Crowdfunding

Working Paper

05 January 2021

The Value of "New" and "Old" Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We...

Fabio Braggion | Alberto Manconi | Nicola Pavanini | Haikun Zhu
19 September 2019

Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding

We use equity crowdfunding data to ask how fundraising amounts can be explained by what entrepreneurs ask for, versus what investors want to invest. The analysis exploits unique features of crowdfunding where entrepreneurs not only...

Thomas Hellmann | Ilona Mostipan | Nir Vulkan
18 September 2017

The Promise and Perils of Crowdfunding: Between Corporate Finance and Consumer Contracts

‘Crowdfunding’ — raising capital through large numbers of small contributions — is a burgeoning phenomenon, spurred by the internet’s capacity to reduce communication costs. Its still-evolving status is reflected in...

John Armour | Luca Enriques
25 September 2017

Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending

For the last decade economists have been preoccupied with the decline in bank financing to small businesses and entrepreneurs. This effort has produced a better understanding of the obstacles to external financing. We examine the...

Mark Fenwick | Joseph McCahery | Erik Vermeulen
27 August 2019

Startups and Company Law: The Competitive Pressure of Delaware on Italy (and Europe?)

US corporate law and, in particular, Delaware law, which leaves ample room to freedom of contract, has been one of the reasons for the successful creation and financing of startups in Silicon Valley. We analyze the Italian attempt to...

Paolo Giudici | Peter Agstner
08 July 2019

Regulatory and Market Challenges of Initial Coin Offerings

This article analyzes the main problems and the solutions adopted in the market for Initial Coin Offerings (ICO), an alternative financing solution that has experienced spectacular growth and notoriety in recent years. This market...

Pablo de Andrés | David Arroyo | Ricardo Correia | Alvaro Rezola

News

Pages