Smirnova, Elena; Platt, Katarzyna; Lei, Yu; Sanacory, Frank - In: Review of Behavioral Finance 13 (2020) 2, pp. 165-183
Purpose: Since May 2016, small firms have been able to issue debt and equity securities in accordance with the Securities and Exchange Commission's “Regulation Crowdfunding”. This regulation provides unsophisticated investors a chance to participate in the securities markets, and it gives...