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Pricing Shares in Equity Crowdfunding

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Hornuf, Lars ; Neuenkirch, Matthias
License: Creative Commons Attribution No Derivatives 4.0
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Date of publication of this fulltext: 24 Jan 2018 11:18


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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