000			01551nam a22001817a 4500
005			20240426122554.0
008			240426b ph ||||| |||| 00| 0 eng d
040			_cOCT
100			_aAland, John
240			_aJournal of Financial Reporting / _hFall 2023
245			_aEquity crowdfunding and offering page disclosure / _cJohn Aland
300			_aVol 8 (2) pages 25-54 : _billustrations ; _c28 cm
500			_aABSTRACT: This paper provides descriptive evidence about how startup firms communicate with investors on their Regulation Crowdfunding offering page. I find evidence, consistent with prior theory about processing costs and information salience, that a firm's prior revenues relate strongly to the discussion of financial information on its offering page. This runs counter to indications from Reg CF founders that they think financial information is of less importance to these investors than other information about the company. Consistent with founder beliefs that investors place little weight on firm financials, I find no consistent relation between financial disclosure and a firm meeting its offering goal. Offering success appears more closely related to other elements of disclosure that tell the "story" of the company. The results of this paper can help inform future research in the crowdfunding space, as well as contribute to the literature on how investors process information and disclosure.
650			_aequity crowdfunding
650			_aregulation crowdfunding
650			_avoluntary disclosure
942			_2ddc _cCR _n0
999			_c9568 _d9568