This paper focuses on exits by venture capitalists from their portfolio companies. Using a unique self-collected data set, we provide new stylized facts about the venture capital industry in Europe and in the US. Although there are numerous similarities between the US and Europe, there are also...

This paper introduces an analysis of the impact of Legality on the exiting of venture capital investments. We consider a sample of 468 venture-backed companies from 12 Asia-Pacific countries, and these countries' venture capitalists' investments in US-based entrepreneurial firms. The data...

This paper provides insights on the crowdfunding of new alternative energy technologies by enabling inferences from large pools of small investors. We provide large sample evidence from 81 countries around the world that cleantech crowdfunding is more common in countries with low levels of...

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...

We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding campaigns, using a novel investment-, investor- and campaign-level database. We find that women invest less in the riskiest investments but more in safer ones. These findings are better...

Reward-based crowdfunding campaigns are commonly offered in one of two models in reference to fundraising goals set by the entrepreneur: “Keep-It-All” (KIA), where the entrepreneur keeps the entire amount raised regardless of achieving the goal, and “All-Or-Nothing” (AON), where the...

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Voting rights were initially limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development, as this new electorate has lower financial holdings and benefits less from the riskiness...

Adopting a resource-based perspective, we study what drives venture capital (VC) investments in financial technology (fintech) startups. We test our hypotheses using a county-level dataset of over 7,100 VC investments made in the United States from 2003-2015. Using panel data, we find that the...

We study the formation and dynamics of entrepreneurial clusters in the emerging fintech industry. Using detailed data on the almost 1000 fintech startups in France to date, we find that most fintechs are geographically clustered and that the location of new fintech startups is affected, among...