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  1. Confidence is good, too much, not so much
    exploring the effects on reward-based crowdfunding success
    Erschienen: [2021]
    Verlag:  CREMA, Zürich

    Self-confidence has long been regarded as one of the key qualities in determining entrepreneurial success. In markets with uncertainty, like crowdfunding, entrepreneurial confidence is an important signal that lowers the information imbalance for... mehr

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    Self-confidence has long been regarded as one of the key qualities in determining entrepreneurial success. In markets with uncertainty, like crowdfunding, entrepreneurial confidence is an important signal that lowers the information imbalance for potential investors. However, current literature on confidence is limited in three ways; first is the limited understanding of confidence in interpersonal interactions; second is the accurate measurement of confidence and thirdly, limited insight on whether an optimal level of confidence exists. We use two novel behavioral approaches to measure self and exhibited confidence and examine their relation to entrepreneurial success in reward-based crowdfunding. Derived from ex-ante information (i.e., before realization of success), our measurements for confidence allow us to draw causal inferences, allowing for contributions to confidence and displays of interpersonal emotion literature. By analyzing over 70,000 Kickstarter projects, we show an optimal level of entrepreneurial confidence exists in determining funding received, popularity, and likelihood of success.

     

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/234633
    Schriftenreihe: Working paper / CREMA, Center for Research in Economics, Management and the Arts ; no. 2021, 18
    Schlagworte: Behavioral; crowdfunding; entrepreneur; exhibiting confidence; interpersonal confidence; success
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Sustainable finance and fintech: can technology contribute to achieving environmental goals?
    a preliminary assessment of "Green Fintech"
    Erschienen: 13/08/2020
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    The Fintech Action Plan (see now also Digital Finance Strategy) and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    The Fintech Action Plan (see now also Digital Finance Strategy) and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while they present certain common features and great potential when combined. In particular, Fintech appears able to respond to some shortcomings in the current sustainable finance framework (e.g. access to retail financing, ESG disclosure, verification and ratings, etc.). The relevance of the link between sustainability, finance and technology has also been evidenced by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on technology and sustainability. However, Fintech still raises per se relevant legal issues that need to be addressed to fulfil its promises and potential in the sustainable finance sector. The present paper aims at starting a debate about “Green Fintech” in order to effectively connect the two worlds and spur the research in such a new and promising area

     

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    Schriftenreihe: EBI working paper series ; no. 71 (2020)
    European Banking Institute Working Paper Series 2020 – ; no. 71
    Schlagworte: Fintech; Sustainable finance; EcoLabel; blockchain; DLT; artificial intelligence; algorithms; big data; ESG factors; sustainability rating; sustainable development goals; transparency; non-financial disclosure; fiduciary duties; crowdfunding
    Umfang: 1 Online-Ressource (circa 40 Seiten)
  3. Comparing crowdfunding mechanisms
    introducing the generalized moulin-shenker mechanism
    Erschienen: November 2022
    Verlag:  CESifo, Munich, Germany

    For reward-based crowdfunding, we introduce the strategy-proof Generalized Moulin-Shenker mechanism (GMS) and compare its performance to the prevailing All-Or-Nothing mechanism (AON). Theoretically, GMS outperforms AON in equilibrium profit and... mehr

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    For reward-based crowdfunding, we introduce the strategy-proof Generalized Moulin-Shenker mechanism (GMS) and compare its performance to the prevailing All-Or-Nothing mechanism (AON). Theoretically, GMS outperforms AON in equilibrium profit and funding success. We test these predictions experimentally, distinguishing between a sealed-bid and a dynamic version of GMS. We find that the dynamic GMS outperforms the sealed-bid GMS. It performs better than AON when the producer aims at maximizing funding success. For crowdfunding in practice, this implies that the current standard of financing projects could be improved upon by implementing a crowdfunding mechanism that is similar to the dynamic GMS.

