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Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment

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Cited by:

  1. Ewens, Michael & Nanda, Ramana & Rhodes-Kropf, Matthew, 2018. "Cost of experimentation and the evolution of venture capital," Journal of Financial Economics, Elsevier, vol. 128(3), pages 422-442.
  2. Cassetta, Ernesto & Marra, Alessandro & Pozzi, Cesare & Antonelli, Paola, 2017. "Emerging technological trajectories and new mobility solutions. A large-scale investigation on transport-related innovative start-ups and implications for policy," Transportation Research Part A: Policy and Practice, Elsevier, vol. 106(C), pages 1-11.
  3. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
  4. Santiago Carbó Valverde & Pedro J. Cuadros Solas & Francisco Rodríguez Fernández, 2020. "Taxonomy of the Spanish FinTech ecosystem and the drivers of FinTechs’ performance," Revista de Estabilidad Financiera, Banco de España, issue Primavera.
  5. Huang, Winifred & Vismara, Silvio & Wei, Xingjie, 2022. "Confidence and capital raising," Journal of Corporate Finance, Elsevier, vol. 77(C).
  6. Thomas Hellmann & Ilona Mostipan & Nir Vulkan, 2019. "Be Careful What You Ask For: Fundraising Strategies in Equity Crowdfunding," NBER Working Papers 26275, National Bureau of Economic Research, Inc.
  7. Francesco Martielli & Vittorio Laus & Antonio Salvi & Anna Kotaskova, 2025. "Unlocking funding success: intercultural entrepreneurship dynamics in European startups," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-31, December.
  8. Nanda, Ramana & Samila, Sampsa & Sorenson, Olav, 2020. "The persistent effect of initial success: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 137(1), pages 231-248.
  9. Honjo, Yuji & Ikeuchi, Kenta & Nakamura, Hiroki, 2024. "Does risk aversion affect individuals’ interests and actions in angel investing? Empirical evidence from Japan," Japan and the World Economy, Elsevier, vol. 70(C).
  10. Ye Zhang, 2020. "Discrimination in the Venture Capital Industry: Evidence from Field Experiments," Papers 2010.16084, arXiv.org, revised Aug 2022.
  11. Esen, Tekin & Dahl, Michael S. & Sorenson, Olav, 2023. "Jockeys, horses or teams? The selection of startups by venture capitalists," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
  12. Matthew R. Denes & Sabrina T. Howell & Filippo Mezzanotti & Xinxin Wang & Ting Xu, 2020. "Investor Tax Credits and Entrepreneurship: Evidence from U.S. States," NBER Working Papers 27751, National Bureau of Economic Research, Inc.
  13. Jensen, Thais Laerkholm & Leth-Petersen, Søren & Nanda, Ramana, 2022. "Financing constraints, home equity and selection into entrepreneurship," Journal of Financial Economics, Elsevier, vol. 145(2), pages 318-337.
  14. Josh Lerner & Ramana Nanda, 2020. "Venture Capital's Role in Financing Innovation: What We Know and How Much We Still Need to Learn," Journal of Economic Perspectives, American Economic Association, vol. 34(3), pages 237-261, Summer.
  15. Banal-Estañol, Albert & Macho-Stadler, Inés & Nieto-Postigo, Jonás & Pérez-Castrillo, David, 2023. "Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem," Journal of Corporate Finance, Elsevier, vol. 80(C).
  16. Bi, Gongbing & Lv, Jiancheng, 2023. "Can an early exit mechanism attract more pledges in equity-based crowdfunding? Evidence from China," Finance Research Letters, Elsevier, vol. 56(C).
  17. Butticè, Vincenzo & Di Pietro, Francesca & Tenca, Francesca, 2020. "Is equity crowdfunding always good? Deal structure and the attraction of venture capital investors," Journal of Corporate Finance, Elsevier, vol. 65(C).
  18. Keongtae Kim & Jooyoung Park & Yang Pan & Kunpeng Zhang & Xiaoquan (Michael) Zhang, 2022. "Risk Disclosure in Crowdfunding," Information Systems Research, INFORMS, vol. 33(3), pages 1023-1041, September.
  19. Zaccaria, Luana, 2023. "Are family and friends the wrong investors? Evidence from U.S. start-ups," Journal of Corporate Finance, Elsevier, vol. 79(C).
