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...
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...
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...
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...
We study reward crowdfunding, the most innovative segment of the crowdfunding market, where, instead of a debt or equity contract, fund providers are promised some good or service in the future in exchange for their contribution to ...
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...
‘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...
The so-called “FinTech revolution” is beginning to have a significant impact on the way new companies are financed. The UK is widely acknowledged...Read more
Initial Coin Offerings (ICOs) are a way to finance early stage innovations and an ICO represents the first public offering of a crypto-asset. ICOs...Read more
Reward crowdfunding is fundamentally different from both debt and equity crowdfunding because the provider of funds does not buy a financial...Read more
The increasing demand for Fintech – broadly defined as the use of new technology and innovation to compete in the marketplace of financial...Read more
Crowdfunding by start-up firms has grown astonishingly rapidly in the past few years. This paper shows that there are big regional differences in...Read more