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