Abstract
Based on the analysis of a unique dataset comprising 276 equity crowdfunding campaigns, we propose that interactive forum discussions between potential investors and entrepreneurs serve as a strong signal of a new venture's quality. The results show that these dialogues play an essential role in campaign performance and that the importance of different topics raised by investors evolves throughout a campaign. As these online discussions are impromptu and initiated by the crowd, responding to investor queries is an important aspect of managing an equity crowdfunding campaign. We discuss the implications of our results for research and practice.
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