{"id":"https://openalex.org/W4406526236","doi":"https://doi.org/10.1287/mnsc.2023.01538","title":"Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing","display_name":"Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing","publication_year":2025,"publication_date":"2025-01-17","ids":{"openalex":"https://openalex.org/W4406526236","doi":"https://doi.org/10.1287/mnsc.2023.01538"},"language":"en","primary_location":{"id":"doi:10.1287/mnsc.2023.01538","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01538","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"},"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/A5020594140","display_name":"Zhenkai Ran","orcid":"https://orcid.org/0000-0001-7479-6169"},"institutions":[{"id":"https://openalex.org/I241749","display_name":"University of Cambridge","ror":"https://ror.org/013meh722","country_code":"GB","type":"education","lineage":["https://openalex.org/I241749"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Zhenkai Ran","raw_affiliation_strings":["University of Cambridge, Cambridge CB2 1AG, United Kingdom"],"affiliations":[{"raw_affiliation_string":"University of Cambridge, Cambridge CB2 1AG, United Kingdom","institution_ids":["https://openalex.org/I241749"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5040628119","display_name":"P. Raghavendra Rau","orcid":"https://orcid.org/0000-0002-3320-5104"},"institutions":[{"id":"https://openalex.org/I241749","display_name":"University of Cambridge","ror":"https://ror.org/013meh722","country_code":"GB","type":"education","lineage":["https://openalex.org/I241749"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"P. Raghavendra Rau","raw_affiliation_strings":["University of Cambridge, Cambridge CB2 1AG, United Kingdom"],"affiliations":[{"raw_affiliation_string":"University of Cambridge, Cambridge CB2 1AG, United Kingdom","institution_ids":["https://openalex.org/I241749"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5008941163","display_name":"Tania Ziegler","orcid":null},"institutions":[{"id":"https://openalex.org/I241749","display_name":"University of Cambridge","ror":"https://ror.org/013meh722","country_code":"GB","type":"education","lineage":["https://openalex.org/I241749"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Tania Ziegler","raw_affiliation_strings":["University of Cambridge, Cambridge CB2 1AG, United Kingdom"],"affiliations":[{"raw_affiliation_string":"University of Cambridge, Cambridge CB2 1AG, United Kingdom","institution_ids":["https://openalex.org/I241749"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5020594140"],"corresponding_institution_ids":["https://openalex.org/I241749"],"apc_list":null,"apc_paid":null,"fwci":10.7227,"has_fulltext":false,"cited_by_count":5,"citation_normalized_percentile":{"value":0.97628294,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":95,"max":99},"biblio":{"volume":"71","issue":"9","first_page":"8027","last_page":"8071"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9987000226974487,"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":0.9987000226974487,"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/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9900000095367432,"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"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9886999726295471,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/clarity","display_name":"CLARITY","score":0.8262168169021606},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.5176013708114624},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.37133944034576416},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.35685500502586365}],"concepts":[{"id":"https://openalex.org/C2777146004","wikidata":"https://www.wikidata.org/wiki/Q14949826","display_name":"CLARITY","level":2,"score":0.8262168169021606},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5176013708114624},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.37133944034576416},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.35685500502586365},{"id":"https://openalex.org/C55493867","wikidata":"https://www.wikidata.org/wiki/Q7094","display_name":"Biochemistry","level":1,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1287/mnsc.2023.01538","is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2023.01538","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Management