  20. Santiago Carbó Valverde & Pedro J. Cuadros Solas & Francisco Rodríguez Fernández, 2020. "Taxonomy of the Spanish FinTech ecosystem and the drivers of FinTechs’ performance," Revista de Estabilidad Financiera, Banco de España, issue Spring.
  21. E.V. Popov & Zh. Omonov & D.B. Schulgin, 2020. "Institutional Factors in the Development of Financial Technologies in Russia," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 19(4), pages 585-604.
  22. Indu Khurana & Daniel J. Lee, 2023. "Gender bias in high stakes pitching: an NLP approach," Small Business Economics, Springer, vol. 60(2), pages 485-502, February.
  23. Gompers, Paul A. & Gornall, Will & Kaplan, Steven N. & Strebulaev, Ilya A., 2020. "How do venture capitalists make decisions?," Journal of Financial Economics, Elsevier, vol. 135(1), pages 169-190.
  24. J. Michelle Brock & Ralph De Haas, 2023. "Discriminatory Lending: Evidence from Bankers in the Lab," American Economic Journal: Applied Economics, American Economic Association, vol. 15(2), pages 31-68, April.
  25. Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
  26. Sabrina T. Howell & Filippo Mezzanotti, 2019. "Financing Entrepreneurship through the Tax Code: Angel Investor Tax Credits," NBER Working Papers 26486, National Bureau of Economic Research, Inc.
  27. Jörn Block & Lars Hornuf & Alexandra Moritz, 2018. "Which updates during an equity crowdfunding campaign increase crowd participation?," Small Business Economics, Springer, vol. 50(1), pages 3-27, January.
  28. Epure, Mircea & Guasch, Martí, 2020. "Debt signaling and outside investors in early stage firms," Journal of Business Venturing, Elsevier, vol. 35(2).
  29. Ewens, Michael & Townsend, Richard R., 2020. "Are early stage investors biased against women?," Journal of Financial Economics, Elsevier, vol. 135(3), pages 653-677.
  30. Ramana Nanda, "undated". "Priors, Experiments, Learning and Persuasion in (Bayesian) Entrepreneurial Finance," Harvard Business School Working Papers 25-020, Harvard Business School.
  31. Carolin Bock & Christian Hackober, 2020. "Unicorns—what drives multibillion-dollar valuations?," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 949-984, November.
  32. Wu, Chia-Ming & Hu, Jin-Li, 2019. "Can CSR reduce stock price crash risk? Evidence from China's energy industry," Energy Policy, Elsevier, vol. 128(C), pages 505-518.
  33. Ewens, Michael, 2022. "Race and Gender in Entrepreneurial Finance," SocArXiv djf8z, Center for Open Science.
  34. Howell, Sabrina T., 2020. "Reducing information frictions in venture capital: The role of new venture competitions," Journal of Financial Economics, Elsevier, vol. 136(3), pages 676-694.
  35. Croutzet, Alexandre & Dabbous, Amal, 2021. "Do FinTech trigger renewable energy use? Evidence from OECD countries," Renewable Energy, Elsevier, vol. 179(C), pages 1608-1617.
  36. Edwards, Alexander & Todtenhaupt, Maximilian, 2018. "Capital gains taxation and funding for start-ups," ZEW Discussion Papers 18-046, ZEW - Leibniz Centre for European Economic Research.
  37. Santautė Venslavienė & Jelena Stankevičienė & Agnė Vaiciukevičiūtė, 2021. "Assessment of Successful Drivers of Crowdfunding Projects Based on Visual Analogue Scale Matrix for Criteria Weighting Method," Mathematics, MDPI, vol. 9(14), pages 1-18, July.
  38. Christian Haddad & Lars Hornuf, 2021. "The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk," CESifo Working Paper Series 9050, CESifo.
  39. Roma, Paolo & Vasi, Maria & Kolympiris, Christos, 2021. "On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?," Research Policy, Elsevier, vol. 50(6).
  40. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
  41. HONJO Yuji & IKEUCHI Kenta & NAKAMURA Hiroki, 2022. "Does risk aversion affect individuals’ actions and interests in angel investing? Empirical evidence from Japan," Discussion papers 22040, Research Institute of Economy, Trade and Industry (RIETI).
  42. Abakah, Alex Annan & Kim, Gunchang & Somé, Hyacinthe Yirlier, 2024. "Social networks and start-up funding," Finance Research Letters, Elsevier, vol. 64(C).
  43. John Donovan, 2021. "Financial Reporting and Entrepreneurial Finance: Evidence from Equity Crowdfunding," Management Science, INFORMS, vol. 67(11), pages 7214-7237, November.
