The paper examines the impact and signaling effects of crowdfinancing on subsequent venture capital funding rounds. Drawing on a choice experimental research design the author finds causal evidence that crowdfunding – relative to other prefunding sources – is often a negative signal for professional venture investors, but that the “crowd” can nonetheless and under certain circumstances send positive signals increasing the likelihood of subsequent financing rounds.
Award
|
06/13/2017
Michael Moedl receives the Steven Klepper Award for Best Young Scholar Paper at the DRUID17 Conference
Michael Moedl has received the Steven Klepper Award for Best Young Scholar Paper for his paper “Is Wisdom of the Crowd a Positive Signal? Effects of Crowdfinancing on Subsequent Venture Capital Selection“ during the DRUID17 Conference in New York.
