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IEEE Transactions on Engineering Management, 2024 (with M. Meoli, T. Vanacker, S. Vismara)

Abstract: How does entrepreneurial team size affect fundraising success? Using data from equity crowdfunding markets in the UK and Italy, we find an inverted U-shaped relationship between team size and fundraising success. A team of four members exhibits the highest probability of offering success. The inverted U-shape is stronger for younger and smaller firms, reconciling resource dependency theory with team effectiveness perspectives on coordination costs.

Economics Letters, 2025 (with P. Momtaz, S. Vismara)

Abstract: Distributed governance mechanisms increase tokenholder value in decentralized autonomous organizations (DAOs) when decision-making is contested. Using a comprehensive dataset of proposals voted on within blockchain-based DAOs from 2020 to 2024, we exploit a regression discontinuity design on proposals that pass or fail by a close margin around the majority threshold. Local average treatment effects indicate that proposal passage increases DAO token returns by 4.7% at the margin, with a one standard deviation increase in vote participation amplifying this effect by 2.2%. [working paper version]

European Financial Management, 2026 (with V. Butticè, B. Montanaro, S. Vismara)

Abstract: Digital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examines individual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy largest ECF platform. We analyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: women and ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptions about digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers.

Small Business Economics, 2026 (with G. Campopiano, T. Minola, S. Vismara)

Abstract: This study investigates the value of family ties in equity crowdfunding markets by examining the survival of family start-ups. Using data from the UK equity crowdfunding market, we find significant effects of family embeddedness nuances on start-up survival. Family start-ups are more resilient than non-family start-ups, with inter-generation family teams showing higher survival rates than same-generation ones, and spousal teams outperforming sibling teams.