In this paper, we show that too strong investor protection may harm small firms and, thus, entrepreneurial initiatives. This situation is particularly relevant in crowdinvesting, which refers to a recent financial innovation originating on the Internet. In general, securities regulation offers...

We examine the spread of UCITS funds around the world, and consider whether such mutual funds that adopt higher standards of voluntary investor protection expand their operations to other countries with higher or lower investor protection regimes. The data indicate equity funds spread to...

We examine the spread of Undertakings for Collective Investment in Transferable Securities (UCITS) funds around the world and consider whether such mutual funds, which voluntarily adopt higher standards of investor protection, expand their operations to other countries with higher or lower...

The paper seeks to explain the huge cross country variation in private pension funding,shaped by historical choice made when universal pension systems were created after theGreat Depression. According to Perotti and von Thadden (2006), large inflationaryshocks due to war damage devastated middle...

We examine the spread of UCITS funds around the world, and consider whether such mutual funds that adopt higher standards of voluntary investor protection expand their operations to other countries with higher or lower investor protection regimes. The data indicate equity funds spread to...

During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In Germany, the Small Investor Protection Act became binding in July 2015, with the legislative goal to protect investors engaging in this new asset class. Since then, investors...

The German Bundestag has adopted the Small Investor Protection Act on 23 April 2015, which will enter into force in the coming weeks. By this Act the German legislator establishes for the first time – among other things – a regulation of the German crowdfunding market. This article describes...

During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In Germany, the Small Investor Protection Act became binding in July 2015, with the legislative goal to protect investors engaging in this new asset class. Since then, investors...