Notre Dame Researcher Studied Crowdfunding Decisions
An Indiana professor is analyzing how everyday investors choose to participate in equity crowdfunding offerings.
Updated on Sept. 21, 2026 in Investing
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University of Notre Dame accounting professor John Aland has launched a research project to understand investor decision-making in Regulation Crowdfunding offerings. The study invites potential participants to take part in a hypothetical choice experiment.
Why it matters
The study aims to identify the factors that drive individuals to invest in equity crowdfunding, a market where issuers can raise up to $5 million. Understanding these behaviors helps illuminate how retail investors approach high-risk, private-market opportunities.
Issuers can raise up to $5 million under the Reg CF exemption, which is open to all investors aged 18 and older. While the total potential market is defined, the specific criteria individual investors prioritize when selecting offerings remain under investigation.
The players
John Aland
An accounting professor at the University of Notre Dame who researches investor decision-making.
Kingscrowd
A platform that assists in connecting potential investors with Regulation Crowdfunding offerings.
The details
The research uses a hypothetical choice experiment to isolate the variables that lead an investor to commit capital to a startup or small business. Because Regulation Crowdfunding requires issuers to partner with a formal platform to solicit funds, the study examines how these online structures shape investor choices. Participants in the study may receive a monetary incentive for completing the experiment.
Timeline
September 2026: John Aland conducts research on Reg CF crowdfunding.
Money Landscape
This research tracks the ongoing implementation of Regulation Crowdfunding rules that enable broader access to private equity markets. It fits into the wider effort to understand how retail investors navigate private-market risks compared to traditional public stock exchanges.
If you are an investor aged 18 or older, your participation in this research may offer insight into how you weight risks and rewards in private markets. Consult with a qualified financial professional to determine if equity crowdfunding aligns with your risk tolerance and portfolio goals.
The takeaway
Understanding your own decision-making process is a critical step in navigating high-risk private placements. Track the growth of equity crowdfunding in your own portfolio and discuss any plans to invest in private startups with a qualified financial or tax professional.
Further reading
For more on the mechanics of equity offerings, see Investing.
Source note: This article includes information reported by Crowdfund Insider.
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Do you trust that current equity crowdfunding offerings provide enough information for you to invest safely?
