R. Aernoudt, Business Angels: Should they fly on their own wings?, Venture Capital, vol.1, issue.2, pp.187-195, 1999.
DOI : 10.1080/136910699295965

A. Agrawal, C. Catalini, and A. Goldfarb, Some Simple Economics of Crowdfunding, Innovation Policy and the Economy, vol.14, issue.1, pp.63-97, 2014.
DOI : 10.1086/674021

A. Agrawal, C. Catalini, and A. Goldfarb, Crowdfunding: Geography, Social Networks, and the Timing of Investment Decisions, Journal of Economics & Management Strategy, vol.58, issue.Special Issue, pp.253-274, 2015.
DOI : 10.1111/jems.12093

G. K. Ahlers, D. Cumming, C. Günther, and D. Schweizer, Signaling in Equity Crowdfunding, Entrepreneurship Theory and Practice, vol.15, issue.1, pp.955-980, 2015.
DOI : 10.1111/etap.12157

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.295.1462

F. M. Amatucci and J. E. Sohl, Women entrepreneurs securing business angel financing: tales from the field, Venture Capital, vol.27, issue.2-3, pp.181-196, 2004.
DOI : 10.1111/1468-5957.00201

R. Amit, J. Brander, and C. Zott, Why do venture capital firms exist? theory and canadian evidence, Journal of Business Venturing, vol.13, issue.6, pp.441-466, 1998.
DOI : 10.1016/S0883-9026(97)00061-X

D. B. Audretsch and E. E. Lehmann, Financing High-Tech Growth: The Role of Banks and Venture Capitalists, Schmalenbach Business Review, vol.56, issue.4, pp.340-357, 2004.

L. Balachandra, H. Sapienza, and D. Kim, How critical cues influence angels' investment preferences, Frontiers of Entrepreneurship Research, vol.34, issue.1, pp.1-16, 2014.

M. Balboa and J. Martí, Determinants of private equity fundraising in Western Europe Available at: https://ssrn, 2001.

C. B. Barry, New Directions in Research on Venture Capital Finance, Financial Management, vol.23, issue.3, pp.3-15, 1994.
DOI : 10.2307/3665617

C. B. Barry, C. J. Muscarella, J. W. Peavy, and M. R. Vetsuypens, The role of venture capital in the creation of public companies, Journal of Financial Economics, vol.27, issue.2, pp.447-471, 1990.
DOI : 10.1016/0304-405X(90)90064-7

P. Belleflamme, T. Lambert, and A. Schwienbacher, Crowdfunding: Tapping the right crowd, Journal of Business Venturing, vol.29, issue.5, pp.585-609, 2014.
DOI : 10.1016/j.jbusvent.2013.07.003

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.375.4685

P. Belleflamme, N. Omrani, and M. Peitz, The economics of crowdfunding platforms, Information Economics and Policy, vol.33, pp.11-28, 2015.
DOI : 10.1016/j.infoecopol.2015.08.003

O. Bengtsson, Covenants in Venture Capital Contracts, Management Science, vol.57, issue.11, pp.1926-1943, 2011.
DOI : 10.1287/mnsc.1110.1409

O. Bengtsson, Relational venture capital financing of serial founders, Journal of Financial Intermediation, vol.22, issue.3, pp.308-334, 2013.
DOI : 10.1016/j.jfi.2013.04.002

O. Bengtsson and D. Hsu, How do venture capital partners match with startup founders? Available at: https://ssrn, 2010.
DOI : 10.2139/ssrn.1568131

A. N. Berger and G. F. Udell, The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle, SSRN Electronic Journal, vol.22, issue.6, pp.613-673, 1998.
DOI : 10.2139/ssrn.137991

V. Bessière and É. Stéphany, Le crowdfunding: Fondements et pratiques, 2017.

A. Bhide, The origin and evolution of new businesses, 1994.

B. Black and R. J. Gilson, Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets, SSRN Electronic Journal, vol.47, pp.243-277, 1998.
DOI : 10.2139/ssrn.46909

J. Block, L. Hornuf, and A. Moritz, Which Updates During an Equity Crowdfunding Campaign Increase Crowd Participation? Available at: http://ssrn, 2016.
DOI : 10.1007/s11187-017-9876-4

URL : http://doi.org/10.1007/s11187-017-9876-4

C. Bock and M. Schmidt, The sooner, the better? Venture Capital decisions in IPOs, Frontiers of Entrepreneurship Research, vol.34, issue.2, pp.16-31, 2014.

S. Bonini, S. Alkan, and A. Salvi, The Effects of Venture Capitalists on the Governance of Firms, Corporate Governance: An International Review, vol.110, issue.3, pp.21-45, 2012.
DOI : 10.1111/j.1467-8683.2011.00888.x

S. Bonini, V. Capizzi, M. Valletta, and P. Zocchi, 2016. Groups, networks and business angels' investment process Available at: https

C. Bonnet and P. Wirtz, Investor Type, Cognitive Governance and Performance in Young Entrepreneurial Ventures: A Conceptual Framework Advances in Behavioral Finance and Economics, The Journal of the Academy of Behavioral, vol.1, issue.1, pp.42-62, 2011.

C. Bonnet and P. Wirtz, Raising capital for rapid growth in young technology ventures: when business angels and venture capitalists coinvest, Venture Capital, vol.22, issue.4, pp.91-110, 2012.
DOI : 10.1007/978-1-4419-7527-0

URL : https://hal.archives-ouvertes.fr/halshs-00666416

C. Bonnet, P. Wirtz, and C. Haon, Liftoff: when strong growth is predicted by angels and fueled by professional venture funds, pp.59-78, 2013.
DOI : 10.2139/ssrn.2081509

L. Bottazzi, M. Da-rin, and T. Hellmann, Who are the active investors????Evidence from venture capital, Journal of Financial Economics, vol.89, issue.3, pp.488-512, 2008.
DOI : 10.1016/j.jfineco.2007.09.003

L. Bottazzi, M. Da-rin, and T. Hellmann, The Importance of Trust for Investment: Evidence from Venture Capital, Review of Financial Studies, vol.29, issue.9, 2011.
DOI : 10.1093/rfs/hhw023

C. S. Bradford, Crowdfunding and the Federal Securities Laws, Columbia Business Law Review, vol.2012, issue.1, pp.5-150, 2012.

