Crowdfunding and bank stress

D. Blaseg, Michael Koetter*

*Autor corresponent d’aquest treball

Producció científica: Capítol de llibreCapítolAvaluat per experts

8 Cites (Scopus)
3 Descàrregues (Pure)

Resum

Bank instability may induce borrowers to use crowdfunding as a source of external finance. A range of stress indicators help identify banks with potential credit supply constraints, which then can be linked to a unique, manually constructed sample of 157 new ventures seeking equity crowdfunding, for comparison with 200 ventures that do not use crowdfunding. The sample comprises projects from all major German equity crowdfunding platforms since 2011, augmented with controls for venture, manager, and bank characteristics. Crowdfunding is significantly more likely for new ventures that interact with stressed banks. Innovative funding sources are thus particularly relevant in times of stress among conventional financiers. But crowdfunded ventures are generally also more opaque and risky than new ventures that do not use crowdfunding.

Idioma originalAnglès
Títol de la publicacióBanking Beyond Banks and Money
Subtítol de la publicacióA Guide to Banking Services in the Twenty-First Century
EditorSpringer
Pàgines17-54
Nombre de pàgines38
DOIs
Estat de la publicacióPublicada - 2016
Publicat externament

Sèrie de publicacions

NomNew Economic Windows
EditorSpringer Science + Business Media
ISSN (imprès)2039-411X

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