     

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    Sprache: Englisch
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    hdl: 10419/267313
    Schriftenreihe: CESifo working papers ; 10081 (2022)
    Schlagworte: crowdfunding; market design; strategy-proofness; laboratory experiment
    Umfang: 1 Online-Ressource (circa 94 Seiten), Illustrationen
  4. The Role of Ranking Algorithms in Crowdfunding
    Erschienen: [2022]
    Verlag:  SSRN, [S.l.]

    Online platforms, marketplaces and retailers typically use ranking algorithms to determine the order in which hundreds or thousands of choices are presented to consumers. While ranking algorithms may aid consumer choice, there are concerns they may... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Online platforms, marketplaces and retailers typically use ranking algorithms to determine the order in which hundreds or thousands of choices are presented to consumers. While ranking algorithms may aid consumer choice, there are concerns they may also lead to socially undesirable outcomes. In this research, we ask two questions. First, we examine the impact of ranking algorithms on consumer choice and the degree to which researchers may obtain biased estimates of preferences if abstracting from the algorithmic code or the rank order of search results. Second, we ask whether ranking algorithms can further socially desirable outcomes. We use data and the ranking algorithm obtained from the US educational crowdfunding website DonorsChoose and develop a structural model of donors’ contributions using a multiple discrete continuous choice framework. We demonstrate that not accounting for the ranking algorithm leads to a systematic bias in estimated consumer preferences. In two sets of counterfactuals, we then test how well DonorsChoose’s algorithm serves its objectives to both benefit disadvantaged groups and achieve a high rate of project completion. First, we show that removing the parameters from the algorithm that prioritize projects from high and highest poverty schools reduces contributions to such schools by 12.98 percentage points. Second, we find that the inclusion of parameters designed to increase the number of projects that succeed on the platform do not substantially affect overall contributions to projects from schools with high and highest poverty. To the ongoing debate about algorithmic bias, we add empirical evidence that algorithms can positively affect disadvantaged groups without compromising a platform’s overall goals

     

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    Sprache: Englisch
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    Schriftenreihe: Tuck School of Business Working Paper ; No. 4132785
    Schlagworte: crowdfunding; algorithms; multiple discrete continuous models; structural models
    Umfang: 1 Online-Ressource (49 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 31, 2022 erstellt

  5. El fideicomiso para la construccion y el desarrollo inmobiliario
    Erschienen: [2022]
    Verlag:  Universidad del CEMA, Buenos Aires, Argentina

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    Sprache: Spanisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; nro. 842 (Diciembre 2022)
    Schlagworte: fideicomiso; construcción; desarrollo inmobiliario; crisis económica,management; costos ocultos; consorcio; mercado de capitales; fundraising,vehículos de inversión colectiva; crowdfunding; plataformas de financiamientocolectivo
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  6. Le piattaforme Fintech di prestito e di raccolta di finanziamenti nel mondo e in Italia
    Erschienen: [2022]
    Verlag:  Banca d'Italia, [Rom]

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    Sprache: Italienisch
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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 702 (Giugno 2022)
    Schlagworte: fintech; crowdfunding; social lending; invoice trading; technological innovation; alternative finance
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  7. Financial impact of trust and institutional quality around the world
    Erschienen: [2022]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We investigate the financial impact of social trust, institutional quality, and regulations. As a testing ground we employ a unique, large, and hand-crafted dataset of more than 850 000 lending-based crowdfunding projects from 155 platforms across 55... mehr

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    We investigate the financial impact of social trust, institutional quality, and regulations. As a testing ground we employ a unique, large, and hand-crafted dataset of more than 850 000 lending-based crowdfunding projects from 155 platforms across 55 countries during 2005-2018. We show that the impact of social trust is positive but economically less pronounced than that of institutional trust proxied by legal and property rights protection and regulation. Moreover, the financial impact of social trust is greater at the national level, while impact of institutional quality dominates at the international level. Nevertheless, the financial impact of trust and institutional quality around the world is positive, which is an encouraging implication under increasing anonymity and internationalization of financial environment.

