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Pricing shares in equity crowdfunding
Abstract
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 auction in which backers themselves can specify the...
Paper Details
Title
Pricing shares in equity crowdfunding
Published Date
Oct 25, 2016
Journal
Volume
48
Issue
4
Pages
795 - 811
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