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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/10012175802

The financial and non-financial performance of token-based crowdfunding : certification arbitrage, investor choice, and the optimal time of ICOs

Dombrowski, Niclas; Drobetz, Wolfgang; Hornuf, Lars; … - 2023

What role does the selection of an investor and the timing of financing play in initial coin offerings (ICOs)? We investigate the operating and financial performance of ventures conducting ICOs with different types of investors at different points in the ventures' life cycle. We find that,...

Persistent link: https://www.econbiz.de/10014252496

Cybercrime on the ethereum blockchain

Hornuf, Lars; Momtaz, Paul; 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/10014323138

Banks' portfolio of government debt and sovereign risk

Afonso, António; Alves, José; Monteiro, Sofia - 2023

We analyze domestic, foreign, and central banks holdings of public debt for 31 countries for the period of 1989 … banks' portfolio of public debt and reduces the percentage holdings in the case of central banks. Better sovereign ratings … also increase (decrease) the share of commercial (central) banks' holdings. Furthermore, the effects of an increment in the …

Persistent link: https://www.econbiz.de/10014383613

Risky business : venture capital, pivoting and scaling

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2024

The creation and scaling of startups are inherently linked to risk-taking, with various types of owners handling these risks differently. This paper investigates the influence of an active venture capital (VC) market on startups’ decisions regarding research and scaling. It outlines conditions...

Persistent link: https://www.econbiz.de/10014564131

Fintech startups in Germany : firm failure, funding success, and innovation capacity

Hornuf, Lars; Mattusch, Matthias - 2024 - This version: August 18, 2024

banks are generally less successful and less innovative. These results have important implications for the early …

Persistent link: https://www.econbiz.de/10015051740

Investor tax breaks and financing for start-ups : evidence from China

Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

Persistent link: https://www.econbiz.de/10014564279

Trading off tax distortion and tax evasion

Richter, Wolfram F.; Boadway, Robin W. - 2001

Tax evasion is modeled as a risky activity and integrated into a standard problem of optimal tax design. It is shown that there is a trade off between reducing tax evasion and reducing tax distortion. Thus it is efficient to supplement a broad-based wage tax by a tax on specific consumption if...

Persistent link: https://www.econbiz.de/10011398924

Shocks to bank lending, risk-taking, securitization, and their role for US business cycle fluctuations

Peersman, Gert; Wagner, Wolf - 2014

Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks lead to a...

Persistent link: https://www.econbiz.de/10010257361

Risk-taking on behalf of others

Eriksen, Kristoffer W.; Kvaløy, Ola; Luzuriaga, Miguel - 2017

We present an experimental study on how people take risk on behalf of others. We use three different elicitation methods, and study how each subject makes decisions both on behalf of own money and on behalf of another individual’s money. We find a weak tendency of lower risk-taking with...

Persistent link: https://www.econbiz.de/10011615822