Third-party signals in equity crowdfunding: the role of prior financing
Abstract
Drawing on signaling theory, this study provides preliminary evidence that prior financing certifies firm quality to investors and reduces information asymmetries in equity crowdfunding. We examine 221 business plans and project descriptions of start-ups that ran equity crowdfunding campaigns on Crowdcube in 2017 and 2018. Almost half of the start-ups had previously raised funds through business angels, venture capitalists, crowdfunding, or...
Paper Details
Title
Third-party signals in equity crowdfunding: the role of prior financing
Published Date
Nov 30, 2018
Journal
Volume
54
Issue
1
Pages
341 - 365
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