We investigate the real effects of information transparency in crowdfunding markets. Our analysis identifies that crowdfunding provides a benefit for an entrepreneur to learn consumers' preferences before deciding whether to implement an innovative project. However, the crowdfunding market also...

This paper finds evidence of return cross-predictability among trading partners in international financial markets. We show that the predictability of international customers dominates the predictability of domestic customers, and the predictability of international intra-industry customers...