Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs’ past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information...

Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs' past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information about...

Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs' past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information about...

Research shows that most ventures fail, yet it has devoted limited attention to the consequences of entrepreneurs' past failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both. Therefore, failure conveys ambiguous information about...

Purpose – This research will use Benford's Law to identify high and low fraud risk in equity crowdfunders' financial statements provided to investors. I also test whether nonconformity to Benford's Law is more likely in startups, firms with annual losses reported, or related to the offer size,...

Raising funds from public investors through equity crowdfunding and peer-to-peer lending was legalised in New Zealand in April 2014. The following year saw the registration of six new financial service providers offering financial crowdfunding services, mainly in equity crowdfunding. With only...

Crowdfunding remains a bit of an unknown in business finance. Securities crowdfunding, as a subset of that financing market, is no more familiar. Diverse investors and risks make for a complex regulatory puzzle.Investor protection regulation has begun to develop in a path-dependent manner....

We examine the impact of information flows on financing and the relative roles of hard information, soft information, and certification of issuer quality by third parties, using novel evidence from the US securities-based crowdfunding market. While hard information about the issuer's financial...

This research examines the impact of the JOBS Act and Regulation A (Reg A) offerings on small and emerging businesses’ access to capital funding. By analyzing data from SEC filings and other sources, the study explores the growth trends, issuer types, and funding status of Reg A filings. The...

The aim of this study is to explore the previously unresearched outcomes of firms funded through equity crowdfunding, a novel type of entrepreneurial finance. We study the outcomes of a sample of 337 firms funded on equity crowdfunding platforms in Europe between 2009 and 2014. By incorporating...