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A theory of crowdfunding : a mechanism design approach with demand uncertainty and moral hazard

Strausz, Roland - 2017

Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under … information threatens this benefit. Crowdfunding’s after-markets enable consumers to actively implement deferred payments and … thereby manage moral hazard. Popular crowdfunding platforms offer schemes that allow consumers to do so through conditional …

Persistent link: https://www.econbiz.de/10011590906

Equity crowdfunding and early stage entrepreneurial finance : damaging or disruptive?

Estrin, Saul; Gozman, Daniel; Khavul, Susanna - 2017

Persistent link: https://www.econbiz.de/10011737765

Selection into entrepreneurship and self-employment

Levine, Ross; Rubinstein, Yona - 2020

Persistent link: https://www.econbiz.de/10012486554

The commitment role of equity financing

Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017

Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

Persistent link: https://www.econbiz.de/10011705222

Size matters : "over"investments in a relational contracting setting

Englmaier, Florian; Fahn, Matthias - 2018

The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...

Persistent link: https://www.econbiz.de/10011895831

Public infrastructure from private investment

Barker, R.; Sexton, G.; West, W. H. - 1989

Persistent link: https://www.econbiz.de/10000821463

Maturity shortening and market failure

Thierfelder, Felix - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...

Persistent link: https://www.econbiz.de/10009509089

Cyclicality of SME lending and government involvement in banks

Behr, Patrick; Foos, Daniel; Norden, Lars - 2015

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan...

Persistent link: https://www.econbiz.de/10011391616

Finance, economic development and the transition : the East German case

Carlin, Wendy; Richthofen, Peter - 1995

The role of banks in the transition concerns three issues: the bad loans problem, the role of banks in providing a solution to the problems of corporate governance of privatized enterprises and the access of new enterprises to finance for investment. This paper shows how the combination of early...

Persistent link: https://www.econbiz.de/10011417544

Debt or equity? : how firms in developing countries choose

Glen, Jack D. - 1994

Persistent link: https://www.econbiz.de/10010526068