Trusting the crowd: Effects of crowdfunding on venture capital syndicates
研究了众筹如何影响后续的风险投资辛迪加融资，发现众筹降低了获得辛迪加投资的可能性，但促进了更小、更国际化的辛迪加，有助于缓解信息不对称。
We assess whether and how crowdfunding influences follow-up financing through syndicated venture capital. Drawing on signaling theory and the syndication literature, our overarching empirical finding is that crowdfunding influences different dimensions of the venture capital syndication process. First, ventures that used crowdfunding have a lower likelihood to be financed by a syndicated investment. Second, a crowdfunding campaign facilitates smaller but more international syndicates, while investment experience appears to be incidental. Overall, our results show that a crowdfunding campaign can mitigate information asymmetries between a venture capitalist and a new venture, reducing the need to form syndicates.