J. Brander, R. Amit, and W. Antweiler, Venture-Capital Syndication: Improved Venture Selection vs. The Value-Added Hypothesis, Journal of Economics <html_ent glyph="@amp;" ascii="&"/> Management Strategy, vol.76, issue.3, pp.423-452, 2002.
DOI : 10.1016/0883-9026(89)90014-1

R. Brown, S. Mawson, A. Rowe, and C. M. Mason, Harnessing the Crowd: The Demand- Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures. Working papers in responsible banking and finance, pp.15-24, 2015.

G. D. Bruton, V. H. Fried, and S. Manigart, Institutional Influences on the Worldwide Expansion of Venture Capital, Entrepreneurship Theory and Practice, vol.58, issue.1, pp.737-60, 2005.
DOI : 10.1111/j.1540-6520.2005.00106.x

G. Bruton, S. Khavul, D. Siegel, and M. Wright, New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer-to-Peer Innovations, Entrepreneurship Theory and Practice, vol.25, issue.4, pp.9-26, 2015.
DOI : 10.1111/etap.12143

W. D. Bygrave, Syndicated investments by venture capital firms: A networking perspective, Journal of Business Venturing, vol.2, issue.2, pp.139-154, 1987.
DOI : 10.1016/0883-9026(87)90004-8

W. D. Bygrave, The structure of the investment networks of venture capital firms, Journal of Business Venturing, vol.3, issue.2, pp.137-157, 1988.
DOI : 10.1016/0883-9026(88)90023-7

V. Capizzi, What Drives the Returns of Business Angels' Investments? An Empirical Analysis of the Italian Informal Venture Capital Market. Available at: http://ssrn, 2011.

V. Capizzi, The returns of business angel investments and their major determinants, Venture Capital, vol.24, issue.4, pp.271-298, 2015.
DOI : 10.1002/jsc.v18:7/8

V. Capizzi, M. Valetta, and P. Zocchi, The determinants of business angels' investment choices: the role of experience, networking monitoring, and co-investments. Available at: http://www.emlyon .com/minisiteen/content/download, pp.2-2, 2016.

T. L. Campbell and M. B. Frye, Venture capitalist monitoring: Evidence from governance structures, The Quarterly Review of Economics and Finance, vol.49, issue.2, pp.265-282, 2008.
DOI : 10.1016/j.qref.2008.05.001

M. Carey, S. Prowse, J. Rea, and G. F. Udell, The economics of private placements: A new look, Financial Markets, Institutions and Instruments, vol.2, 1993.

C. Carpentier and J. Suret, Angel group members' decision process and rejection criteria: A longitudinal analysis, Journal of Business Venturing, vol.30, issue.6, pp.808-821, 2015.
DOI : 10.1016/j.jbusvent.2015.04.002

C. Casamatta and C. Haritchabalet, Experience, screening and syndication in venture capital investments, Journal of Financial Intermediation, vol.16, issue.3, pp.368-398, 2007.
DOI : 10.1016/j.jfi.2007.03.003

URL : http://publications.ut-capitole.fr/2964/1/experience.pdf

S. Chahine, I. Filatotchev, and M. Wright, Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France, Journal of Business Finance & Accounting, vol.41, issue.5, pp.505-528, 2007.
DOI : 10.1046/j.1467-6486.2003.00412.x

T. J. Chemmanur and X. Tian, Peer Monitoring, Syndication, and the Dynamics of Venture Capitalist Interactions. Available at: https://ssrn, 2011.

M. Cherif and K. Gazdar, What drives venture Capital Investments in Europe? New results from a panel data analysis, Journal of Applied Business Economics, vol.12, issue.3, pp.122-139, 2011.

M. Cholakova and B. Clarysse, Does the Possibility to Make Equity Investments in Crowdfunding Projects Crowd Out Reward-Based Investments? Entrepreneurship: Theory and Practice, pp.145-172, 2015.

J. H. Cochrane, The risk and return of venture capital, Journal of Financial Economics, vol.75, issue.1, pp.3-52, 2005.
DOI : 10.1016/j.jfineco.2004.03.006

V. Collewaert, When is Conflict (Not) Good for Business: The Case of Business Angels and Entrepreneurial Teams, Frontiers of Entrepreneurship Research, vol.28, issue.2 2, 2008.

M. G. Colombo, C. Franzoni, and C. Rossi-lamastra, Internal Social Capital and the Attraction of Early Contributions in Crowdfunding, Entrepreneurship Theory and Practice, vol.58, issue.5, pp.75-100, 2015.
DOI : 10.1111/etap.12118

A. C. Cooper, The role of incubator organizations in the founding of growth-oriented firms, Journal of Business Venturing, vol.1, issue.1, pp.75-86, 1985.
DOI : 10.1016/0883-9026(85)90008-4

I. A. Cooper and W. T. Carleton, Dynamics of Borrower-Lender Interaction: Partitioning Final Payoff in Venture Capital Finance, The Journal of Finance, vol.34, issue.2, pp.517-529, 1979.
DOI : 10.1111/j.1540-6261.1979.tb02117.x

A. Croce, M. Guerini, and E. Ughetto, Angel Financing and the Performance of High-Tech Start-Ups, Journal of Small Business Management, vol.24, issue.2
DOI : 10.1111/jsbm.12250

A. Croce, F. Tenca, and E. Ughetto, How business angel groups work: Rejection criteria in investment evaluation, International Small Business Journal, vol.7, issue.4, 2016.
DOI : 10.1016/j.jbankfin.2011.01.024

D. Cumming, Capital structure in venture finance, Journal of Corporate Finance, vol.11, issue.3, pp.550-585, 2005.
DOI : 10.1016/j.jcorpfin.2004.02.004

