COVID-19 and entrepreneurial processes in US equity crowdfunding
COVID-19 and entrepreneurial processes in US equity crowdfunding
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COVID-19 和美国股权众筹中的创业流程
DOI：
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
Robert S. Reardon
中科院分区：
文献类型：
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作者：
Douglas J. Cumming;Robert S. Reardon
摘要2019冠状病毒病疫情给美国的创业机会带来了转变。在本文中，我们通过研究美国不同地区的房价来代理创业过程。房价反映了不同地区和不同时间的人口流动、税收动态以及对股权所有权的行为偏好，所有这些都受到COVID-19的严重影响。我们根据美国证券交易委员会的数据，从2016年第二季度到2021年第一季度的首次发行开始，研究了所有美国股权众筹产品。数据显示，COVID-19后的地区房价是股权众筹活动数量和筹集资金金额的有力预测因素。不仅如此，房价变化对众筹的影响在较繁荣的地区更为明显。房价效应对众多的控制和对异常值的考虑是稳健的。
ABSTRACT The COVID-19 pandemic brought about a shift in entrepreneurial opportunities in the United States. In this paper, we proxy entrepreneurial processes by examining housing prices in different regions of the United States. Housing prices capture the movement in people, tax dynamics, and behavioral preferences for equity ownership in different regions and over time, all of which were drastically impacted by COVID-19. We examine all US equity crowdfunding offerings starting with the very first offerings in 2016 Q2 until 2021 Q1 based on data from the Securities and Exchange Commission. The data indicate that regional housing prices post-COVID-19 are a strong predictor of the number of equity crowdfunding campaigns and the amount of capital raised. Moreover, the impact of housing price changes on crowdfunding is more pronounced among more prosperous regions. The housing price effect is robust to numerous controls and consideration of outliers.