Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/129494 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Thünen-Series of Applied Economic Theory - Working Paper No. 142
Verlag: 
Universität Rostock, Institut für Volkswirtschaftslehre, Rostock
Zusammenfassung: 
The allocation of shares on crowd-investing-platforms is best described by the phrase "first come, first served". An entrepreneur who sells corporate equity to a "crowd" of investors on such a platform chooses a fixed investment target before the investment period begins. Once the aggregate investments equal the investment target the financing period ends immediately. We demonstrate that this preferential treatment of early investors is not optimal because it potentially excludes informational disadvantaged investors and entrepreneurs from the market. We recommend a market design that allows for some excessive demand. Such a design would increase the willingness of informational disadvantaged investors and entrepreneurs to participate in the market. At the same time, it would minimize a platforms screening costs and maximize its profits.
Schlagwörter: 
crowd-investing
initial public offering
excessive demand
market microstructure
asymmetric information
JEL: 
D40
D45
G21
G32
L10
Dokumentart: 
Working Paper

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