D. Cumming, Contracts and Exits in Venture Capital Finance, Review of Financial Studies, vol.21, issue.5, pp.1947-1982, 2008.
DOI : 10.1093/rfs/hhn072

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.488.8541

D. Cumming and S. Johan, Advice and Monitoring in Venture Finance. Financial Markets and Portfolio Management, pp.3-43, 2007.
DOI : 10.2139/ssrn.642122

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.494.7693

D. Cumming and S. Johan, Information asymmetries, agency costs and venture capital exit outcomes, Venture Capital, vol.3, issue.3, pp.197-231, 2008.
DOI : 10.1046/j.1467-6486.2003.00412.x

D. Cumming and J. G. Macintosh, Venture capital investment duration in Canada and the United States, Journal of Multinational Financial Management, vol.11, issue.4-5, pp.445-463, 2001.
DOI : 10.1016/S1042-444X(01)00034-2

D. Cumming and J. G. Macintosh, A cross-country comparison of full and partial venture capital exits, Journal of Banking & Finance, vol.27, issue.3, pp.511-548, 2003.
DOI : 10.1016/S0378-4266(02)00389-8

D. Cumming and Y. Zhang, Alternative investments in emerging markets: A review and new trends, Emerging Markets Review, vol.29, pp.1-29, 2016.
DOI : 10.1016/j.ememar.2016.08.022

D. Cumming, G. Fleming, and A. Schwienbacher, Legality and venture capital exits, Journal of Corporate Finance, vol.12, issue.2, pp.214-245, 2006.
DOI : 10.1016/j.jcorpfin.2004.12.004

D. Cumming, D. Schmidt, and U. Walz, Legality and venture capital governance around the world, Journal of Business Venturing, vol.25, issue.1, pp.54-72, 2010.
DOI : 10.1016/j.jbusvent.2008.07.001

M. Da-rin, T. Hellmann, and M. Puri, A Survey of Venture Capital Research, Handbook of Economics and Finance, vol.2, issue.A, pp.573-648, 2013.
DOI : 10.1016/B978-0-44-453594-8.00008-2

C. M. Daily, T. S. Certo, D. R. Dalton, and R. Roengpitya, IPO Underpricing: A Meta-Analysis and Research Synthesis, Entrepreneurship Theory and Practice, vol.24, issue.2, pp.271-295, 2003.
DOI : 10.1016/0165-4101(86)90016-9

D. Clercq, D. Fried, V. H. Lehtonen, O. Sapienza, and H. J. , An Entrepreneur's Guide to the Venture Capital Galaxy., Academy of Management Perspectives, vol.20, issue.3, pp.90-112, 2006.
DOI : 10.5465/AMP.2006.21903483

D. Devigne and S. Manigart, Investment Strategies of Cross-Border Venture Capital Investors, Venture Capital: An International Journal of Entrepreneurial Finance, vol.33, issue.2, pp.1-15, 2013.

D. Devigne, S. Manigart, and M. Wright, Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors, Journal of Business Venturing, vol.31, issue.3, pp.253-271, 2016.
DOI : 10.1016/j.jbusvent.2016.01.001

W. Drover, M. S. Wood, and A. Zacharakis, Attributes of Angel and Crowdfunded Investments as Determinants of VC Screening Decisions, Entrepreneurship Theory and Practice, vol.16, issue.5, pp.323-347, 2017.
DOI : 10.1016/S0883-9026(99)00052-X

E. Dubocage and G. Galindo, Understanding founder???CEO???s replacement in venture-backed companies: A theoretical and empirical analysis, European Management Journal, vol.32, issue.3, pp.461-474, 2014.
DOI : 10.1016/j.emj.2013.11.003

G. Dushnitsky, M. Guerini, E. Piva, and C. Rossi-lamastra, Crowdfunding in Europe: Determinants of Platform Creation across Countries, California Management Review, vol.58, issue.2, pp.44-71, 2016.
DOI : 10.1525/cmr.2016.58.2.44

S. Dutta and T. B. Folta, A comparison of the effect of angels and venture capitalists on innovation and value creation, Journal of Business Venturing, vol.31, issue.1, pp.39-54, 2016.
DOI : 10.1016/j.jbusvent.2015.08.003

R. Elitzur and A. Gavious, Contracting, signaling, and moral hazard: a model of entrepreneurs, ???angels,??? and venture capitalists, Journal of Business Venturing, vol.18, issue.6, pp.709-725, 2003.
DOI : 10.1016/S0883-9026(03)00027-2

. Enterprise-research-centre, Survey of business angels: Interim report, 2014.

C. European and . Network, Review of Crowdfunding Regulation: Interpretations of Existing Regulation Concerning Crowdfunding in Europe, 2014.

C. R. Everett, Origins and Development of Credit-Based Crowdfunding Available at: https://ssrn, 2014.
DOI : 10.2139/ssrn.2442897

I. J. Felipe, S. Mendes-da-silva, W. Gattaz, and C. C. , Available at: https://ssrn, Crowdfunding Research Agenda. 2017 IEEE 11th International Conference on Semantic Computing, 2017.

E. G. Félix, M. A. Gulamhussen, and C. P. Pires, The Determinants of Venture Capital in Europe ??? Evidence Across Countries, Journal of Financial Services Research, vol.44, issue.2, pp.259-279, 2007.
DOI : 10.1007/s10693-012-0146-y

G. W. Fenn, N. Liang, and S. Prowse, The Private Equity Market: An Overveiw, Financial Markets, Institutions and Instruments, vol.6, issue.4, pp.1-106, 1997.
DOI : 10.1111/1468-0416.00012

M. Fitza, S. F. Matusik, and E. Mosakowski, Do VCs matter? the importance of owners on performance variance in start-up firms, Strategic Management Journal, vol.13, issue.2, pp.387-404, 2009.
DOI : 10.1002/smj.748

S. Fraser, S. K. Bhaumik, and M. Wright, What do we know about entrepreneurial finance and its relationship with growth?, International Small Business Journal, vol.33, issue.1, pp.70-88, 2015.
DOI : 10.1177/0266242614547827

