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Venture Cycles: Theory and Evidence
Gehrig, Thomas; Stenbacka, Rune - 2003
competing financiers undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal … screening externalities induced by competition among venture capitalists as a structural source of instability. We show that … uncoordinated screening behavior of competing financiers is an independent source of fluctuations inducing venture investment cycles …
Persistent link: https://www.econbiz.de/10010315776
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Creative destruction and productive preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2013
We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...
Persistent link: https://www.econbiz.de/10010291511
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Self-selection and advice in venture capital finance
Keuschnigg, Christian; Nielsen, Søren Bo - 2007
In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce selfselection among...
Persistent link: https://www.econbiz.de/10010276036
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Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Survival
Hornuf, Lars; Schmitt, Matthias - 2017
Today, start-ups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these start-ups can ultimately build enduring businesses. In this paper, we hand-collected data from 38 different equity crowdfunding (ECF)...
Persistent link: https://www.econbiz.de/10011744948
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Cybercrime on the Ethereum Blockchain
Hornuf, Lars; Momtaz, Paul P.; Nam, Rachel J.; Yuan, Ye - 2023
We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims' risk-taking and returns. Our difference-in-differences analysis of a sample of victims and matched non-victims suggests that victims increase their long-term total risk-taking and earn...
Persistent link: https://www.econbiz.de/10014377572
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Acquisition for Sleep
Norbäck, Pehr-Johan; Olofsson, Charlotta; Persson, Lars - 2020
Within the policy debate, there is a fear that large incumbent firms buy small firms' inventions to ensure that they are not used in the market. We show that such "acquisitions for sleep" can occur if and only if the quality of a process invention is small; otherwise, the entry profit will be...
Persistent link: https://www.econbiz.de/10012179894
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Does a Local Bias Exist in Equity Crowdfunding?
Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza - 2020
We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in equity crowdfunding direct their investments to local firms. In line with agency theory, the results suggest that investors exhibit a local bias, even when we control for family and...
Persistent link: https://www.econbiz.de/10012207919
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Are Sustainability-Oriented Investors Different? Evidence from Equity Crowdfunding
Hornuf, Lars; Stenzhorn, Eliza; Vintis, Tim - 2020
In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate...
Persistent link: https://www.econbiz.de/10012227679
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Cybercrime on the Ethereum Blockchain
Hornuf, Lars; Momtaz, Paul P.; Nam, Rachel J.; Yuan, Ye - 2023
We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims’ risk-taking and returns. Our difference-in-differences analysis of a sample of victims and matched non-victims suggests that victims increase their long-term total risk-taking and earn...
Persistent link: https://www.econbiz.de/10014352598
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Acquisition for Sleep
Norbäck, Pehr-Johan - 2020
Within the policy debate, there is a fear that large incumbent firms buy small firms' inventions to ensure that they are not used in the market. We show that such "acquisitions for sleep" can occur if and only if the quality of a process invention is small; otherwise, the entry profit will be...
Persistent link: https://www.econbiz.de/10012841590