By Roberto Bottiglia, Flavio Pichler
Crowdfunding for SMEs: a ecu Perspective presents a necessary perception into this new resource of capital. particularly, the authors specialise in monetary go back crowdfunding, which repays the group both via debt or fairness. This resource of capital may well play an important position sooner or later turning into an alternate or a supplement to standard investment resources. it's consequently of the uttermost value to appreciate what has boosted its exponential development in recent times, in addition to the major drivers of luck of P2P lending and fairness crowdfunding campaigns on either the funders and the fundraisers facet.
as a result of the monetary nature of the go back supplied to the group, monetary go back crowdfunding has been the thing of contemporary waves of law, even though the ecu Union nonetheless lacks a suite of universal principles. the purpose of rules may be twofold, to guard traders and, whilst, to prefer the financing for SMEs. during this publication, the authors discover such concerns and the regulatory guidelines, whereas seeking to the way forward for monetary go back crowdfunding as an evolving resource of capital.
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Additional resources for Crowdfunding for SMEs: A European Perspective
Moreover, it seems that crowdfunding relaxes two of the biases that characterise venture capital investments. Crowdfunded projects are not geographically constrained to the location of the funders and many of the projects that receive full funding on online platforms have a female founder. 34 F. Pichler and I. Tezza projects on the same platform on which their pitch is posted increases the probability of the success of their crowdfunding campaign. Further, the more projects the fundraisers back, the higher the probability of their projects being fully funded.
Given the nature of crowdfunding, which links pledgers and fundraisers from different countries, it would seem natural that home bias would not exist on online crowdfunding platforms. Surprisingly, the authors demonstrate that investors tend to give money to projects in the same geographical area, thus finding supporting evidence of home bias in the P2P lending market. 2 Crowdfunding as a New Phenomenon ... 35 For Lending Club, Mach et al. (2014) investigate the characteristics of the projects posted on the platform, as well as the interest rate paid by the fundraisers.
2013) find that projects whose proponents are women are less likely to reach the funding goal, but in the post-funding phase usually show a lower default rate. The results by Chen et al. (2013) are extremely significant also because their sample comprises more than 80 % male borrowers. Li et al. com. Their results highlight the importance of friendship on the Chinese P2P lending market, since projects whose proponents have higher quality friendship networks, that is, friends with high credit scores and highly successful track records, are more likely to reach the funding goal and pay a lower interest rate.