investigate the operating and financial performance of ventures conducting ICOs with different types of investors at different … financial and operating performance are consistent with our theory of certification arbitrage; i.e., institutional investors use … their reputation to drive up valuations and quickly exit the venture post-ICO. Our findings further indicate that there is …

failure. In this paper, we depart from current equity crowdfunding research that focuses almost exclusively on the funding …Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth ….g., internal or external and formal or informal) that potentially operate in equity crowdfunding markets to reduce adverse …

The main strategic objective of bank-affiliated venture capital funds (BVCs) is to enhance demand of debt capital from … syndicates led by independent venture capitalists, and in “safe” countries. Second, syndicates involving BVCs strategically …

experience, signal investors and attract investments. We further examine, for both financed and non-financed startups, whether … these signals are associated with the startup's down-the-road exit and failure. Using a unique and comprehensive database … that includes successful and financed startups, as well as failing startups and startups not backed by investors, we …

-democrat investors. Democrat VCs are more likely to sit on the startup’s board. Startups with democrat VCs are more likely to obtain … change in commitment by non-democrat investors. Following these disasters, the performance of non-democrats’ investments in … climate-related startups becomes similar to that of democrat investors …

, this study is the first to analyse the impact of team networks on venture success. Using information about team …

investors, and supports previous findings on crowdfunding showing that campaigns act as a marketing and promotional tool for …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 …