A.A. (Aleksandrina) Ralcheva MSc

Aleksandrina Ralcheva
Rotterdam School of Management (RSM)
Erasmus University Rotterdam
ERIM PhD Candidate
Field: Finance & Accounting
Affiliated since 2015

Aleksandrina Ralcheva is a PhD Candidate at the Department of Finance of the Rotterdam School of Management. Her PhD project entitled "Equity Crowdfunding Revealed: the ‘Before, During, and After’ the Campaign" aims to understand the dynamics of equity-based crowdfunding, a novel funding source available to early-stage ventures. The project is executed unted the supervision of Prof. Peter Roosenboom and Prof. Abe de Jong. Her main interests lie in the field of entrepreneurial finance and the financing of new ventures.

PhD Track 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 -


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