Arbeitspapier
Friend or Foe? Crowdfunding Versus Credit when Banks are Stressed
Does bank instability push borrowers to use crowdfunding as a source of external finance? We identify stressed banks and link them to a unique, manually constructed sample of 157 new ventures seeking equity crowdfunding. The sample comprises projects from all German equity crowdfunding platforms since 2011, which we compare with 200 ventures that do not use crowdfunding. Crowdfunding is significantly more likely for new ventures that interact with stressed banks. Innovative funding is thus particularly relevant when conventional financiers are facing crises. But crowdfunded ventures are generally also more opaque and risky than new ventures that do not use crowdfunding.
- Sprache
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Englisch
- Erschienen in
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Series: IWH Discussion Papers ; No. 8/2015
- Klassifikation
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Wirtschaft
Financial Crises
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Corporate Finance and Governance: General
- Thema
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equity crowdfunding
credit crunch
bank stress
- Ereignis
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Geistige Schöpfung
- (wer)
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Blaseg, Daniel
Koetter, Michael
- Ereignis
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Veröffentlichung
- (wer)
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Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
- (wo)
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Halle (Saale)
- (wann)
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2015
- Handle
- URN
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urn:nbn:de:gbv:3:2-48571
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Blaseg, Daniel
- Koetter, Michael
- Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
Entstanden
- 2015