15 March 2021
The Role of "Expert Reviewers" in Private Capital Markets
We study initial coin offerings (ICOs) to understand how an unregulated market overcomes information frictions and...
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...
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...
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...
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...
16 January 2018
The Promise of Reward Crowdfunding
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 ...
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...
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...
News
Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding
Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding
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
Regulatory and Market Challenges of Initial Coin Offerings
Regulatory and Market Challenges of Initial Coin Offerings
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
The Promise of Reward Crowdfunding
The Promise of Reward Crowdfunding
Reward crowdfunding is fundamentally different from both debt and equity crowdfunding because the provider of funds does not buy a financial...Read more
Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending
Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending
The increasing demand for Fintech – broadly defined as the use of new technology and innovation to compete in the marketplace of financial...Read more