     

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    hdl: 10419/286324
    Schriftenreihe: IES working paper ; 2022, 28
    Schlagworte: social capital; social trust; institutional trust; uncertainty; crowdfunding; financial markets
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  8. Rebate rules in reward-based crowdfunding
    introducing the bid-cap rule
    Erschienen: [2023]
    Verlag:  Collaborative Research Center Transregio 190, [München]

    We study the efficacy of rebate rules in reward-based crowdfunding, where a project is only realized when a funding goal is met, and only those who pledge at least a reservation price receive a reward from the project. We propose and experimentally... mehr

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    We study the efficacy of rebate rules in reward-based crowdfunding, where a project is only realized when a funding goal is met, and only those who pledge at least a reservation price receive a reward from the project. We propose and experimentally test two rebate rules against the customary all-or-nothing model. Firstly, we adapt the proportional rebate rule from threshold public good games to our reward-based setting. Secondly, we develop the novel bid-cap rule. Here, pledges must only be paid up to a cap, which is determined ex-post such that the provision point is exactly met. Theoretically, the bid-cap rule induces weakly less variance in payments compared with the proportional rebate rule. In our experiment, we find that both rebate rules induce higher pledges and increase the project realization rate in comparison to the all-or-nothing model. Further, we can confirm that the variance of payments is lower under the bid-cap rule compared with the proportional rebate rule.

     

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    hdl: 10419/282084
    Schriftenreihe: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 392 (March 29, 2023)
    Schlagworte: crowdfunding; laboratory experiment; provision point mechanism; rebates
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  9. Technology entrepreneurs' environmental commitments and crowdfunding outcomes
    Erschienen: [2024]
    Verlag:  Swiss Finance Institute, Geneva

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    Schriftenreihe: Swiss Finance Institute research paper series ; no 24, 25
    Schlagworte: sustainability; entrepreneurship; crowdfunding; environmental attitudes
    Umfang: 1 Online-Ressource (circa 72 Seiten)
  10. Crowdfunding a new church
    a multimodal analysis of faith-related giving rhetoric on Indiegogo
    Erschienen: 2015

    The development of Internet crowdfunding platforms has transformed how businesses, nonprofits, and even congregations seek funding from large numbers of donors who each give a relatively small amount of money. In particular, Indiegogo’s religion... mehr

    Universitätsbibliothek Heidelberg
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    The development of Internet crowdfunding platforms has transformed how businesses, nonprofits, and even congregations seek funding from large numbers of donors who each give a relatively small amount of money. In particular, Indiegogo’s religion category for campaigns has developed into a platform used by Christian communities seeking funding for expanding their ministries. Drawing upon a rhetorical analysis of five faith-related campaigns that closed funding between December 2013 and April 2015, I consider how the giving rhetoric varies between the campaigns’ mode of communication, comparing their textual rhetoric to their video messaging. Using the lens of multimodal theory (Córdova, Shipka), I argue that while the textual rhetoric of the campaigns studied emphasizes communicating practical information about the ministry, the giving rhetoric of the campaign videos highlights a more personal, emotional connection between the ministry and potential backer.

     

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    Übergeordneter Titel: Enthalten in: Online - Heidelberg journal of religions on the internet; Heidelberg : Heidelberg University Publishing, 2005; 9(2015), Seite 1-18; Online-Ressource

    Schlagworte: church planting; crowdfunding; giving; Indiegogo; multimodal theory; rhetoric
    Umfang: 19
  11. Peer-to-peer lending and financial innovation in the United Kingdom
    Erschienen: April 2016
    Verlag:  Bank of England, [London]

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    Schriftenreihe: Staff working paper / Bank of England ; no. 598
    Schlagworte: Peer-to-peer lending; crowdfunding; innovation; fintech; big data
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen