Crowdfunding & Regulatory Clarity Dataset

Mon, 01 Jan 0001 00:00:00 +0000

This dataset provides annual, country-level data on debt- and equity-based crowdfunding (digital financing) activity worldwide from 2015 to 2020, together with a constructed index of how clearly each country regulates crowdfunding.

From “Sometimes, Always, Never: Regulatory Clarity and the Development of Digital Financing” — Zhenkai Ran, P. Raghavendra Rau, and Tania Ziegler, Management Science (2025). [DOI]

What’s included

Two country-by-year datasets covering 2015–2020:

Digital financing dataset — debt- and equity-based crowdfunding volumes (USD) and platform counts by investor type (retail / institutional) and origin (domestic / foreign / total), plus GDP-scaled and log-transformed versions, market-concentration (HHI) measures, and regional/peer-country aggregates.
Regulatory clarity index — the constructed index of regulatory clarity for debt-based (P2P) and equity-based (ECF) crowdfunding, including adjusted, demand-/supply-side, stringency, switcher, and peer-country variants, and the year each country first introduced regulation.

The replication package also includes the Stata code that reproduces the paper’s tables and a full variable dictionary. The platform-level data are confidential and are not included.

Data on Zhenkai Ran

Crowdfunding & Regulatory Clarity Dataset

What’s included