{"id":"https://openalex.org/W3124949869","doi":"https://doi.org/10.1080/13691066.2013.847635","title":"Demand-driven securities regulation: evidence from crowdfunding","display_name":"Demand-driven securities regulation: evidence from crowdfunding","publication_year":2013,"publication_date":"2013-10-01","ids":{"openalex":"https://openalex.org/W3124949869","doi":"https://doi.org/10.1080/13691066.2013.847635","mag":"3124949869"},"language":"en","primary_location":{"id":"doi:10.1080/13691066.2013.847635","doi":"https://doi.org/10.1080/13691066.2013.847635","is_oa":false,"landing_page_url":"https://doi.org/10.1080/13691066.2013.847635","pdf_url":null,"source":{"id":"https://openalex.org/S34941771","display_name":"Venture Capital","issn_l":"1369-1066","issn":["1369-1066","1464-5343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Venture Capital","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5007094837","display_name":"Douglas J. Cumming","orcid":"https://orcid.org/0000-0003-4366-6112","observed_orcids":["https://orcid.org/0000-0003-4366-6112"]},"institutions":[{"id":"https://openalex.org/I192455969","display_name":"York University","ror":"https://ror.org/05fq50484","country_code":"CA","type":"education","lineage":["https://openalex.org/I192455969"]}],"countries":["CA"],"is_corresponding":false,"raw_author_name":"Douglas Cumming","raw_affiliation_strings":["Schulich School of Business, York University, Toronto, Canada"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Schulich School of Business, York University, Toronto, Canada","institution_ids":["https://openalex.org/I192455969"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054610162","display_name":"Sofia Johan","orcid":"https://orcid.org/0000-0003-1359-6029","observed_orcids":["https://orcid.org/0000-0003-1359-6029"]},"institutions":[{"id":"https://openalex.org/I192455969","display_name":"York University","ror":"https://ror.org/05fq50484","country_code":"CA","type":"education","lineage":["https://openalex.org/I192455969"]},{"id":"https://openalex.org/I193700539","display_name":"Tilburg University","ror":"https://ror.org/04b8v1s79","country_code":"NL","type":"education","lineage":["https://openalex.org/I193700539"]}],"countries":["CA","NL"],"is_corresponding":true,"raw_author_name":"Sofia Johan","raw_affiliation_strings":["Schulich School of Business, York University, Toronto, Canada; Tilburg Law and Economics Centre (TILEC), University of Tilburg, LE Tilburg, The Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Schulich School of Business, York University, Toronto, Canada; Tilburg Law and Economics Centre (TILEC), University of Tilburg, LE Tilburg, The Netherlands","institution_ids":["https://openalex.org/I192455969","https://openalex.org/I193700539"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5054610162"],"corresponding_institution_ids":["https://openalex.org/I192455969","https://openalex.org/I193700539"],"apc_list":null,"apc_paid":null,"fwci":13.4403,"has_fulltext":false,"cited_by_count":106,"citation_normalized_percentile":{"value":0.98592472,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":100},"biblio":{"volume":"15","issue":"4","first_page":"361","last_page":"379"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/equity-crowdfunding","display_name":"equity crowdfunding","score":0.7639999985694885},{"id":"https://openalex.org/keywords/securities-regulation","display_name":"securities regulation","score":0.9879999756813049},{"id":"https://openalex.org/keywords/race-to-the-bottom","display_name":"race to the bottom","score":0.8939999938011169},{"id":"https://openalex.org/keywords/race-to-the-top","display_name":"Race to the Top","score":0.9919999837875366},{"id":"https://openalex.org/keywords/investor-demand","display_name":"investor demand","score":0.6340000033378601},{"id":"https://openalex.org/keywords/disclosure-requirements","display_name":"disclosure requirements","score":0.9290000200271606},{"id":"https://openalex.org/keywords/business-start-up","display_name":"startups","score":0.5580000281333923},{"id":"https://openalex.org/keywords/principal-agent-problem","display_name":"principal-agent problem","score":0.5220000147819519},{"id":"https://openalex.org/keywords/audited-financial-statements","display_name":"audited