TY -
GEN
AU - Estrin, Saul
AU - Khavul, Susanna
AU - Kritikos, Alexander
AU - Löher, Jonas
TI -
Access to digital finances
equity crowdfunding across countries and platforms
PB - University of Potsdam
KW - equity crowdfunding
KW - soft information
KW - entrepreneurship
KW - finance
KW - financial access and inclusion
KW - Graue Literatur
PY - [2024]
N2 - Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated with differences across three countries and seven platforms. Using a novel dataset of successful fundraising on the most prominent platforms in the UK, Germany, and the USA, we find the underlying relationship between the number of investors and the amount of money raised for entrepreneurs is loglinear, with a coefficient less than one and concave to the origin. We identify significant variation in the average amount invested in each pitch across countries and platforms. Our findings have implications for market actors as well as regulators who set competitive frameworks
BT - CEPA discussion papers ; no. 72 (Januar 2024)
CY - Potsdam
UR - http://slubdd.de/katalog?TN_libero_mab2
ER -