Aufgrund der geringen Eigenkapitalausstattung junger, innovativer und schnell wachsender Unternehmen und erheblicher Unsicherheiten hinsichtlich des Erfolgs der geplanten Investitionen scheidet eine Finanzierung mittels Fremdkapital oftmals aus oder erfolgt nicht in dem Umfang, den die...

Abstract: Das 20. Jahrhundert war im besonderen Maße von der Entstehung und rasanten Verbreitung neuer Technologien geprägt. Neben der Informations- und Kommunikationstechnologie wurde die Biotechnologie als zukünftige, die ökonomischen Produktionsbedingungen verändernde Technologie...

We use hand-collected data from four German crowdinvesting portals to analyze what determines individual investment decisions in crowdinvesting. In contrast with the crowdfunding campaigns on Kickstarter where the typical pattern of project support is U-shaped, we find crowdinvesting dynamics to...

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have...

Although venture capital (VC) exits have been studied for over 20 years, major drivers are still in question. We examine the determinants of exit timing in initial public offerings (IPOs). The results from a proprietary dataset of 292 U.S. VC-backed IPOs from 1991 to 2008 imply that VC firm...

Investments in new venture involve financial contracts between an entrepreneur and one or more outside investors. Outside investors (such as venture capital firms) generally represent well-diversified investors. Even private investors generally commit small fractions of total wealth to any given...

How do VCs select startups to fund over multiple rounds? To study this question, I develop a dynamic two-sided matching model of VC funding. Using a hand-collected database including both VC-funded and non-VC-funded startups, I estimate the joint determinants of investment selection and the...

In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded...