Forward-Looking Disclosures in Startups
Job Market Paper

Preparing for submission to a top-tier journal

This study is based on a 2nd-year summer research paper.

Forward-looking disclosures (FLDs) play a critical role in capital markets; however, evidence on their usefulness in settings with weak information environments, little to no operating history, and nonprofessional investors is limited. This study sheds light on this important issue and finds that FLDs are informative for nonprofessional investors in equity crowdfunding (ECF), and the presence of accounting information enhances FLDs usefulness. Specifically, I find that firms disclosing more FLDs raise more capital and attract a greater number of investors. More investors contribute to firms that disclose more quantitative FLDs, especially when the disclosures are accompanied by reviewed or audited financial statements. Contrary to prior evidence, firms with optimistic FLDs attract fewer investors and are less likely to raise their needed level of capital. However, the opposite effect is found for firms with historical accounting information and independent assurance on financial statements. Finally, I examine post-ECF capital market outcomes and find that firms disclosing more FLDs continue to raise capital subsequent to the initial ECF campaign. Overall, the findings of this study highlight the importance of startups’ prospective disclosures and accounting information in mitigating information asymmetry in the ECF market.

Presented at:

AAA FARS Midyear Meeting 2022 

The 2021 AAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium,

The University of Kentucky 2021



Data Analytics Adoption,
Social Support,
and Internal Audit Performance

with Monika Causholli, and Romina Rakipi

Preparing for submission


This study is based on a 3rd-year research paper.

Organizations are rapidly embracing technology advancements and are using Big Data to improve efficiency and effectiveness. Thus, internal audit functions as the immediate provider of assurance and advisory services need to be prepared adequately for opportunities and challenges associated with these advancements to keep up with the pace of change and deliver quality assurance to the client. In this study, we take a social network perspective and examine the extent to which social support grounded in the network of peers that co-participate in the various training sessions  facilitates the adoption of new data analytics tools in the internal audit department of a large insurance company in the US. We also examine whether the extent to which data analytics tools are used in internal audit tasks is associated with internal auditor performance. We conjecture and document that peer social support accelerates auditor's data analytics adoption and use. Furthermore, we provide empirical evidence that internal auditors' actual data analytics use is positively associated with performance across different auditor tasks. These findings have important implications for the research and audit profession.

Network Position and Financing in Equity Crowdfunding Market: Structural Holes

with Stephen Borgatti, Monika Causholli, and Nicole T. Jenkins.


Polishing the final draft

This study is based on a 2nd-year research paper.

This study examines the association of the social capital of the ECF team and success in the ECF market, providing quantitative evidence from a large dataset. We propose that firm social capital embedded in team social networks increases success through information flow (spread the word) and establishes credibility for young firms. Using an extensive dataset of executives’ networks, we provide evidence that companies with more connections and favorable network positions are more likely to raise capital in ECF. The effect of co-shared directories network remains even when controlling for standard social network measures such as Linkedin connections, supporting the credibility mechanism.


  • Visualization of Online Platforms in Equity Crowdfunding


Data analyses completed  - the draft writing stage

This study is based on a 2nd-year summer research paper and is part of the dissertation.

  • The New Financing Normal in a New Business Normal: Evidence from Equity Crowdfunding during the COVID-19 crisis.                                                                                                                                


Data collection completed - the data analyses stage

This study is based on a 4th-year research paper during the pandemic.

  • Data Analytics and Internal Auditor Efficiency

with Monika Causholli, and Romina Rakipi 

Data  analyses stage

This study is based on a 3rd-year research paper.

  • Other projects are at the initial stage.