Science","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":58,"referenced_works":["https://openalex.org/W1836875240","https://openalex.org/W1969519191","https://openalex.org/W1980573833","https://openalex.org/W1990902467","https://openalex.org/W2014648357","https://openalex.org/W2015522239","https://openalex.org/W2032014665","https://openalex.org/W2035750103","https://openalex.org/W2042670184","https://openalex.org/W2054965424","https://openalex.org/W2056528415","https://openalex.org/W2066126675","https://openalex.org/W2069985282","https://openalex.org/W2073620456","https://openalex.org/W2089876821","https://openalex.org/W2094863662","https://openalex.org/W2102897370","https://openalex.org/W2108491286","https://openalex.org/W2111635289","https://openalex.org/W2118304594","https://openalex.org/W2127756437","https://openalex.org/W2138842850","https://openalex.org/W2154187126","https://openalex.org/W2162012454","https://openalex.org/W2165144879","https://openalex.org/W2169417293","https://openalex.org/W2204579274","https://openalex.org/W2219244669","https://openalex.org/W2330394651","https://openalex.org/W2751571801","https://openalex.org/W2933605307","https://openalex.org/W3023597126","https://openalex.org/W3121324858","https://openalex.org/W3121368557","https://openalex.org/W3121443323","https://openalex.org/W3121558963","https://openalex.org/W3121584992","https://openalex.org/W3121716941","https://openalex.org/W3121759882","https://openalex.org/W3121948532","https://openalex.org/W3122706194","https://openalex.org/W3122778615","https://openalex.org/W3123306590","https://openalex.org/W3123400563","https://openalex.org/W3123978952","https://openalex.org/W3124284538","https://openalex.org/W3124363000","https://openalex.org/W3124375173","https://openalex.org/W3124751568","https://openalex.org/W3124812144","https://openalex.org/W3124895994","https://openalex.org/W3125217951","https://openalex.org/W3125469707","https://openalex.org/W3125975571","https://openalex.org/W3126033619","https://openalex.org/W3126081245","https://openalex.org/W3152100248","https://openalex.org/W4283387379"],"related_works":["https://openalex.org/W4391375266","https://openalex.org/W2086338133","https://openalex.org/W4367679314","https://openalex.org/W225526533","https://openalex.org/W2078361494","https://openalex.org/W2009234990","https://openalex.org/W4244083766","https://openalex.org/W2945718656","https://openalex.org/W2091016074","https://openalex.org/W2134615400"],"abstract_inverted_index":{"This":[0,96],"study":[1],"examines":[2],"how":[3],"the":[4,63,73,83],"level":[5,64,74],"of":[6,27,39,50,65,75,85],"detail":[7,35],"in":[8,23,36,93],"legal":[9],"regulations":[10,18,79],"impacts":[11],"crowdfunding.":[12,67,77],"We":[13],"find":[14],"that":[15,41],"clear,":[16],"explicit":[17],"significantly":[19],"boost":[20],"crowdfunding":[21,87],"volumes":[22],"a":[24,48,55],"global":[25],"sample":[26],"digital":[28],"finance.":[29,103],"Using":[30],"proxies":[31],"to":[32,81],"measure":[33],"regulatory":[34,60],"three":[37],"types":[38],"countries\u2014countries":[40],"sometimes,":[42],"always,":[43],"or":[44],"never":[45],"had":[46],"regulation\u2014in":[47],"series":[49],"difference-in-difference":[51],"regressions,":[52],"we":[53],"show":[54],"significant":[56],"positive":[57],"relation":[58],"between":[59],"clarity":[61],"and":[62,109],"debt":[66],"There":[68],"is":[69],"little":[70],"effect":[71],"on":[72],"equity":[76],"Clear":[78],"appear":[80],"encourage":[82],"creation":[84],"new":[86],"platforms":[88],"rather":[89],"than":[90],"concentrating":[91],"activity":[92],"existing":[94],"ones.":[95],"paper":[97],"was":[98],"accepted":[99],"by":[100],"Will":[101],"Cong,":[102],"Supplemental":[104],"Material:":[105],"The":[106],"online":[107],"appendix":[108],"data":[110],"files":[111],"are":[112],"available":[113],"at":[114],"https://doi.org/10.1287/mnsc.2023.01538":[115],".":[116]},"counts_by_year":[{"year":2026,"cited_by_count":3},{"year":2025,"cited_by_count":2}],"updated_date":"2026-04-11T08:14:18.477133","created_date":"2025-10-10T00:00:00"}