Be Careful What You Ask For: Fundraising Strategies in Equity Crowdfunding

We would like to thank Jeff Lynn from SEEDRS for generously offering the data, and Samuel Gibb, Chris Johnson, Paul Schmidt-Engelbertz, Julia Selgrad, Shayna Servillas, Laura Smith, Chris Nottingham, Serge-Raymond Nzabandora, and Charlotte Winter for their excellent research assistance. We are particularly grateful to the feedback from Renee Adams, Thomas Åstebro, Gary Dushnitsky, Genevieve Gauthier, Hans Hvide, Adair Morse, Justin Tumlinson, Mungo Wilson and seminar participants at Aalto University, Dartmouth College (Tuck), HEC Montreal, Imperial College, INSEAD, London Business School, University of Alberta, University of Bergen, University of Cambridge (CCAF), University of Loughborough, University of Oxford (Saïd), University of Rome, and The European Conference on Alternative Finance (Utrecht). Financial support from the Coller Institute of Venture at Tel Aviv University, and the Saïd Business School is gratefully acknowledged. All errors are ours The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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