Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121440 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Research Papers in Economics No. 9/15
Verlag: 
Universität Trier, Fachbereich IV – Volkswirtschaftslehre, Trier
Zusammenfassung: 
We use hand-collected data from four German crowdinvesting portals to analyze what determines individual investment decisions in crowdinvesting. In contrast with the crowdfunding campaigns on Kickstarter where the typical pattern of project support is U-shaped, we find crowdinvesting dynamics to be L-shaped under a first-come, first-serve mechanism and only U-shaped under a sealed-bid second-price auction. The evidence further shows that investors base their decisions on information provided by the entrepreneur in form of updates during the campaign and by the investment behavior and comments of other crowd investors. We also find evidence for herding behavior. As legislators around the world increasingly regulate crowdinvesting activities, knowing how crowd investors behave under no formal information disclosure provides important insights for issuers, portals, and lawmakers.
Schlagwörter: 
crowdinvesting
startups
securities issuance
IPO investment dynamics
entrepreneurial finance
JEL: 
G11
G20
K22
M13
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.45 MB





Publikationen in EconStor sind urheberrechtlich geschützt.