Success factors in Title III equity crowdfunding in the United States

作者：

Highlights：

• We examine success factors in Title III equity crowdfunding in the United States.

• We analyze data from 133 ventures across 16 platforms that raised over $11 million.

• We find that market, execution and agency risks affect the success of equity crowdfunding.

• The results implicate accredited investors as key early participants in equity crowdfunding.

摘要

•We examine success factors in Title III equity crowdfunding in the United States.•We analyze data from 133 ventures across 16 platforms that raised over $11 million.•We find that market, execution and agency risks affect the success of equity crowdfunding.•The results implicate accredited investors as key early participants in equity crowdfunding.

论文关键词：Crowdfunding,Equity crowdfunding,Fintech innovation,JOBS Act,Risk capital,Title III

论文评审过程：Received 16 October 2017, Revised 9 December 2017, Accepted 9 December 2017, Available online 12 December 2017, Version of Record 14 December 2017.

论文官网地址：https://doi.org/10.1016/j.elerap.2017.12.001