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Does FinTech Compete with or Complement Bank Finance?
Cole, Rebel A. - 2019
data indicate that bank failures in a county are associated with a reduction in debt and rewards crowdfunding, and total … crowdfunding (including donations and rewards as well, however, bank failures are statistically unrelated to those types of … crowdfunding in our empirical setting). The data are consistent with bank failures being associated with a reduction in the …
Persistent link: https://www.econbiz.de/10012896639
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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/10012672286
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COVID-19 and Entrepreneurial Processes in U.S. Equity Crowdfunding
Cumming, Douglas J.; Reardon, Robert - 2022
The COVID-19 pandemic brought about a shift in entrepreneurial opportunities 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/10013292767
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COVID-19 Bust, Policy Response, and Rebound : Equity Crowdfunding and P2P vs. Banks
Cumming, Douglas J.; Martinez Salgueiro, Andrea; … - 2021
intertemporal smoothing. U.S. data from May 2016 to June 2020 show that COVID-19 had an adverse impact on bank consumer lending … to bank consumer lending. Moreover, the data indicate that P2P lending is a leading indicator for bank consumer lending … and that bank consumer lending substitutes ECF. The policy response – CARES Act – caused: i) a significant increase in ECF …
Persistent link: https://www.econbiz.de/10013243337
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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/10012693957
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COVID-19 and Entrepreneurial Processes in U.S. Equity Crowdfunding
Cumming, Douglas J.; Reardon, Robert - 2022
The COVID-19 pandemic brought about a shift in entrepreneurial opportunities in theUnited States. In this paper, we proxy entrepreneurial processes by examining housing prices indifferent regions of the United States. Housing prices capture the movement in people, taxdynamics, and behavioral...
Persistent link: https://www.econbiz.de/10013322844
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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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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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Political Instability, Access to Private Debt, and Innovation Investment in China
Cumming, Douglas J. - 2015
In this paper we provide evidence from China that access to loans positively affects the probability that a firm will invest in innovation. However, the positive effect of private debt on innovation investment is significantly moderated by political instability. The cost of political instability...
Persistent link: https://www.econbiz.de/10013019199