Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019
compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive … control rights theory that predicts positive impacts, in contrast to results documented for venture capital contracts. Rather … flexible contracts are offered than in many other countries. We document that in Germany many of the rights used in venture …