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Pricing Shares in Equity Crowdfunding

Hornuf, Lars and Neuenkirch, Matthias (2017) Pricing Shares in Equity Crowdfunding. Small Business Economics 48 (4), pp. 795-811.

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We analyze the pricing of cash flow rights in start-up companies using a unique data set of 44 equity crowdfunding campaigns. Our sample consists of 499 backers who invested during the period from November 6, 2011, to March 25, 2014, on the German equity crowdfunding portal Innovestment. In contrast with all other European equity crowdfunding portals, Innovestment runs a multi-unit second-price ...


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Item type:Article
Date:April 2017
Additional Information (public):First Online: 25 October 2016
Institutions:Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzierung (Prof. Dr. Gregor Dorfleitner)
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Keywords:Auctions, Equity crowdfunding, Valuation of shares
Dewey Decimal Classification:300 Social sciences > 330 Economics
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:No
Item ID:36503
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