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How Disclosure Requirements Affect Investors and Sponsors: Evidence from Real Estate Crowdfunding

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How Disclosure Requirements Affect Investors and Sponsors: Evidence from Real Estate Crowdfunding

You, Liang (2018) How Disclosure Requirements Affect Investors and Sponsors: Evidence from Real Estate Crowdfunding. Masters thesis, Concordia University.

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Abstract

The development of real estate crowdfunding in the past few years is attributed mostly to the passage of the JOBS Act. Although the SEC set disclosure requirements for crowdfunding, we notice there are still different levels of disclosure among platforms. In this thesis, we examine whether the different disclosure policies set by platforms affect projects’ proposed return and sponsors’ behavior. Due to the two-way causality relationship between disclosure requirements and proposed return, we use the simultaneous regression model to estimate. The empirical results show sponsors who launch projects on a platform with lower disclosure standard raise projects proposed returns as an attractive means. Sponsors who were supposed to prefer a less stringent regulation are surprisingly willing to disclose more information. This study is the first information asymmetry study on debt-based crowdfunding and provide implications for practice.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:You, Liang
Institution:Concordia University
Degree Name:M. Sc.
Program:Finance
Date:31 July 2018
Thesis Supervisor(s):Schweizer, Denis
ID Code:984496
Deposited By: LIANG YOU
Deposited On:16 Nov 2018 16:55
Last Modified:16 Nov 2018 16:55

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  • How Disclosure Requirements Affect Investors and Sponsors: Evidence from Real Estate Crowdfunding. (deposited 16 Nov 2018 16:55) [Currently Displayed]
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