  44. Mojca Svetek, 2023. "The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2047-2076, November.
  45. Block, Joern H. & Hirschmann, Mirko & Fisch, Christian, 2021. "Which criteria matter when impact investors screen social enterprises?," Journal of Corporate Finance, Elsevier, vol. 66(C).
  46. Hornuf, Lars & Siemroth, Christoph, 2023. "A field experiment on attracting crowdfunders," Economics Letters, Elsevier, vol. 222(C).
  47. Sofia Bapna, 2019. "Complementarity of Signals in Early-Stage Equity Investment Decisions: Evidence from a Randomized Field Experiment," Management Science, INFORMS, vol. 65(2), pages 933-952, February.
  48. Onur Bayar & Emre Kesici, 2024. "The impact of social media on venture capital financing: evidence from Twitter interactions," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 195-224, January.
  49. Bhattacharyya, Jagriti & Subrahmanya, M.H. Bala, 2024. "Determinants of a digital start-up's access to VC financing in India: A signaling theory perspective," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
  50. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2023. "Promise not fulfilled: FinTech, data privacy, and the GDPR," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-29, December.
  51. Colombo, Massimo G. & Guerini, Massimiliano & Hoisl, Karin & Zeiner, Nico M., 2023. "The dark side of signals: Patents protecting radical inventions and venture capital investments," Research Policy, Elsevier, vol. 52(5).
  52. Felipe A. Csaszar & Harsh Ketkar & Hyunjin Kim, 2024. "Artificial Intelligence and Strategic Decision-Making: Evidence from Entrepreneurs and Investors," Papers 2408.08811, arXiv.org.
  53. Gächter, Ingo & Gächter, Martin, 2021. "Success factors in ICOs: Individual firm characteristics or lucky timing?," Finance Research Letters, Elsevier, vol. 40(C).
  54. Katherina Kuschel, 2019. "Women Founders in the Technology Industry: The Startup-Relatedness of the Decision to Become a Mother," Administrative Sciences, MDPI, vol. 9(2), pages 1-17, April.
  55. Lyu, Yanying, 2024. "Essays in behavioral and empirical corporate finance," Other publications TiSEM a636d1ce-f80d-4aa1-9b28-0, Tilburg University, School of Economics and Management.
  56. Seung Hoon D. Chung & Simon C. Parker, 2023. "Founder affiliations: jobseeker reactions and impact on employee recruitment by start-up ventures," Small Business Economics, Springer, vol. 61(1), pages 259-283, June.
  57. Santiago Carbó Valverde & Pedro J. Cuadros Solas & Francisco Rodríguez Fernández, 2020. "Taxonomy of the Spanish FinTech ecosystem and the drivers of FinTechs’ performance," Financial Stability Review, Banco de España, issue Spring.
  58. Mauricio Medeiros Jr & Bernardus Van Doornik, 2021. "Human Capital and Startup Financing," Working Papers Series 546, Central Bank of Brazil, Research Department.
  59. Francesca Pietro, 2021. "The rationale for listing on equity crowdfunding: actual and expected benefits for companies," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(4), pages 527-549, December.
  60. Alekseeva, Liudmila & Fontana, Silvia Dalla & Genc, Caroline & Ranjbar, Hedieh Rashidi, 2022. "From in-person to online: the new shape of the VC industry," SocArXiv 3pc4z, Center for Open Science.
  61. Michael Gofman & Zhao Jin, 2024. "Artificial Intelligence, Education, and Entrepreneurship," Journal of Finance, American Finance Association, vol. 79(1), pages 631-667, February.
  62. Francesco D’Acunto & Geoffrey Tate & Liu Yang, 2020. "Entrepreneurial Teams: Diversity of Skills and Early-Stage Growth," Working Papers 20-45, Center for Economic Studies, U.S. Census Bureau.
  63. Dongyu Chen & Xiaolin Li & Fujun Lai, 2023. "Shill bidding in lenders’ eyes? A cross-country study on the influence of large bids in online P2P lending," Electronic Commerce Research, Springer, vol. 23(2), pages 1089-1114, June.
  64. Bracht, Felix & Mahieu, Jeroen & Vanhaverbeke, Steven, 2024. "The signaling value of legal form in entrepreneurial debt financing," Journal of Business Venturing, Elsevier, vol. 39(3).
