Hornuf, Lars; Neuenkirch, Matthias - 2015 - First draft: 30 June 2015, This version: 30 June 2015
crowdinvesting portals, Innovestment is running a multiunit sealed bid second price auction where backers can specify the price they … unique auction mechanism to analyze backers' willingness to pay for cash flow rights in a startup company. We find that … end of an auction. Our findings indicate that portal design and self-regulation might well trump government rules in the …