NCFA Canada | Posted by Douglas Cumming on April 24, 2013

In January and February of 2013, NCFA Canada partnered with the Exempt Market Association of Canada (EMDA) to host the National Crowdfunding Survey in Canada to gain a better understanding of the various stakeholder opinions on legalizing Equity Crowdfunding in Canada and provide Canadian securities regulators with feedback on many of the challenges and issuers put forth by the equity crowdfunding frameworks proposed by the OSC and CSA. The original survey introduction letters can be found here (EN / FR).

Demand Driven Securities Regulation: Evidence of Crowdfunding

NCFA Canada's innovation and research advisor, Douglas Cumming, has conducted a series of regression analyses to gain insight into the survey data results by comparing multiple variables to better understand Canadian attitudes towards crowdfunding.

The analysis contains 3 outcome tables for review:

Table 1: Summary statistics for the main variables in the dataset.

Table 2: How do crowdfunding motivations, characteristics of survey responders and provincial residence affect attitudes towards risk reduction measures?

Table 3: How do crowdfunding motivations, characteristics of survey responders and provincial residence affect attitudes towards a crowdfunding trial period, freely trading shares eligibility, investment limits, issuer caps and audited financial threshold?

Doug has published his research on the Social Sciences Research Network (SSRN).

Download the summary --> here

Download the paper here –> Demand Driven Securities Regulation: Evidence from Crowdfunding