financial statements","score":0.734000027179718}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6187939047813416},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.36214005947113037}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/13691066.2013.847635","doi":"https://doi.org/10.1080/13691066.2013.847635","is_oa":false,"landing_page_url":"https://doi.org/10.1080/13691066.2013.847635","pdf_url":null,"source":{"id":"https://openalex.org/S34941771","display_name":"Venture Capital","issn_l":"1369-1066","issn":["1369-1066","1464-5343"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Venture Capital","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:veecee:v:15:y:2013:i:4:p:361-379","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/13691066.2013.847635","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.5473999977111816,"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions"}],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":21,"referenced_works":["https://openalex.org/W141077647","https://openalex.org/W1989754401","https://openalex.org/W2059841502","https://openalex.org/W2067536600","https://openalex.org/W2096019982","https://openalex.org/W2107570674","https://openalex.org/W2113342949","https://openalex.org/W2133263811","https://openalex.org/W2147748360","https://openalex.org/W2734958999","https://openalex.org/W3023077960","https://openalex.org/W3121521799","https://openalex.org/W3121716941","https://openalex.org/W3122893692","https://openalex.org/W3123605165","https://openalex.org/W3124114405","https://openalex.org/W3124955466","https://openalex.org/W3125060536","https://openalex.org/W3125217200","https://openalex.org/W3125393355","https://openalex.org/W3125940648"],"related_works":["https://openalex.org/W3001528534","https://openalex.org/W4415546550","https://openalex.org/W7110956699","https://openalex.org/W7048515382","https://openalex.org/W4381855027","https://openalex.org/W2797057795","https://openalex.org/W4200561394","https://openalex.org/W2992804476","https://openalex.org/W50690459","https://openalex.org/W2794511318"],"abstract_inverted_index":{"We":[0],"study":[1],"the":[2,54,88,113,117,125,137,140],"law":[3],"production":[4],"race-to-the-bottom/race-to-the-top":[5],"debate":[6],"in":[7,13,30,139],"a":[8,51,134],"unique":[9],"context":[10],"of":[11,79],"crowdfunding":[12,35,141],"which":[14,116],"potential":[15],"agency":[16],"problems":[17],"are":[18],"extreme.":[19],"Our":[20],"empirical":[21],"setting":[22],"is":[23,85],"based":[24],"on":[25,62,76,96,112],"survey":[26],"data":[27,46,126],"from":[28,124],"Canada":[29],"2013":[31],"Q1":[32],"when":[33],"equity":[34],"was":[36,40],"not":[37],"permitted":[38],"but":[39],"openly":[41],"contemplated":[42],"by":[43,87],"regulators.":[44],"The":[45],"show":[47],"some":[48],"tension":[49],"towards":[50],"race":[52,135],"to":[53,65,133,136],"bottom":[55],"insofar":[56],"as":[57],"start-ups":[58],"prefer":[59,69],"fewer":[60,70,74],"restrictions":[61,75],"their":[63],"ability":[64],"crowdfund,":[66],"and":[67,73,101],"portals":[68],"disclosure":[71],"requirements":[72],"free":[77],"trading":[78],"crowdfunded":[80],"shares.":[81],"However,":[82],"this":[83],"evidence":[84],"tempered":[86],"fact":[89],"that":[90,127],"investors":[91],"demand":[92],"more":[93],"disclosure,":[94],"limits":[95],"amounts":[97],"entrepreneurs":[98],"can":[99],"raise,":[100],"lower":[102],"thresholds":[103],"for":[104],"audited":[105],"financial":[106],"statements,":[107],"among":[108],"other":[109],"things.":[110],"Based":[111],"ease":[114],"with":[115],"Internet":[118],"facilitates":[119],"cross-jurisdictional":[120],"investment,":[121],"we":[122],"infer":[123],"investor":[128],"demands":[129],"will":[130],"give":[131],"rise":[132],"top":[138],"space.":[142]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":11},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":13},{"year":2019,"cited_by_count":11},{"year":2018,"cited_by_count":15},{"year":2017,"cited_by_count":7},{"year":2016,"cited_by_count":5},{"year":2015,"cited_by_count":11},{"year":2014,"cited_by_count":4}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2025-10-10T00:00:00"}
