In progress Equity Crowdfunding Revealed: the ‘Before, During, and After’ the Campaign



This research proposal outlines three research ideas that I plan to develop during the four years of my PhD. For one, I want to explore the role of certification for facilitating equity crowdfunding success. Additionally, I would like to investigate the consequences of overfunding a campaign, in that it translates to prematurely raising more funds than the company’s current stated financial needs. And finally, I would look at the ex-post outcomes of equity crowdfunding in an attempt to draw conclusions about how it uniquely contributes to the development of the participating ventures. In their whole, the findings of these studies will have important practical implications, as well as advance our knowledge with respect to novel funding sources available to early-stage ventures.


Equity Crowdfunding, Entrepreneurship, Entrepreneurial Finance, Information Asymmetries, Signaling, Certification, Funding Success, Overfunding, Post-campaign Performance

Time frame

2015 - 2019


In the field or financing and capital structure decisions, several topics can be thought of. The broadest question include: Why do firms issue debt or equity? How do firms determine their capital structures? And what are the value effects of capital structure decisions? More specific issues relate to specific instruments, such as convertible bank issues and bank loans. Interesting research questions arise about the conditions under which firms opt for specific instruments and the value implication of these choices. Similarly, the capital requirements by small and start-up firms are fundamentally different from the needs of mature firms - a research area is the private equity, venture capital and crowdfunding industry. Financial intermediation deals with role of commercial banks and other credit institutions in the interaction with financial markets and corporations. Research questions include the causes and effects of firm-bank relations, bank competition, the advisory roles of banks in mergers and acquisitions, and IPO underwriting.

Within the department of finance, supervision capacity in financial history is present. Candidates with a background or interest in (economic or financial) history are encouraged to apply and indicate their preferences. In the 17th-19th centuries, the Dutch capital market in Amsterdam was a global financial centre, of which rich data on international firms and securities is still widely available. In particular, historical analyses of capital structure choice, IPOs, mergers, corporate governance, security pricing and market efficiency provide suitable topics.

Finally, in corporate governance, the principal-agent problems in companies are studied. These problems may arise, e.g., between managers and shareholders or between large and minority shareholders. Corporate governance studies, among others the effects of shareholder rights and activism, the effects of institutional ownership, and managerial compensation issues.

The list of potential supervisors includes the following members of the finance group: Abe de Jong (full professor of corporate finance) is active in the fields of capital structure, governance and business history. The expertise of Lars Norden (full professor in banking) is banking and intermediation. Peter Roosenboom (full professor of entrepreneurial finance and private equity) is specialized in IPOs, crowdfunding, governance and private equity. Please see for further information about these researchers and the finance group at RSM.

Supervisory Team

Abe de Jong
Professor of Corporate Finance and Corporate Governance
  • Promotor
Peter Roosenboom
Professor of Entrepreneurial Finance and Private Equity
  • Promotor