Using Kickstarter, the largest global reward-based crowdfunding platform, we conduct an exhaustive search of all fraud cases from 2010 through 2015 for nine different countries. While fraud in this new market has been of concern to regulators, it is arguably of greater importance to the nascent...

This study establishes a set of stylized facts about the capital-structure decisions of privately held U.S. firms, using data from four nationally representative surveys conducted from 1987-2003. Book-value firm leverage, as measured by either the ratio of total loans to total assets or the...

Start-ups are seen as the leading force in dynamically growing economies. Limited financing opportunities often prevent entrepreneurs from realizing their innovative business ideas or taking growth opportunities. However, in the context of the technological revolution, a fundamental change in...

We examined the extent to which SMEs financing influenced economic growth in Nigeria through the use of time-series data from 1999-2018. After a literature search, other factors possessing the potential to influence the dependent variable ASGDP was added to the research model. Relying on...

Extending recent work on market mechanisms in new fintech offerings, we explore the implications of a key mechanism in online crowdfunding – the use of a provision point. Under a provision point mechanism (otherwise known as all-or-nothing or fixed fundraising scheme), the fundraiser,...

This article uses a hand-collected sample of 733 projects from seven leading U.S.-based real estate crowdfunding (RECF) platforms. We analyze whether property, financing, and crowdfunding campaign characteristics, as well as information risk, can explain the expected returns of RECF campaigns...

India's micro, small, and medium enterprises (MSMEs) serve as a critical engine of employment and economic growth, yet they face persistent credit gaps, particularly among unincorporated and high-growth micro-enterprises known as Hired Worker Enterprises (HWEs). Existing interventions have...

We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...

Brock and De Haas (2023) study the effect of randomising applicant gender in small business loan applications that are reviewed by loan officers at a Turkish bank in a lab-in-the-field experiment based on real-life applications. The main re- sults are: first, that loan approval rates are not...

We empirically study the determinants of failures of microfinance institutions based on the CAMELS rating components and microfinance-specific measures by applying probit regression techniques. Our findings confirm the capital adequacy (C), the asset quality (A), the management capability (M),...