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While firms have obtained outside financing from large numbers of investors on financial markets for centuries, online crowdfunding platforms have only emerged as a major source of funding for start-ups and new projects for a decade. The information available to backers on crowdfunding platforms...
Persistent link: https://www.econbiz.de/10012845768
Various forms of social learning and network effects are at work on crowdfunding platforms, giving rise to informational and payoff externalities. We use novel entrepreneur-backer data to study how these externalities shape funding dynamics, within and across projects. We find that backers...
Persistent link: https://www.econbiz.de/10012861378
This paper develops a framework for measuring digital services in the face of ongoing innovations in the delivery of content to consumers. We capture what Brynjolfsson and Saunders (2009) call "free goods" as the capital services generated by connected consumers' stocks of IT digital goods; this...
Persistent link: https://www.econbiz.de/10012181748
Various forms of social learning and network effects are at work on crowdfunding platforms, giving rise to informational and payoff externalities. We use novel entrepreneur-backer data to study how these externalities shape funding dynamics, within and across projects. We find that backers...
Persistent link: https://www.econbiz.de/10012057306
Membership platforms allow creators to crowdfund a monthly income, while campaigns on conventional reward crowdfunding portals aim to reach a specified funding target within a pre-set period. We study transaction-level data from Patreon, the biggest membership platform, to gain insights about...
Persistent link: https://www.econbiz.de/10012138571
Blockchains and Byzantine Fault Tolerance form the basis of decentralized currencies and ledgers such as Bitcoin, Ripple, ZeroCash, and Ethereum. A large slate of literature has focused on the currency aspects (e.g. anonymity, independence from central banks, etc.). We argue that, as-far-as...
Persistent link: https://www.econbiz.de/10012936021
This short paper examines the recent WTO Panel Report in a dispute brought by the US against a series of Chinese measures imposed on suppliers of electronic payment services (EPS). Such measures amounted to a discriminatory treatment in favour of the Chinese EPS supplier, China UnionPay Co.,...
Persistent link: https://www.econbiz.de/10013096974
Payment methods have a high degree of inertia making change slow and challenging for new alternatives. So, it is not surprising that crypto currencies based on public blockchains are not broadly used 13 years after Bitcoin launched. The future of the largest public blockchains is limited,...
Persistent link: https://www.econbiz.de/10013301909
This paper considers the "DeFi intermediation chain"--the market structure that underlies the creation and distribution of ETH, the native cryptocurrency of Ethereum--to examine how information asymmetry shapes intermediation rents. We argue that using proof-of-stake blockchain technology in...
Persistent link: https://www.econbiz.de/10015072890
Portuguese Abstract: Adaptado de um trecho de minha tese de doutorado, este artigo discute alguns dos riscos envolvidos na estratégia de financiamento coletivo conhecida como crowdfunding, e defende que, com algumas ressalvas, ela tem ótimo potencial para fomentar a produção de cultura de...
Persistent link: https://www.econbiz.de/10014131082