The present research investigates certification effects and rational herding in reward based crowdfunding (RBCF) campaigns of cultural projects. The authors analyse data obtained from France's leading RBCF platform, Ulule, and show that the contributing crowd is heterogeneous in terms of...

The market for entrepreneurial equity finance has significantly evolved over the past decades and has grown ever more complex. Different investor-types, namely the crowd, business angels and venture capitalists contribute to the market, and their characteristics, investment behavior and...

Venture capital, angel financing, and crowdfunding have evolved and matured in the entrepreneurial finance market. These market developments have also been accompanied by a growing body of research. In this paper, we provide an overview of a vast body of literature in the field of...