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Sometimes, Always, Never: Regulatory Clarity and the Development of Crowdfunding

The level of detail in legal regulation clarifies the limits on what is permissible and what is not. I show that the publication of explicit regulation appears to significantly increase crowdfunding volume in a unique hand-collected sample of over 2,200 crowdfunding platforms worldwide. Using a differences-in-differences framework and proxies for the level of regulatory detail across three different types of countries, countries that sometimes had regulation, countries that always had regulation, and countries that never had regulation, I show a significant positive relation between regulatory clarity and the level of crowdfunding. The publication of explicit rules encourages the formation of new platforms in the country. It does not result in the consolidation of volume into existing platforms.