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Does FinTech Compete with or Complement Bank Finance?
Cole, Rebel A. - 2019
We consider comprehensive data on crowdfunding in the U.S., including debt (marketplace lending), rewards, donations, and equity crowdfunding, to formally test for the first time if banks are complements or substitutes to crowdfunding. The data indicate that bank failures in a county are...
Persistent link: https://www.econbiz.de/10012896639
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Fintech Venture Capital
Cumming, Douglas J. - 2019
We document a notable change in the pattern of fintech VC investments around the world relative to other types of investments after the global financial crisis. We argue that the spike in fintech VC in certain countries is attributable to differential enforcement of financial institution rules...
Persistent link: https://www.econbiz.de/10012903301
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A Drop in an Empty Pond : Canadian Public Policy towards Venture Capital
Cumming, Douglas J. - 2016
This paper presents evidence about the shortfall of venture capital in Canada relative to comparable regions in the … United States, despite massive government spending on governmental venture capital programs in Canada. The Government of … Canada committed $500 million towards venture capital in 2013 through the Venture Capital Action Plan. The Government of …
Persistent link: https://www.econbiz.de/10012979832
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Comparative venture capital governance : private versus labour sponsored venture capital funds
Cumming, Douglas J.; MacIntosh, Jeffrey G. - 2003
Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general...
Persistent link: https://www.econbiz.de/10011514156
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Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes
Cumming, Douglas J.; Johan, Sofia - 2008
exits in Canada for the years 1991 to 2004. The data provide strong support for the conjecture that the ability to mitigate …
Persistent link: https://www.econbiz.de/10014214816
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Agency Costs, Institutions, Learning and Taxation in Venture Capital Contracting
Cumming, Douglas J. - 2004
This paper introduces a dataset on forms of finance used in 12,363 Canadian and US venture capital and private equity financings of Canadian entrepreneurial firms from 1991 to 2003. The data comprise different types of venture capital institutions, including corporate, limited partnership,...
Persistent link: https://www.econbiz.de/10014068773
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The IPO as an Exit Strategy for Venture Capitalists : Regional Lessons from Canada with International Comparisons
Cumming, Douglas J. - 2014
focus on investment activity at the local level with reference to data from Canada and the U.S. We provide statistics which … to Canada and Ontario. We consider the VC market in Ontario, Canada, and abroad, drawing on extensive data from the …
Persistent link: https://www.econbiz.de/10013064832
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COVID-19 and entrepreneurial processes in U.S. equity crowdfunding
Cumming, Douglas J.; Reardon, Robert S. - 2021
COVID-19 brought about a shift in entrepreneurial opportunities and in the United States. In this paper, we proxy entrepreneurial processes by examining housing prices in different regions of the United States. Housing prices capture the movement in people, tax dynamics, and behavioral...
Persistent link: https://www.econbiz.de/10012705611
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Governance and success in U.S. equity crowdfunding
Cumming, Douglas J.; Johan, Sofia Atiqah; Reardon, Robert S. - 2021
We propose three governance mechanisms pertinent to equity crowdfunding and campaign success through mitigating pronounced information asymmetries and agency problems. First, unlike IPOs for which the effect of Delaware incorporation has declined or disappeared over time, we propose Delaware...
Persistent link: https://www.econbiz.de/10012705614
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Global Fintech Trends and Their Impact on International Business : A Review
Cumming, Douglas J.; Johan, Sofia; Reardon, Robert - 2023
Purpose – This paper aims to provide an in-depth examination of the emergent state of financial technology (fintech), particularly emphasizing capital-raising innovations and their implications for international business.Design/methodology/approach – Using the highly influential articles...
Persistent link: https://www.econbiz.de/10014350581