J. Freear, J. E. Sohl, and W. E. Wetzel, Angels and non-angels: Are there differences?, Journal of Business Venturing, vol.9, issue.2, pp.109-123, 1994.
DOI : 10.1016/0883-9026(94)90004-3

J. Freear, J. E. Sohl, and W. E. Wetzel, Angels: personal investors in the venture capital market, Entrepreneurship & Regional Development, vol.24, issue.1, pp.85-94, 1995.
DOI : 10.1080/08985629200000020

A. Gill and U. Waltz, Why do so many VC-backed IPOs end up in takeovers? Available at: https://www.wu.ac, 2013.

R. J. Gilson and D. M. Schizer, Understanding Venture Capital Structure: A Tax Explanation for Convertible Preferred Stock, SSRN Electronic Journal, vol.116, pp.875-916, 2003.
DOI : 10.2139/ssrn.301225

B. D. Goldfarb, G. Hoberg, D. Kirsch, and A. Triantis, Are Angels Different? An Analysis of Early Venture Financing, 2014.

P. A. Gompers, The Rise and Fall of Venture Capital, Business and Economic History, vol.23, issue.2, pp.1-24, 1994.

P. A. Gompers, Optimal Investment, Monitoring, and the Staging of Venture Capital, The Journal of Finance, vol.43, issue.5, pp.1461-1489, 1995.
DOI : 10.1111/j.1540-6261.1995.tb05185.x

P. A. Gompers, Optimal Investment, Monitoring, and the Staging of Venture Capital, The Journal of Finance, vol.43, issue.5, pp.1461-1489, 2005.
DOI : 10.1111/j.1540-6261.1995.tb05185.x

P. A. Gompers and J. Lerner, What drives venture capital fundraising?, Brookings Papers on Economic Activity, pp.149-204, 1998.
DOI : 10.2139/ssrn.57935

P. A. Gompers and J. Lerner, The Venture Capital Revolution, Journal of Economic Perspectives, vol.15, issue.2, pp.145-168, 2001.
DOI : 10.1257/jep.15.2.145

P. A. Gompers, J. Lerner, and D. S. Scharfstein, Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986 to 1999, The Journal of Finance, vol.57, issue.2, pp.577-614, 1986.
DOI : 10.1111/0022-1082.00483

P. Gompers, A. Kovner, J. Lerner, and D. S. Scharfstein, Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs Available at: https, 2006.

P. Gompers, A. Kovner, J. Lerner, and D. S. Scharfstein, Venture capital investment cycles: The impact of public markets, Journal of Financial Economics, vol.87, issue.1, pp.1-23, 2008.
DOI : 10.1016/j.jfineco.2006.12.002

P. Gompers, A. Kovner, J. Lerner, and D. S. Scharfstein, Performance Persistence in Entrepreneurship and Venture Capital, Journal of Financial Economics, vol.96, issue.1, pp.731-764, 2010.

M. Gorman and W. A. Sahlman, What do venture capitalists do?, Journal of Business Venturing, vol.4, issue.4, pp.213-248, 1989.
DOI : 10.1016/0883-9026(89)90014-1

D. A. Gray and B. F. Nattrass, Raising money: The Canadian guide to successful business financing, 1993.

G. Gregson, S. Mann, and R. Harrison, Business Angel Syndication and the Evolution of Risk Capital in a Small Market Economy: Evidence from Scotland, Managerial and Decision Economics, vol.38, issue.8, pp.95-107, 2013.
DOI : 10.1002/mde.2595

Z. J. Griffin, Crowdfunding: Fleecing the American Masses, SSRN Electronic Journal, vol.4, issue.2, pp.375-410, 2013.
DOI : 10.2139/ssrn.2030001

URL : http://scholarlycommons.law.case.edu/cgi/viewcontent.cgi?article=1004&context=jolti

A. P. Groh and F. Bertoni, Cross-Border Investments and Venture Capital Exits in Europe, Global Perspectives on Entrepreneurship: Public and Corporate Governance, vol.22, issue.2, pp.84-99, 2014.

A. P. Groh and H. Von-liechtenstein, How attractive is central Eastern Europe for risk capital investors?, Journal of International Money and Finance, vol.28, issue.4, pp.625-647, 2009.
DOI : 10.1016/j.jimonfin.2009.01.006

A. P. Groh and J. Wallmeroth, Determinants of venture capital investments in emerging markets, Emerging Markets Review, vol.29, pp.104-132, 2016.
DOI : 10.1016/j.ememar.2016.08.020

A. K. Gupta and H. Sapienza, Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments, Journal of Business Venturing, vol.7, issue.5, pp.347-362, 1992.
DOI : 10.1016/0883-9026(92)90012-G

R. Harrison and C. Mason, Venture capital market complementarities: The links between business angels and venture capital funds in the United Kingdom, Venture Capital, vol.2, issue.3, pp.223-242, 2000.
DOI : 10.1080/13691060050135091

R. Harrison, C. Mason, and P. Robson, Determinants of long-distance investing by business angels in the UK, Entrepreneurship & Regional Development, vol.24, issue.2, pp.113-137, 2010.
DOI : 10.1093/jeg/2.2.151

O. Hart and B. Helmström, Contractual Theory. The Royal Swedish Academy of Sciences Available at: https://www.nobelprize.org/nobel_prizes/economic- sciences/laureates, 2016.

T. Hellmann, Financial Structure and Control in Venture Capital, 1994.

T. Hellmann, The Allocation of Control Rights in Venture Capital Contracts, The RAND Journal of Economics, vol.29, issue.1, pp.57-76, 1998.
DOI : 10.2307/2555816

T. Hellmann, A theory of strategic venture investing, Journal of Financial Economics, vol.64, issue.2, pp.285-314, 2002.
DOI : 10.1016/S0304-405X(02)00078-8

T. Hellmann, IPOs, acquisitions, and the use of convertible securities in venture capital, Journal of Financial Economics, vol.81, issue.3, pp.649-679, 2006.
DOI : 10.1016/j.jfineco.2005.06.007

T. Hellmann and V. Thiele, Friends or foes? The interrelationship between angel and venture capital markets, Journal of Financial Economics, vol.115, issue.3, pp.639-653, 2015.
DOI : 10.1016/j.jfineco.2014.10.009

T. Hellmann and M. Puri, Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence, The Journal of Finance, vol.55, issue.1, pp.169-197, 2002.
DOI : 10.1111/1540-6261.00419

F. Hervé, E. Manthe, A. Sanajust, and A. Schwienbacher, Investor Motivations in Investment-based Crowdfunding. Available at SSRN: http://ssrn, 2016.

