Financing Efficiency of Securities-Based Crowdfunding
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DOI: 10.1093/rfs/hhaa025
Abstract: We analyze early-venture fundraising from dispersed, endogenously informed investors. An entrepreneur chooses a payoff-maximizing offering, and investors communicate their information by either contributing capital or abstaining. The entrepreneur uses the information conveyed by fundraising amounts… read more here.
Keywords: information; financing efficiency; efficiency securities; securities based ... See more keywords