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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 … Dorfleitner et al. (2019). In general, we find evidence of a default shock in equity crowdfunding that occurs immediately after …

Persistent link: https://www.econbiz.de/10012226560

Equity crowdfunding in Germany and the UK : follow-up funding and firm survival

Hornuf, Lars; Schmitt, Matthias - 2017 - This version: August 17, 2017

-collected data from 38 different equity crowdfunding (ECF) portals and 656 firms that ran at least one successful ECF campaign in …

Persistent link: https://www.econbiz.de/10011721567

Does a local bias exist in equity crowdfunding?

Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza - 2020

equity crowdfunding direct their investments to local firms. In line with agency theory, the results suggest that investors …-ups that run into insolvency or are dissolved, which indicates that local investments in equity crowdfunding constitute a …

Persistent link: https://www.econbiz.de/10012175802

Marketplace lending of SMEs

Cumming, Douglas J.; Hornuf, Lars - 2020

Peer-to-business lending refers to online platforms facilitating loans from individuals to smalland medium-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in influencing the borrowing success of SMEs and that more...

Persistent link: https://www.econbiz.de/10012166027

The financial accelerator in the euro area : new evidence using a mixture VAR model

Bennani, Hamza; Neuenkirch, Matthias - 2020

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...

Persistent link: https://www.econbiz.de/10012383710

Behavioural credit cycles

Delli Gatti, Domenico; Iannotta, Gabriele - 2022

We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and Hommes. This behavioural approach allows to...

Persistent link: https://www.econbiz.de/10013380476

How do banks interact with fintechs? : forms of alliances and their impact on bank value

Hornuf, Lars; Klus, Milan Frederik; Lohwasser, Todor S.; … - 2018 - This Version: July 18, 2018

The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs)...

Persistent link: https://www.econbiz.de/10011882455

Sustainability of product market collusion under credit market imperfections

Marjit, Sugata; Mukherjee, Arijit; Yang, Lei - 2016

We study the implications of credit constraints for the sustainability of product market collusion in a bank-financed oligopoly in which firms face an imperfect credit market. We consider two situations, without and with credit rationing, i.e., with a binding credit limit. When there is credit...

Persistent link: https://www.econbiz.de/10011587934

Uncertainty and the cost of bank vs. bond finance

Grimme, Christian - 2019

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...

Persistent link: https://www.econbiz.de/10011958806

Drivers and obstacles to banking SMEs : the role of competition and the institutional framework

Torre, Augusto de la; Martínez Pería, María Soledad; … - 2009

Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to lack adequate financing, which hampers their growth. As a consequence, governments have implemented a number of programs to foster SME lending and attention has focused on...

Persistent link: https://www.econbiz.de/10003850504

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