Search results for "Crowdfunding"
showing 10 items of 68 documents
Juridique - Dons en fin de vente - Les clarifications apportées par l'ACPR
2019
International audience
Determinants of Individual Investment Decisions in Investment-Based Crowdfunding
2017
We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding, using a novel investment-, investor- and campaign-level database. We find that this market is a man's world, with nearly 93% of investments made by men. Consistent with behavioral and finance theories, we find that women invest less in the riskiest investments but more in safer ones. Further analyses show that these findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, but only if the investor is a woman. Overall, the findin…
The Global Status of the Crowdfunding Industry
2020
AbstractThe chapter presents key international trends relating to crowdfunding market development, and also provides insights into the current research available attempting to explain such developments. Facts and figures from leading national and regional markets are presented in a comparative manner, with specific focus on the diversity of crowdfunding models, growth trajectories, and geographical variations. The chapter shows that crowdfunding is no longer a fringe activity but gradually moving mainstream with substantial volumes recorded nationally, regionally, and globally. Furthermore, we illustrate the dominance of crowd-lending models across regions, as well as their sub-model variat…
Environmental Sustainability Orientation, Reward-Based Crowdfunding, and Venture Capital: The Mediating Role of Crowdfunding Performance for New Tech…
2021
Extant literature has investigated the effects of new ventures’ environmental sustainability orientation (ESO) on the crowdfunding (CF) performance and on the ability to secure venture capital, separately and with mixed results. In this article, we address the study of these relationships simultaneously. Specifically, we examine how the presence of ESO features influences new technology-based ventures’ ability to secure funding in reward-based CF campaigns and how the CF performance mediates the effect of such features on attracting subsequent venture capital. Using a sample of new hardware ventures that have launched a CF campaign on Kickstarter, we document a negative effect of the presen…
Exploring the viability of equity crowdfunding as a fundraising instrument: A configurational analysis of contingency factors that lead to crowdfundi…
2020
Abstract With the growth in the use of crowdfunding platforms for fundraising, analysis of the key factors associated with successful crowdfunding has emerged as an interesting and oft-researched topic. Nonetheless, the equity crowdfunding market is still relatively under researched. The purpose of this paper is to explore how contingency factors combine and causally connect in leading to possible success or failure in equity crowdfunding rounds. To reach this goal, a configurational approach was chosen. Qualitative comparative analysis (QCA) is a suitable method for this topic because of its ability to identify and assess different combinations of conditions that explain certain outcomes. …
Civic crowdfunding: A new opportunity for local governments
2021
Abstract In civic crowdfunding, local communities are asked to financially contribute to projects aimed at the regeneration of an area. Usually a local government acts as a co-funder. This paper employs a fuzzy set qualitative comparative analysis to discover which conditions are combined and may result in the collection of a significant amount of funds. Five conditions were selected: the nature of project, the number of backers, the number of rewards, the percentage of backers that did not require a reward and the percentage of rewards not required during the fundraising campaign. The study used a sample of 40 Italian successful civic crowdfunding rounds sponsored and match-funded by a loc…
L’affectif, les valeurs et le matching dans les choix des investisseurs individuels en incertitude : le cas de l’equity crowdfunding
2018
Our research focuses on the emotional and axiological determinants of investment choice in equity crowdfunding. We defend the thesis of a projects choice determined in part by the values and emotions of the individual investor. Our literature review is transversal to several fields of social sciences. Thus, the established theoretical framework articulates finance, marketing, HRM and psychology. An explanatory model using structural equations is proposed and tested empirically using data from a laboratory experiment. Our results confirm that values and interest in the project, an affective variable, have a significant effect on investor choices and dominate analytical judgment in the absenc…
Real estate crowdfunding: potential in Latvia
2017
Currently the economic environment is changing rapidly. The millennium’s development phase was followed by global financial crisis, which has changed the rules of game for all financial players and made others’ think outside the box. After the economic crisis people started losing trust in traditional financial institutions like banks, where all the processes are still very bureaucratic. Overregulated bank lending system could not satisfy the credit demand of small to medium size enterprises, thus triggering the need for a new, innovative financing model to fill the gap. At the same time, the communication afforded by Internet and information technologies opened up new opportunities. Taking…
On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?
2021
Abstract Venture capitalists (VCs) make only a small number of investments and are more likely to invest in ventures where other VCs have invested previously. As such, valuable opportunities may be forgone if they are not funded by VCs in the first place. We demonstrate how crowdfunding (CF) can remedy this concern. Using a sample of new technology-based ventures, we reveal that ventures initially funded through reward-based CF can be even more likely than those initially backed by VCs in attracting follow-up funds from VCs. This happens when ventures originally funded via reward-based CF complement the certification they derive from CF with patents and a founding team with a track record o…
Menzione d'Onore Borgo Vecchio Factory
2018
Il Premio Compasso d’Oro ADI è il massimo riconoscimento italiano al progetto, al prodotto, alla ricerca di disegno industriale. È stato istituito a Milano nel 1954 dai grandi magazzini la Rinascente per incentivare l’“estetica del prodotto” e il nascente design italiano. Il marchio del premio, che fa riferimento al compasso di Adalbert Göringer e alla proporzione aurea, è stato disegnato dal grafico Albe Steiner, mentre il compasso d’oro tridimensionale è a firma degli architetti Alberto Rosselli e Marco Zanuso. Nel 1958 il premio è stato ceduto da la Rinascente all’ADI Associazione per il Disegno Industriale, che ogni due anni ne cura l’organizzazione attraverso le selezioni di una giuria…