An Equity Crowdfunding Research Agenda: Evidence From Stakeholder Participation in the Rulemaking Process

Cummings, Michael; Rawhouser, Hans; Vismara, Silvio; Hamilton, Erin L.

doi:10.2139/ssrn.3304911

Cited by 11 publications

(18 citation statements)

References 116 publications

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“…Future scholars may research the post-ICO performance (Momtaz, 2020) of the projects and use the difference in difference analysis between different types of ICOs and investors to understand what type of changes in the ICO setting, auctions, and investor types may change ICO performance. The comparative studies of token sales versus more traditional means such as VC and equity crowdfunding may further the work of Fisch et al (2021) and Cumming et al, (2020Cumming et al, ( , 2021. Although most ICOs are not genuine projects, it attracts attention from investors and regulators; we evidence that tokenization of economies is increasing with more research on future projects of token sales is an important avenue of research in financing knowledge creation and knowledge transfer.…”

Section: Discussionmentioning

confidence: 77%

Success factors of initial coin offerings

Belitski

Boreiko

2021

J Technol Transf

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This study furthers recent research on Initial Coin Offerings (ICO) in understanding the set of characteristics that drive ICO performance and reduce information asymmetry. Using data on 166 ICOs and more than 300,000 contribution addresses that sent funds to ICOs in Bitcoins or in Ether between 2013 and 2017, we examined the effect of ICO characteristics on ICO performance. We found that three boundary conditions predict ICO fundraising amount, number of investors, hard cap achievement and token ranking. These are registering ICO and publishing project’s code on GitHub, obtaining VC or Business angel financing before the campaign or during presale, and finally, publishing the whitepaper before the campaign’s start. Other factors such as serial investors, presale of tokens, bonus sales and funders' ownership share explain ICO performance. We offer implications for ICO investors and policymakers.

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Section: Discussionmentioning

confidence: 77%

Success factors of initial coin offerings

Belitski

Boreiko

2021

J Technol Transf

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“…Research on equity crowdfunding can anchor itself in the wider context of not only crowdsourcing or crowdfunding, but also that of early-stage equity investing or even public stock investing (Cummings et al 2019). As findings can differ by investor type and by venture type, research on equity crowdfunding can benefit from taking into account the heterogeneity of investors' motivations, decision criteria, and characteristics, on the one hand, and the diversity of fundraisers, on the other hand.…”

Section: Implications For Researchmentioning

confidence: 99%

Equity Crowdfunding: Principles and Investor Behaviour

Lukkarinen

2020

Advances in Crowdfunding

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The chapter provides a topical summary of the present research knowledge of equity crowdfunding. It describes the typical equity crowdfunding process, investor characteristics, and investor motivations. Recognizing the limited due diligence efforts of the crowd despite the presence of high information asymmetries, the chapter presents the role of platforms in evaluating and preselecting target ventures. Furthermore, it highlights the importance of rapidly observable campaign features and signals of venture quality in investor decision making, while also emphasizing the relevance of experienced investors and the herding tendency of crowdinvestors. The chapter offers a comparison of equity crowdfunding investors with traditional providers of early-stage equity financing including micro funders, angel investors, and venture capital funds. It concludes with a discussion of the challenges and potential of equity crowdfunding.

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“…Put simply, the platform-based context in which crowdfunding occurs differs from traditional entrepreneurial finance in many ways-and, multiple issues need to be considered. For example, there is a large volume of publicly available data that are rapidly accumulating, and the online crowdfunding platforms enable large volumes of accessible information to be shared among potential investors (about the ventures) without face-to-face interaction resulting in more participation and diversity among ventures and investors (e.g., Cummings, Rawhouser, Vismara, & Hamilton, 2019). The regulatory environment in which these platforms exist, and under which participants interact, can change quickly (both within an individual country and across countries).…”

Section: Context: Studying Crowd-funded Entrepreneurial Opportunitiesmentioning

confidence: 99%

Making a Contribution to Entrepreneurship Research by Studying Crowd-Funded Entrepreneurial Opportunities

Pollack¹,

Maula

Allison

et al. 2019

Entrepreneurship Theory and Practice

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This editorial outlines our perspective on the state of literature as well as suggestions for new contributions to entrepreneurship research in the area of crowd-funded opportunities. Our aim is, first, to outline what we see as best practices for research on crowd-funded entrepreneurial opportunities. Second, we aim to solicit additional articles for the Virtual Special Issue (VSI) on “Crowd-Funded Entrepreneurial Opportunities” in Entrepreneurship Theory and Practice. In contrast to typical editorial articles associated with special issues, we take a prospective approach and outline what we hope (and expect) to see in the literature in the future. Put differently, we are not going to summarize a subset of articles that have been accepted for publication—rather, we are going to delineate the subset of articles to be written that we would, ideally, like to see submitted to top-tier entrepreneurship journals in order to advance the literature. Along the way, we will describe best practices that we anticipate can elevate research in this burgeoning area of inquiry.

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An Equity Crowdfunding Research Agenda: Evidence From Stakeholder Participation in the Rulemaking Process

Cited by 11 publications

References 116 publications

Success factors of initial coin offerings

Success factors of initial coin offerings

Equity Crowdfunding: Principles and Investor Behaviour

Making a Contribution to Entrepreneurship Research by Studying Crowd-Funded Entrepreneurial Opportunities

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