The Future of Peer-to-Peer Finance

Moenninghoff, Sebastian C.; Wieandt, Axel

doi:10.1007/bf03372882

Cited by 78 publications

(31 citation statements)

References 7 publications

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“…Thus, crowdfunding represents a novel mechanism of fundraising embedded in the current financial innovation (Moenninghoff & Wieandt, 2013), which operates in order to produce convergent innovation (Dubé, Jha, Faber, Struben, London, Mohapatra, ..., & McDermott, 2014). It means innovation that produces both economic and social (human) outcomes.…”

Section: Crowdfundingmentioning

confidence: 99%

The Evolution of Crowdfunding Towards an Impact Investing Logic: The Case of Paulownia Social Project

Feola¹,

Parente²,

D’Onofrio³

et al. 2017

JMAA

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In the last years, crowdfunding is arising as a widespread financing and fundraising tool, allowing to turn a large audience of customers into investors, individuals who can supply financial capital. Thus, crowdfunding represents a novel mechanism of fundraising embedded in the current financial innovation, which operates in order to produce convergent innovations that produce both economic and social outcomes. Studies are mainly aimed to understand which factors led a crowdfunding campaign towards the success. The whole research aims to analyse the new emerging financial tool, known as crowdfunding, with the purpose to understand and explain how it collaborates with the main traditional financial mechanisms used by enterprises. This study leds the author to recognize a new emerging shape for the crowdfunding, a structure which allows to take advantage of the traditional limits of funds of investment. Thus, both the capability to attract a great number of investors and the social content of the project-to-fund represent the push to move the crowd investment towards impact investing. The newness of the topic, the lack of certain and various data, the youth of the analyzed phenomenon, and the explorative nature of the research, pushed the authors to choose a case study approach.

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Section: Crowdfundingmentioning

confidence: 99%

The Evolution of Crowdfunding Towards an Impact Investing Logic: The Case of Paulownia Social Project

Feola¹,

Parente²,

D’Onofrio³

et al. 2017

JMAA

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“…This emerging approach to fundraising via the Internet had been defined "crowdfunding" (Belleflamme and Lambert, 2014) as it represents a novel mechanism to cope the resource constraints as well as to improve interorganizational relationships. As leading management scholars highlighted, since crowdfunding is based on digital platforms embedded in the current financial innovation (Moenninghoff and Wieandt, 2013;Belleflamme and Lambert, 2014;Ahlers, Cumming, Guenther, Schweizer, 2015), it produces convergent innovation (Dubé et al, 2014). It means that crowdfunding is an innovation likely to produce both economic and social (human) outcomes.…”

Section: Introductionmentioning

confidence: 99%

Equity crowdfunding in technology transfer strategies and licensing

Dezi

Cillo

Usai

et al. 2018

IJTM

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The main aim of this study is to investigate to what extent equity crowdfunding could enable firms to outsource research and development activities. Likewise, the present study aims at analyzing the relationship between desorptive capacity and equity crowdfunding performance. We also aim at studying the mediation role of ICT firms capabilities, connective capacity and minor equity ownership. In this regard, this study intends to pioneer into connecting the knowledge management theory with the crowdfunding studies. A sample of 180 projects based on the top ten European equity crowdfunding platforms has been used. Findings indicate that desorptive capacity enables companies in developing external knowledge retention and expoitation wich in turn enhance equity crowdfunding performance.

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“…Hence, there is also no maturity transformation in P2P lending, as will be investigated in greater detail in section 3.4. Finally, P2P lending can comprise at least a limited degree of liquidity transformation, because the introduction of (imperfect) secondary markets on a number of platforms allowed lenders to sell loans before maturity (Moenninghoff and Wieandt 2013). However, the overall situation is less straightforward in the advanced P2P system with institutional investors' participation as illustrated in section 3.5.…”

Section: Shadow Bankingmentioning

confidence: 99%

Peer-to-Peer Lending – A (Financial Stability) Risk Perspective

Käfer

2017

Review of Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThe aim of this paper is to discuss P2P lending, a subcategory of crowdfunding, from a (financial stability) risk perspective. The discussion focuses on a number of dimensions such as the role of soft information, herding, platform default risk, liquidity risk, and the institutionalization of P2P markets. Overall, we conclude that P2P lending is more risky than traditional banking. However, it is important to recognize that a constant conclusion would be misleading. P2P platforms have evolved and changed their appearance markedly over time, which implies that although our final conclusion of increased riskiness through P2P markets remains valid over time, it is based on different arguments at different points in time. In addition, we discuss that acting on P2P online platforms satisfies most possible definitions of shadow banking and shows significant similarities with many observed aspects of shadow banking. We thus infer that P2P lending can be considered part of the shadow banking sector. JEL Classification:F34, G21, G23

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The Future of Peer-to-Peer Finance

Cited by 78 publications

References 7 publications

The Evolution of Crowdfunding Towards an Impact Investing Logic: The Case of Paulownia Social Project

The Evolution of Crowdfunding Towards an Impact Investing Logic: The Case of Paulownia Social Project

Equity crowdfunding in technology transfer strategies and licensing

Peer-to-Peer Lending – A (Financial Stability) Risk Perspective

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