investors receive in equity crowdfunding in Germany, where more … capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay …

During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In …