Empirical analysis of overfunding drivers in equity crowdfunding for start-ups and innovative SME’s in Italy
Serafini, Lorenzo (A.A. 2024/2025) Empirical analysis of overfunding drivers in equity crowdfunding for start-ups and innovative SME’s in Italy. Tesi di Laurea in Advanced corporate finance, Luiss Guido Carli, relatore Raffaele Oriani, pp. 89. [Master's Degree Thesis]
Full text for this thesis not available from the repository.
Abstract/Index
Introduction to the crowdfunding phenomenon. International historical overview of crowdfunding. The main forms of crowdfunding. Equity crowdfunding: characteristics, operation, advantages and risks. The evolution of the crowdfunding market in Italy. The players of equity crowdfunding. Regulatory framework of equity crowdfunding in Italy and Europe. Origins and development of the Italian regulatory framework (2012–present): growth decree, CONSOB interventions, MiFID II. The European regulatory framework and the comparison with Italy: regulation (EU) 2020/1503 (European crowdfunding service providers). Role of platforms and regulatory oversight: authorizations, transparency, and investor protection. Opportunities and constraints for start-ups/SMEs and investors derived from the regulatory framework. Policy considerations and possible future developments. Equity crowdfunding success and overfunding drivers (literature review). Theoretical models used in the study of equity crowdfunding: signaling theory, pecking order theory, behavioral finance. Empirical success factors: lead investor, human capital, communication, disclosure, offer structure, social network. Literature review. Overfunding in equity crowdfunding: drivers and outcome. Evidence and Italian sources: the context of equity crowdfunding in Italy. Research focus and hypothesis development. Data, variables and empirical methodology. Research objective and empirical logic. Data sources, sample construction and scope. Dependent variable: overfunding ratio and log specification. Explanatory variables: economic logic, construction and timing. Transformations and scaling choices. Empirical models, controls and coefficient interpretation. Regulatory regime indicator (post-ECSP). Robustness checks: rationale and implementation. Model setup and interpretation rules. Baseline results (M1): campaign design and contractual features. Adding engagement and momentum proxies (M2): investors, updates and Q&A. Adding issuer accounting fundamentals (M3): limited incremental explanatory power.
References
Bibliografia: pp. 86-89.
| Thesis Type: | Master's Degree Thesis |
|---|---|
| Institution: | Luiss Guido Carli |
| Degree Program: | Master's Degree Programs > Master's Degree program in Corporate Finance, English language (LM-77) |
| Chair: | Advanced corporate finance |
| Thesis Supervisor: | Oriani, Raffaele |
| Thesis Co-Supervisor: | Santella, Rosella |
| Academic Year: | 2024/2025 |
| Session: | Extraordinary |
| Deposited by: | Alessandro Perfetti |
| Date Deposited: | 10 Sep 2026 12:18 |
| Last Modified: | 10 Sep 2026 12:18 |
| URI: | https://tesi.luiss.it/id/eprint/46800 |
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