  65. Quignon, Aurelien, 2023. "Crowd-based feedback and early-stage entrepreneurial performance: Evidence from a digital platform," Research Policy, Elsevier, vol. 52(7).
  66. Vincenzo Butticè & Francesca Pietro & Francesca Tenca, 2022. "They do not look alike: what kind of private investors do equity crowdfunded firms attract?," The Journal of Technology Transfer, Springer, vol. 47(6), pages 1707-1736, December.
  67. Kgoroeadira, Reabetswe & Burke, Andrew & Di Pietro, Francesca & van Stel, André, 2023. "Determinants of firms’ default on unsecured loans in the P2P crowdfunding market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
  68. Hellmann, Thomas & Schure, Paul & Vo, Dan H., 2021. "Angels and venture capitalists: Substitutes or complements?," Journal of Financial Economics, Elsevier, vol. 141(2), pages 454-478.
  69. Schweizer, Denis & Walker, Thomas & Zhang, Aoran, 2023. "False hopes and blind beliefs: How political connections affect China's corporate bond market," Journal of Banking & Finance, Elsevier, vol. 151(C).
  70. Signori, Andrea, 2018. "Zero-revenue IPOs," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 106-121.
  71. Ali-Yrkkö, Jyrki & Pajarinen, Mika & Ylhäinen, Ilkka, 2019. "Business Angel Investment, Public Innovation Funding and Firm Growth," ETLA Reports 97, The Research Institute of the Finnish Economy.
  72. Andrey Malenko & Ramana Nanda & Matthew Rhodes-Kropf & Savitar Sundaresan, 2021. "Catching Outliers: Committee Voting and the Limits of Consensus when Financing Innovation," Harvard Business School Working Papers 21-131, Harvard Business School, revised Nov 2023.
  73. Filippo Marchesani & Francesca Masciarelli, 2022. "Crowdfunding as Entrepreneurial Investment: The Role of Local Knowledge Spillover," Papers 2211.16984, arXiv.org.
  74. Ren Lu & Qi Lu & Daguo Lv & Yuxiang Huang & Shuping Li & Ze Jian & Torger Reve, 2020. "The Evolution Process Of Entrepreneurship Studies In The 21st Century: Research Insights From Top Business And Economics Journals," Journal of Economic Surveys, Wiley Blackwell, vol. 34(4), pages 922-951, September.
  75. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).
  76. Erin L. Scott & Pian Shu & Roman M. Lubynsky, 2020. "Entrepreneurial Uncertainty and Expert Evaluation: An Empirical Analysis," Management Science, INFORMS, vol. 66(3), pages 1278-1299, March.
  77. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2017. "Dynamics of Investor Communication in Equity Crowdfunding," Research Papers in Economics 2017-04, University of Trier, Department of Economics.
  78. Sofia Bapna & Martin Ganco, 2021. "Gender Gaps in Equity Crowdfunding: Evidence from a Randomized Field Experiment," Management Science, INFORMS, vol. 67(5), pages 2679-2710, May.
  79. Oliver Hart, 2017. "Incomplete Contracts and Control," American Economic Review, American Economic Association, vol. 107(7), pages 1731-1752, July.
  80. Jorge Guzman & Jean Joohyun Oh & Ananya Sen, 2020. "What Motivates Innovative Entrepreneurs? Evidence from a Global Field Experiment," Management Science, INFORMS, vol. 66(10), pages 4808-4819, October.
  81. Jin, Xianzhe & Li, Jingnan & Gao, Jijun, 2022. "Joint effect of linguistic style and ethnicity on entrepreneurial fundraising: Evidence from equity crowdfunding," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  82. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2018. "Dynamics of investor communication in equity crowdfunding," Electronic Markets, Springer;IIM University of St. Gallen, vol. 28(4), pages 523-540, November.
  83. Gregor Dorfleitner & Lars Hornuf & Julia Kreppmeier, 2021. "Promise not Fulfilled: FinTech Data Privacy, and the GDPR," CESifo Working Paper Series 9359, CESifo.
  84. KURIHARA Koki & HONJO Yuji, 2022. "Determinants of Campaign Success: Empirical evidence from equity crowdfunding in Japan," Discussion papers 22057, Research Institute of Economy, Trade and Industry (RIETI).
  85. Huang, Xing & Ivković, Zoran & Jiang, John Xuefeng & Wang, Isabel Yanyan, 2023. "Angel investment and first impressions," Journal of Financial Economics, Elsevier, vol. 149(2), pages 161-178.
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