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
Englisch

Erschienen in
Series: IWH Discussion Papers ; No. 8/2015

Klassifikation
Wirtschaft
Financial Crises
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Corporate Finance and Governance: General
Thema
equity crowdfunding
credit crunch
bank stress

Ereignis
Geistige Schöpfung
(wer)
Blaseg, Daniel
Koetter, Michael
Ereignis
Veröffentlichung
(wer)
Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
(wo)
Halle (Saale)
(wann)
2015

Handle
URN
urn:nbn:de:gbv:3:2-48571
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
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

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