Signals in equity‑based crowdfunding and risk of failure
作者机构：Chair of Finance and InvestmentTechnische Universität BerlinSec.H 64Straβdes 17.Juni 13510623 BerlinGermany
出 版 物：《Financial Innovation》 (金融创新（英文）)
年 卷 期：2021年第7卷第1期
页 面：1199-1228页
核心收录：
学科分类：0202[经济学-应用经济学] 1202[管理学-工商管理] 0809[工学-电子科学与技术（可授工学、理学学位）] 08[工学]
主 题：Equity-based crowdfunding Post-offering success Startup failure Signaling Startups Updates
摘 要：This study investigates signal validity in equity-based crowdfunding by examining whether signals that increase crowd participation are associated with higher postoffering ***-offering success is measured as the probability of *** use a hand-collected data set of 88 campaigns with over 64,000 investments and 742 updates from a well-established and leading German equity-based crowdfunding platform,*** find that indicating that the chief executive officer holds a university degree and a higher number of business-related updates are associated with a lower risk of failure,which is in line with recent research on offering *** number of updates on external certification,promotions,and the team is associated with a higher risk of *** contrast to recent findings on offering success,we find that the equity share offered is positively related to post-offering success,whereas a high number of large investments or updates on campaign development are accompanied by a higher probability of *** results provide guidance for entrepreneurs and investors regarding which signals are worth sending or ***,these results suggest that investors are partly using wrong signals and challenge the rationality and wisdom of the crowd.
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