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 be L-shaped under a first-come, first-serve mechanism and only U …

This paper first presents the development of the crowdinvesting market in Europe since its start in 2007. Then, using … hand-collected data on the complete set of crowdinvesting campaigns run in Germany, the paper shows that successful … campaigns tend to be launched by new startups and when the minimum ticket size is small so that more crowd investors can …

-stage start-ups, on the performance of public equity markets and the initial public offering market in particular. Finally, the …

having a local bias. Overall, we find that investors who direct their investments to local firms more often pick start-ups …

get developed in startups. The threshold level can be discontinuous, so otherwise similar firms may exhibit very different … with a broad set of observed regularities regarding the creation of employee startups. …