K. Hindle and L. Lee, An exploratory investigation of informal venture capitalists in Singapore, Venture Capital, vol.4, issue.2, pp.169-82, 2002.
DOI : 10.1080/136910699295893

J. P. Hoban, CHARACTERISTICS OF VENTURE CAPITAL INVESTMENTS*, The Financial Review, vol.13, issue.1, pp.104-106, 1978.
DOI : 10.1111/j.1540-6288.1978.tb00979.x

Y. V. Hochberg, L. A. Lindsey, and M. M. Westerfield, Partner Selection in Co- Investment Networks: Evidence from Venture Capital Available at: https://ssrn, 2015.
DOI : 10.2139/ssrn.1855764

Y. V. Hochberg, A. Ljungqvist, and Y. Lu, Whom You Know Matters: Venture Capital Networks and Investment Performance, The Journal of Finance, vol.36, issue.1, pp.251-301, 2007.
DOI : 10.1111/j.1540-6261.2007.01207.x

L. Hornuf and M. Schmitt, Does a local bias exist in equity crowdfunding? The impact of investor types and portal design Available at: http://ssrn, 2801170.

L. Hornuf and M. Schmitt, Success and failure in equity crowdfunding Available at: https://www.unitrier.de/fileadmin, CESifo DICE Report, vol.2, 2016.

L. Hornuf and A. Schwienbacher, The Emergence of Crowdinvesting in Europe: With an In-Depth Analysis of the German Market Available at: http://ssrn, 2481994.

L. Hornuf and A. Schwienbacher, Should Securities Regulation Promote Crowdinvesting? Available at: http://ssrn, 2015.
DOI : 10.2139/ssrn.2412124

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.654.5525

L. Hornuf and A. Schwienbacher, Portal Design and Funding Dynamics in Equity Crowdfunding Available at: http://www.emlyon .com/minisiteen/content/download, 2016.

D. M. Ibrahim, The (not so) puzzling behavior of angel investors, Vanderbilt Law Review, vol.61, pp.1405-1452, 2008.

L. A. Jeng and P. C. Wells, The determinants of venture capital funding: evidence across countries, Journal of Corporate Finance, vol.6, issue.3, pp.241-289, 2000.
DOI : 10.1016/S0929-1199(00)00003-1

M. Jensen and W. Meckling, Theory of the Firm: Managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, vol.3, pp.78-133, 1976.

E. Kandel, D. Leshchinskii, and H. Yuklea, VC Funds: Aging Brings Myopia, Journal of Financial and Quantitative Analysis, vol.46, issue.02, pp.431-457, 2011.
DOI : 10.1016/0304-405X(90)90065-8

S. N. Kaplan and J. Lerner, It Ain't Broke: The Past, Present, and Future of Venture Capital, Journal of Applied Corporate Finance, vol.62, issue.2, pp.36-47, 2010.
DOI : 10.1111/j.1745-6622.2010.00272.x

S. N. Kaplan and A. Schoar, Private Equity Performance: Returns, Persistence, and Capital Flows, The Journal of Finance, vol.53, issue.4, pp.1791-1823, 2005.
DOI : 10.1111/j.1540-6261.2005.00780.x

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.177.2871

S. N. Kaplan and P. Strömberg, Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts, Review of Economic Studies, vol.70, issue.2, pp.281-315, 2002.
DOI : 10.1111/1467-937X.00245

S. N. Kaplan and P. Strömberg, Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses, The Journal of Finance, vol.106, issue.5, pp.2177-2210, 2004.
DOI : 10.1111/j.1540-6261.2004.00696.x

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.7.6054

S. N. Kaplan, F. Martel, and P. Strömberg, How do legal differences and experience affect financial contracts?, Journal of Financial Intermediation, vol.16, issue.3, pp.273-311, 2007.
DOI : 10.1016/j.jfi.2007.03.005

S. N. Kaplan, M. M. Klebanov, and M. Sorensen, Which CEO Characteristics and Abilities Matter?, Which CEO Characteristics and Abilities Matter, pp.973-1007, 2012.
DOI : 10.1111/j.1540-6261.2012.01739.x

URL : http://www.nber.org/papers/w14195.pdf

W. R. Kerr, J. Lerner, and A. Schoar, The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis, 2014.

S. Khavul and D. Deeds, The Evolution of Initial Co-investment Syndications in an Emerging Venture Capital Market, Journal of International Management, vol.22, issue.3, pp.280-293, 2016.
DOI : 10.1016/j.intman.2016.03.006

L. Klöhn and L. Hornuf, Crowdinvesting in Deutschland, Zeitschrift f??r Bankrecht und Bankwirtschaft, vol.24, issue.4, pp.237-320, 2012.
DOI : 10.15375/zbb-2012-0401

L. Klöhn, L. Hornuf, and T. Schilling, The Regulation of Crowdfunding in the German Small Investor Protection Act: Content, Consequences, Critique, Suggestions, 2015.

L. Klöhn, L. Hornuf, and T. Schilling, Financial Contracting in Crowdinvesting: Lessons from the German Market. Available at: https://ssrn, 2016.

V. Kuppuswamy and B. L. Bayus, Crowdfunding Creative Ideas: The Dynamics of Project Backers in Kickstarter. Available at: https://ssrn, 2015.

