The bulk of today's (“preorder-,” “reward-,” “gift-,” and “donation-based”) crowdfunding raises funds for tiny, private … “contributions.”We theorize and show empirically that crowdfunding has a payoff structure akin to public goods and associated free … sources of non-pecuniary motivations in cases of entrepreneurial crowdfunding: (i) empathy, in the sense of experiencing a …

Crowdfunding is a growing phenomenon that encompasses several different models of financing for business or other … ventures. Despite the hype, equity crowdfunding is still the smallest part of the crowdfunding market. Because of its legal … framework, Europe has been at the forefront of equity crowdfunding market development. Equity crowdfunding is more complex than …