In Germany self-employment among foreigners increased significantly in recent years. We study the geographical distribution of ethnic minority self-employment in Germany and find determinants for variations in start-up activities across 440 administrative German regions. We analyze the Statistic...

This is the first attempt to test hypotheses about financial constraints of ethnic minority owned businesses in Germany. Using data from a survey among 3,000 ethnic and native entrepreneurs, we examine differences in the financing patterns between both demographic groups. We find that...

The disclosure requirements for firms issuing equity on German crowdinvestingplatforms are quite lax at the moment. This paper states that this loose requirement policy is not optimal in the presence of competition among platforms. First, a simple three-staged theoretical model is derived to...

Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...

External corporate financing typically involves contracts presenting a majority of the financial risks of the entrepreneurial activity on the entrepreneur. In academic literature, this one-sided risk allocation is usually justified by the informational advantages and unobservable actions of the...