Expanding Horizons: The 3rd European Alternative Finance Industry Report

Ziegler, Tania; Shneor, Rotem; Garvey, Kieran; Wenzlaff, Karsten; Yerolemou, Nikos; Hao, Rui; Zhang, Bryan

doi:10.2139/ssrn.3106911

Cited by 69 publications

(76 citation statements)

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“…of the European market (Ziegler et al, 2018). crowdfunding process, which makes use of a hidden phase and the all-or-nothing model, is typical of many equity crowdfunding platforms (Vismara, 2016;Wick and Ihl, 2018;Åstebro et al, 2018).…”

Section: Empirical Settingmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

“…Indeed, the equity crowdfunding market has been growing fast in several parts of the world in recent years (Zhang et al, 2016;Ziegler et al, 2018). In Europe 1 , the market grew by 38%, while in Finland, the market size over quadrupled between 2015 and 2016 (Ziegler et al, 2018). In line with the market developments, several leading academic journals have called for research on crowdfunding (Bruton et al 2015;Drover et al, 2017a;McKenny et al, 2017;Wright et al, 2016).…”

Section: Introductionmentioning

confidence: 99%

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Success drivers of online equity crowdfunding campaigns

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Wallenius

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Decision Support Systems

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Section: Empirical Settingmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Success drivers of online equity crowdfunding campaigns

Lukkarinen

Teich

Wallenius

et al. 2016

Decision Support Systems

358

343

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“…In recent years crowdfunding and other alternative financing have proved popular channels for entrepreneurs. In the US, this sector has grown 46 percent, from $289 billion in 2016 to $422 billion in 2017, or 1,040 percent since 2014 (Ziegler et al, 2018(Ziegler et al, , 2019. The focus of this paper is on equity crowdfunding.…”

Section: Introductionmentioning

confidence: 99%

Herding in Equity Crowdfunding

et al. 2017

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Do equity crowdfunding investors rationally or irrationally herd? We build a model of rational information aggregation where both informed and uninformed investors arrive sequentially and rationally choose whether and how much to invest. We compare the predictions of the model to several alternative models of irrational herding and no herding, and test those predictions using data on all investments on a leading European equity crowdfunding platform. We show empirically that the size and likelihood of a pledge is causally affected by the size of the most recent pledge, and by the time elapsed since the most recent pledge. These results are consistent with rational information aggregation, and inconsistent with naïve herding, independent investments, and common information shocks. However, there is still room for negative information cascades to occur. Implications for platform design and regulatory actions are discussed.

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“…The table does not list all funds collected for individual platforms due to the fact that there are no data sources for this topic, which means that it is not possible to provide the sum of crowdfund collected funds collected in Poland. Source: Ziegler, T., Shneor, R., Garvey, K., Wenzlaff, K., Yerolemou, N., Zhang, B., Hao, R. (2017). Expanding horizon, The 2nd European Alternative Finance Industry Report, University of Cambridge, pp.…”

Section: The Development Of Crowdfunding In Polandmentioning

confidence: 99%

Crowdfunding as an Alternative Method of Raising Capital

Wierzbicka

2018

E-Finanse

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Crowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest of potential investors, individual social sponsors and large-scale activities of institutions promoting knowledge about the functioning of crowdfunding aimed at encouraging and promoting it as a source of capital for new ventures, there is a lack of knowledge and, consequently, experience on its development and achievement. The aim of this study is to analyze this source of financing, assess its development globally and in Poland. In the preparation of the article,. a critical analysis of foreign and Polish literature was carried out, and descriptive and comparative research methods applied. The research task undertaken in the study was to analyze the crowdfunding market globally and in Poland. The Polish crowdfunding platforms were detailed and compared in terms of value in relation to the largest global platforms. The source for analyses of crowdfunding development in Poland was available literature on the analyzed topic and secondary data from the websites of specialized internet platforms. The article depicts a new, but important, aspect of financing the activity of enterprises, which is crowdfunding. It should be emphasized that there is still insufficient knowledge about this type of institution and, as a result, the importance and role that social financing plays in the financial market.

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Expanding Horizons: The 3rd European Alternative Finance Industry Report

Cited by 69 publications

References 1 publication

Success drivers of online equity crowdfunding campaigns

Success drivers of online equity crowdfunding campaigns

Herding in Equity Crowdfunding

Crowdfunding as an Alternative Method of Raising Capital

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