lynx   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/now/jnlrcf/114.00000009.html
   My bibliography  Save this article

Equity Crowdfunding: New Evidence from US and UK Markets

Author

Listed:
  • Alice Rossi
  • Tom Vanacker
  • Silvio Vismara
Abstract
This paper offers insights into 3,576 initial equity crowdfunding offerings in the UK and US markets from 2012 to 2019. We investigate the factors influencing three outcomes: the success of the offering, the fundraising target, and matching between entrepreneurial ventures and crowdfunding platforms. In all markets, higher equity retention by original entrepreneurs positively affects the chances of success of the offerings and amount of capital raised. However, there are differences across platforms. Patents do not have a significant impact in entrepreneur-led platforms, while they matter in the UK investor-led platform SyndicateRoom. By separately observing the capital demand set by entrepreneurs and the capital supply by investors, we find that entrepreneurs in financial centers set higher targets in UK markets. There is no difference in the amount of capital raised by female and male entrepreneurs, conditional on female founders setting lower targets in UK markets.

Suggested Citation

  • Alice Rossi & Tom Vanacker & Silvio Vismara, 2021. "Equity Crowdfunding: New Evidence from US and UK Markets," Review of Corporate Finance, now publishers, vol. 1(3-4), pages 407-453, July.
    • Handle: RePEc:now:jnlrcf:114.00000009
    DOI: 10.1561/114.00000009
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1561/114.00000009
    Download Restriction: no
    File URL: https://libkey.io/10.1561/114.00000009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Equity crowdfunding; entrepreneurial finance; US; new ventures; startup financing;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:now:jnlrcf:114.00000009. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lucy Wiseman (email available below). General contact details of provider: http://www.nowpublishers.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.
    Лучший частный хостинг