Friend or foe? : crowdfunding versus credit when banks are stressed / Daniel Blaseg; Michael Koetter
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Friend or foe?
Discovery
834451689
URN
urn:nbn:de:gbv:3:2-48571
DOI
ISBN
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Publication history
Halle (Saale) : Leibniz-Inst. für Wirtschaftsforschung - IWH, 2015
Content
Online-Ressource (PDF-Datei: III, 47 S., 0,44 MB) : graph. Darst.
Edition
Language
eng
Comment
Abstract
Does bank instability push borrowers to use crowdfunding as a source of external finance? We identify stressed banks and link them to a unique, manually constructed sample of 157 new ventures seeking equity crowdfunding. The sample comprises projects from all German equity crowdfunding platforms since 2011, which we compare with 200 ventures that do not use crowdfunding. Crowdfunding is significantly more likely for new ventures that interact with stressed banks. Innovative funding is thus particularly relevant when conventional financiers are facing crises. But crowdfunded ventures are generally also more opaque and risky than new ventures that do not use crowdfunding.
Series
IWH-Diskussionspapiere ; 2015,8 ppn:837399270