Get Crowdfunding for SMEs: A European Perspective PDF

By Roberto Bottiglia, Flavio Pichler

ISBN-10: 1137560207

ISBN-13: 9781137560209

ISBN-10: 1137560215

ISBN-13: 9781137560216

Crowdfunding for SMEs: a eu Perspective offers a important perception into this new resource of capital. specifically, the authors specialise in monetary go back crowdfunding, which repays the gang both via debt or fairness. This resource of capital may possibly play an important function sooner or later changing into an alternate or a supplement to standard investment resources. it's consequently of the uttermost value to appreciate what has boosted its exponential development lately, in addition to the foremost drivers of good fortune of P2P lending and fairness crowdfunding campaigns on either the funders and the fundraisers part.

as a result monetary nature of the go back supplied to the gang, monetary go back crowdfunding has been the thing of contemporary waves of legislation, even though the ecu Union nonetheless lacks a suite of universal principles. the purpose of law will be twofold, to guard traders and, even as, to desire the financing for SMEs. during this booklet, the authors discover such matters and the regulatory rules, whereas trying to the way forward for monetary go back crowdfunding as an evolving resource of capital.

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2011; Tomczak and Brem 2013). There is extensive literature on the role of entrepreneurial finance in reducing the funding gap (Cosh et al. 2009; Lam 2010), and on the determinants and features of funding provided by venture capitalists and business angels to companies in either the seed or start-up stages (Barry 1994; Lerner 1995; Kaplan and Stromberg 2001; Hsu 2004). However, literature on the role of entrepreneurial finance in reducing the funding gap will not be reviewed here, because it goes far beyond the scope of the present chapter.

The second important stream of literature on crowdfunding is the literature focusing on the potential for herding behaviour in the decision of investors about which project to support. Herding behaviour is not limited to specific types of crowdfunding; it occurs in all categories. Bøg et al. (2012) focus on the projects on Justgiving, a British donation crowdfunding platform that provides a list of all previous donations on the homepage of each project, which can function as a signal for other donors.

They demonstrate that bids on loans that are yet to receive full funding increase continuously as soon as a new bid on the loan is made. However, once the loan secures full funding, the number of bids declines, perhaps because lenders fear they will gain a lower interest rate than that for which they bid. Zhang and Liu (2012) distinguish between rational and irrational herding behaviour. Rational herding occurs when investors determine the borrower’s default risk and consequently base their investment decisions on all the available information related to the pitch.

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Crowdfunding for SMEs: A European Perspective by Roberto Bottiglia, Flavio Pichler

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