Dr. Michael Maximilian Mödl completed his dissertation under supervision of Prof. Dietmar Harhoff, Ph.D. at Ludwig-Maximilians-Universität München and at the Max Planck Institute for Innovation and Competition.

Introduction.- New Venture Financing Research.- Theory and Hypotheses.- Methods.- Data and Sample Description.- Venture Investors' Perceptions of Entrepreneurs' Financing Hierarchies.- Effects of Crowdfinancing on Subsequent Venture Capital Selection.- Summary, Discussion and Outlook.