Rating of equity crowdfunding platforms

Sophie Pommet, Aurélie Sannajust () and Qing Xu
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Sophie Pommet: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur
Aurélie Sannajust: KEDGE Business School [Marseille]
Qing Xu: LITL - Laboratoire Interdisciplinaire des transitions de Lille - UCL FGES - Université Catholique de Lille - Faculté de gestion, économie et sciences - ICL - Institut Catholique de Lille - UCL - Université catholique de Lille - JUNIA - JUNIA - UCL - Université catholique de Lille

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Abstract: This paper examines the impact of a rating of equity crowdfunding platforms on funding campaign success. We hand-collect data from five renown Chinese equity crowdfunding platforms on 583 fundraising campaigns between 2016 to 2021. Our analyses reveal the valuable signaling effect of the platform ratings. A one-unit difference in the rating category affects the funding success between approximately 8 % to 13 %, depending on the respective regression specifications.

Date: 2023-12
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Published in Finance Research Letters, 2023, 58, pp.104639. ⟨10.1016/j.frl.2023.104639⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04533424

DOI: 10.1016/j.frl.2023.104639

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