L. Porta, R. Lopez-de-silanes, F. Shleifer, and A. , What Works in Securities Laws?, The Journal of Finance, vol.61, issue.1, pp.1-32, 2006.
DOI : 10.3386/w9882

L. Porta, R. Lopez-de-silanes, F. Shleifer, A. Vishny, and R. W. , Law and Finance, Journal of Political Economy, vol.106, issue.6, pp.1113-1155, 1998.
DOI : 10.3386/w5661

L. Porta, R. Lopez-de-silanes, F. Shleifer, A. Vishny, and R. W. , Investor protection and corporate governance, Journal of Financial Economics, vol.58, issue.1-2, pp.3-27, 2000.
DOI : 10.1016/S0304-405X(00)00065-9

H. Landström, Informal risk capital in Sweden and some international comparisons, Journal of Business Venturing, vol.8, issue.6, pp.525-540, 1993.
DOI : 10.1016/0883-9026(93)90037-6

J. M. Leavitt, Burned Angels: The Coming Wave of Minority Shareholder Oppression Claims in Venture Capital Start-up Companies, North Carolina Journal of Law and Technology, vol.6, issue.2, pp.223-286, 2005.

B. Leleux and B. Surlemont, Public versus private venture capital: seeding or crowding out? A pan-European analysis, Journal of Business Venturing, vol.18, issue.1, pp.81-104, 2003.
DOI : 10.1016/S0883-9026(01)00078-7

J. Lerner, The Syndication of Venture Capital Investments, Financial Management, vol.23, issue.3, pp.16-27, 1994.
DOI : 10.2307/3665618

J. Lerner, Venture capitalists and the decision to go public, Journal of Financial Economics, vol.35, issue.3, pp.293-316, 1994.
DOI : 10.1016/0304-405X(94)90035-3

J. Lerner, Venture Capitalists and the Oversight of Private Firms, The Journal of Finance, vol.26, issue.1, pp.301-318, 1995.
DOI : 10.1111/j.1540-6261.1995.tb05175.x

J. Lerner, ???Angel??? financing and public policy: An overview, Journal of Banking & Finance, vol.22, issue.6-8, pp.773-783, 1998.
DOI : 10.1016/S0378-4266(98)00043-0

J. Lerner and A. Schoar, Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity, Quarterly Journal of Economics, vol.120, issue.1, pp.223-246, 2005.

A. Ley and S. Weaven, Exploring agency dynamics of crowd funding in start-up capital financing, Academy of Entrepreneurship Journal, vol.17, issue.1, pp.85-110, 2011.

T. Lin and R. Smith, Insider reputation and selling decisions: the unwinding of venture capital investments during equity IPOs, Journal of Corporate Finance, vol.4, issue.3, pp.241-263, 1998.
DOI : 10.1016/S0929-1199(98)00005-4

A. Lockett and M. Wright, The syndication of venture capital investments, Omega, vol.29, issue.5, pp.375-390, 2001.
DOI : 10.1016/S0305-0483(01)00024-X

J. Löher, The interaction of equity crowdfunding platforms and ventures: an analysis of the preselection process, Venture Capital, vol.99, issue.3, pp.51-74, 2016.
DOI : 10.1002/jsc.849

A. Lukkarinen, J. E. Teich, H. Wallenius, and J. Wallenius, Success drivers of online equity crowdfunding campaigns, Decision Support Systems, vol.87, pp.26-38, 2016.
DOI : 10.1016/j.dss.2016.04.006

A. Lumme, C. Mason, and M. Suomi, Informal venture capital: Investors, investments and policy issues in Finland, 1998.
DOI : 10.1007/978-1-4757-2785-2

I. C. Macmillan, R. Siegel, and P. B. Narashima, Criteria used by venture capitalists to evaluate new venture proposals, Journal of Business Venturing, vol.1, issue.1, pp.119-128, 1985.
DOI : 10.1016/0883-9026(85)90011-4

I. C. Macmillan, L. Zemann, and P. N. Subbanarasimha, Criteria distinguishing successful from unsuccessful ventures in the venture screening process, Journal of Business Venturing, vol.2, issue.2, pp.123-137, 1987.
DOI : 10.1016/0883-9026(87)90003-6

S. Manigart, K. De-waele, M. Wright, K. Robbie, P. Desbrieres et al., Determinants of required return in venture capital investments: a five-country study, Journal of Business Venturing, vol.17, issue.4, pp.291-312, 2002.
DOI : 10.1016/S0883-9026(00)00067-7

S. Manigart, A. Lockett, M. Meuleman, M. Wright, H. Landström et al., Venture Capitalists' Decision to Syndicate, Entrepreneurship Theory and Practice, vol.8, issue.1, pp.131-153, 2006.
DOI : 10.1111/1468-5957.00201

URL : https://hal.archives-ouvertes.fr/halshs-00078062

J. D. Martin and J. W. Petty, An Analysis of the Performance of Publicly Traded Venture Capital Companies, The Journal of Financial and Quantitative Analysis, vol.18, issue.3, pp.401-410, 1983.
DOI : 10.2307/2330729

C. M. Mason, Informal Sources of Venture Finance, International Handbook on Entrepreneurship, vol.3, pp.259-299, 2006.
DOI : 10.1007/978-0-387-32313-8_10

URL : http://strathprints.strath.ac.uk/15925/

C. M. Mason and T. Botelho, The 2014 Survey of Business Angel Investing in the UK: A Changing Market Place, 2014.

C. M. Mason, T. Botelho, and R. Harrison, The transformation of the business angel market: empirical evidence and research implications, Venture Capital, vol.17, issue.2, pp.312-344, 2016.
DOI : 10.1111/ijur.2004.28.issue-3

C. M. Mason and R. T. Harrison, Informal venture capital: a study of the investment process, the post-investment experience and investment performance, Entrepreneurship & Regional Development, vol.2, issue.2, pp.105-131, 1996.
DOI : 10.1016/0883-9026(93)90037-6

C. M. Mason and R. T. Harrison, Business Angel Networks and the Development of the Informal Venture Capital Market in the U.K.: Is There Still a Role for the Public Sector, Small Business Economics, vol.9, issue.2, pp.111-123, 1997.
DOI : 10.1023/A:1007915705508

C. M. Mason and R. T. Harrison, Is it worth it? The rates of return from informal venture capital investments, Journal of Business Venturing, vol.17, issue.3, pp.211-236, 2002.
DOI : 10.1016/S0883-9026(00)00060-4

C. Mason, R. T. Harrison, and J. Chaloner, Informal risk capital in the UK: A study of investor characteristics, investment preferences and investment decision-making. Venture Finance Research Project, Working Paper, issue.2, 1991.

