A research study from a first-year summer project has evolved into a nationally recognized research paper for Evisa Bogdani, a Ph.D. candidate at the Von Allmen School of Accountancy at the University of Kentucky’s Gatton College of Business and Economics. Her co-authored research paper, “The Role of Assurance in Equity Crowdfunding,” was recently featured in Forbes and has been published in The Accounting Review.

“I am thrilled to have my first peer-reviewed publication in one of the leading academic journals in the world,” Bogdani said.

The paper, co-authored with Deloitte Associate Professor of Accounting Monika Causholli and W. Robert Knechel from the University of Florida, focuses on equity crowdfunding (ECF) — a method of raising capital used by startups and early-stage companies that is also known as crowd-investing or investment crowdfunding.

“The main takeaway of this study is, in this novice market, companies that provide financial statements that are examined by an independent auditor raise more capital and attract more investors than companies that do not engage an auditor to review their financial statements,” Bogdani explained.

As part of the study, researchers reviewed 1,212 ECF capital campaigns between 2016 and 2018 and examined the relation between financial statement assurance and the success of the ECF campaign, as well as the startup’s future viability.

“I am very proud of Evisa’s achievement in reaching the pinnacle of the accounting field as a first-year Ph.D. student,” Causholli, who is also the director of Graduate Studies for the Ph.D. program at Gatton College, said. “Evisa is emerging as an expert in the area of equity crowdfunding and is already making an impact as her research is being cited in Forbes and even by the Securities Exchange Commission (SEC).”

The full research publication can be found here.