. Mit-entrepreneurship and . Center, Venture Support Systems Project: Angel Investors Available at: https://www.angelcapitalassociation.org/data, 2000.

E. Mollick, The dynamics of crowdfunding: An exploratory study, Journal of Business Venturing, vol.29, issue.1, pp.1-16, 2014.
DOI : 10.1016/j.jbusvent.2013.06.005

C. B. Moore, G. T. Payne, R. G. Bell, and J. L. Davis, Institutional Distance and Cross-Border Venture Capital Investment Flows, Journal of Small Business Management, vol.18, issue.1, pp.482-500, 2015.
DOI : 10.1111/jsbm.12079

A. Moritz, J. Block, and E. Lutz, Investor communication in equity-based crowdfunding: a qualitative-empirical study, Qualitative Research in Financial Markets, vol.7, issue.3, pp.309-342, 2015.
DOI : 10.1287/mnsc.1110.1459

S. Morrissette, A Profile of Angel Investors, The Journal of Private Equity, vol.10, issue.3, pp.52-66, 2007.
DOI : 10.3905/jpe.2007.686430

R. Nahata, Venture capital reputation and investment performance???, Journal of Financial Economics, vol.90, issue.2, pp.127-151, 2008.
DOI : 10.1016/j.jfineco.2007.11.008

R. Nahata, S. Hazarika, and K. Tandon, Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter?, Journal of Financial and Quantitative Analysis, vol.54, issue.04, pp.1039-1070, 2015.
DOI : 10.1016/j.jfi.2012.01.003

E. Norton and B. H. Tenenbaum, Specialization versus diversification as a venture capital investment strategy, Journal of Business Venturing, vol.8, issue.5, pp.431-442, 1992.
DOI : 10.1016/0883-9026(93)90023-X

H. Ooghe, S. Manigart, and Y. Fassin, Growth patterns of the European venture capital industry, Journal of Business Venturing, vol.6, issue.6, pp.381-404, 1991.
DOI : 10.1016/0883-9026(91)90027-B

A. Parhankangas and T. Hellström, How experience and perceptions shape risky behaviour: Evidence from the venture capital industry, Venture Capital, vol.37, issue.3, pp.183-205, 2007.
DOI : 10.1016/S0883-9026(99)00052-X

S. Paul, G. Whittam, and J. Wyper, Towards a model of the business angel investment process, Venture Capital, vol.26, issue.2, pp.107-125, 2007.
DOI : 10.1016/S0883-9026(97)00004-9

D. Politis, Business angels and value added: what do we know and where do we go?, Venture Capital, vol.22, issue.2, pp.127-147, 2008.
DOI : 10.2307/4134351

D. Politis and H. Landström, Informal investors as entrepreneurs--the development of an entrepreneurial career, Venture Capital, vol.17, issue.2, pp.78-101, 2002.
DOI : 10.1016/S1053-4822(98)80003-X

S. Prowse, Angel investors and the market for angel investments, Journal of Banking & Finance, vol.22, issue.6-8, pp.785-792, 1998.
DOI : 10.1016/S0378-4266(98)00044-2

M. L. Reiner, The transformation of venture capital: A history of venture capital organizations in the United States, 1989.

A. L. Riding, G. H. Haines, . Jr, and J. J. Madill, Informal investment in Canada: financing small business growth, Journal of Small Business and Entrepreneurship, vol.16, issue.34, pp.13-40, 2003.

A. Romain and B. Van-pottelsberghe-de-la-potterie, The determinants of venture capital: a panel data analysis of 16 OECD countries, 2004.

J. Rosenstein, A. V. Bruno, W. D. Bygrave, and N. T. Taylor, The CEO, venture capitalists, and the board, Journal of Business Venturing, vol.8, issue.2, pp.99-113, 1993.
DOI : 10.1016/0883-9026(93)90014-V

W. Rotch, The Pattern of Success in Venture Capital Financing, Financial Analysts Journal, vol.24, issue.5, pp.141-147, 1968.
DOI : 10.2469/faj.v24.n5.141

J. C. Ruhnka and J. E. Young, Some hypotheses about risk in venture capital investing, Journal of Business Venturing, vol.6, issue.2, pp.115-133, 1991.
DOI : 10.1016/0883-9026(91)90014-5

W. A. Sahlman, ASPECTS OF FINANCIAL CONTRACTING IN VENTURE CAPITAL, Journal of Applied Corporate Finance, vol.3, issue.2, pp.23-36, 1988.
DOI : 10.1111/j.1745-6622.1988.tb00163.x

W. A. Sahlman, The structure and governance of venture-capital organizations, Journal of Financial Economics, vol.27, issue.2, pp.473-521, 1990.
DOI : 10.1016/0304-405X(90)90065-8

H. J. Sapienza, S. Manigart, and W. Vermeir, Venture capitalist governance and value added in four countries, Journal of Business Venturing, vol.11, issue.6, pp.439-469, 1996.
DOI : 10.1016/S0883-9026(96)00052-3

A. Schwienbacher, Financing commitments and investors incentives in entrepreneurial firms, 2009.
DOI : 10.2139/ssrn.1484650

A. Schwienbacher and B. Larralde, Crowdfunding of Small Entrepreneurial Ventures. Handbook of Entrepreneurial Finance, 2010.
DOI : 10.2139/ssrn.1699183

W. R. Scott, Institutions and organizations: Ideas, Interests, and Identities, 1995.

A. Signori and S. Vismara, Returns on Investments in Equity Crowdfunding Available at: https://ssrn, 2016.

O. Sorenson and T. E. Stuart, Syndication Networks and the Spatial Distribution of Venture Capital Investments, American Journal of Sociology, vol.106, issue.6, pp.1546-1588, 2001.
DOI : 10.1086/321301

H. H. Stevenson, D. F. Muzyka, and J. A. Timmons, Venture capital in transition: A Monte-Carlo simulation of changes in investment patterns, Journal of Business Venturing, vol.2, issue.2, pp.103-121, 1987.
DOI : 10.1016/0883-9026(87)90002-4

J. Swartz, The future of the venture capital industry, Journal of Business Venturing, vol.6, issue.2, pp.89-92, 1991.
DOI : 10.1016/0883-9026(91)90012-3

Y. Tashiro, Business angels in Japan, Venture Capital, vol.1, issue.3, pp.259-273, 1999.
DOI : 10.1080/136910699295893

T. T. Tyebjee and A. V. Bruno, A Model of Venture Capitalist Investment Activity, Management Science, vol.30, issue.9, pp.1051-1066, 1984.
DOI : 10.1287/mnsc.30.9.1051

L. Uhlaner, M. Wright, and M. Huse, Private Firms and Corporate Governance: An Integrated Economic and Management Perspective, Small Business Economics, vol.15, issue.2, pp.225-266, 2007.
DOI : 10.1007/s11187-006-9032-z

M. Van-osnabrugge, Do Serial and Non-Serial Investors Behave Differently?: An Empirical and Theoretical Analysis, Entrepreneurship: Theory and Practice, vol.22, issue.4, pp.23-42, 1998.

M. Van-osnabrugge, A comparison of business angel and venture capitalist investment procedures: An agency theory-based analysis, Venture Capital, vol.2, issue.2, pp.91-109, 2000.
DOI : 10.1080/136910600295729

M. Van-osnabrugge and R. J. Robinson, Angel Investing: Matching Start-up Funds with Start-up Companies. A Guide for Entrepreneurs, Individual Investors, and Venture Capitalists, 2000.

T. Vinig and M. De-haan, How do Venture Capitalists Screen Business Plans? Evidence from The Netherlands and the US. Available at: https://ssrn, 2003.

S. Vismara, Information Cascades Among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice, forthcoming
DOI : 10.5465/ambpp.2015.11519abstract

S. Vismara, Equity retention and social network theory in equity crowdfunding, Small Business Economics, vol.34, issue.3, pp.579-590
DOI : 10.1007/s11187-016-9710-4

J. Wallmeroth, Investor Behavior in Crowdinvesting Available at: https://ssrn, 2016.
DOI : 10.2139/ssrn.2881394

J. M. Walske, A. Zacharakis, and L. Smith-doerr, Effects of Venture Capital Syndication Networks on Entrepreneurial Success. Babson College Entrepreneurship Research Conference (BCERC) Available at: https://ssrn, 2007.

K. F. Warne, Essays on the Venture Capital Market, 1988.

J. C. Werth and P. Boeert, Co-investment networks of business angels and the performance of their start-up investments, International Journal of Entrepreneurial Venturing, vol.5, issue.3, pp.240-256, 2013.
DOI : 10.1504/IJEV.2013.055292

P. Westhead and M. Wright, Novice, portfolio, and serial founders: are they different?, Journal of Business Venturing, vol.13, issue.3, pp.173-204, 1998.
DOI : 10.1016/S0883-9026(97)90002-1

W. E. Wetzel, Angels and informal risk capital, Sloan Management Review, vol.24, issue.4, pp.23-34, 1983.

W. E. Wetzel, The informal venture capital market: Aspects of scale and market efficiency, Journal of Business Venturing, vol.2, issue.4, pp.299-313, 1987.
DOI : 10.1016/0883-9026(87)90023-1

W. E. Wetzel, Venture capital, Portable MBA in entrepreneurship 4 th edition, pp.172-194, 1994.

W. E. Wetzel and C. R. Seymour, Informal risk capital in New England. Center for Industrial and Institutional Development, 1981.

R. Wiltbank and W. Boeker, Returns to angel investors in groups Available at: http://ssrn, p.1028592, 2007.
DOI : 10.2139/ssrn.1028592

R. Wiltbank, S. Read, N. Dew, and S. D. Sarasvathy, Prediction and control under uncertainty: Outcomes in angel investing, Journal of Business Venturing, vol.24, issue.2, pp.116-133, 2009.
DOI : 10.1016/j.jbusvent.2007.11.004

P. Wirtz, Beyond Agency Theory: Value Creation and the Role of Cognition in the Relationship Between Entrepreneurs and Venture Capitalists, Advances in Entrepreneurial Finance, pp.31-43, 2011.
DOI : 10.1007/978-1-4419-7527-0_3

URL : https://hal.archives-ouvertes.fr/halshs-00642764

A. Wong, M. Bhatia, and Z. Freeman, Angel finance: the other venture capital. Special Issue: Entrepreneurial Finance, pp.221-258, 2009.
DOI : 10.1002/9781118266908.ch5

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.203.5220

M. Wright, M. Hart, and K. Fu, A Nation of Angels: Assessing the impact of angel investing across the, 2015.

M. Wright, A. Lockett, and S. Pruthi, Internationalization of Western venture capitalists into emerging markets: Risk assessment and information in India, Small Business Economics, vol.19, issue.1, pp.13-29, 2002.
DOI : 10.1023/A:1015729430581

M. Wright, K. Robbie, and C. Ennew, Venture capitalists and serial entrepreneurs, Journal of Business Venturing, vol.12, issue.3, pp.227-249, 1997.
DOI : 10.1016/S0883-9026(96)06115-0

J. Wroldsen and . Barry, Crowdfunding Investment Contracts, Drover et al. (2017) Post-Investment Behavior Growth Success/failure Audretsch & Lehmann, 1990.

&. Bonnet and . Wirtz, ) Bonnet, 2003.

&. Signori and . Brown, Wroldsen (2016) Hornuf & Schwienbacher, 2015.

. Bonini, ) Bonnet, Bonnet & Wirtz, vol.Capizzi Capizzi, 2005.

. Paul, Riding, Vismara (2016b) Bonnet & Wirtz, 2003.