Financial Contracting in Crowdinvesting: Lessons from the German Market
58 Pages Posted: 15 Sep 2016
Date Written: September 14, 2016
The present article gives an overview of the contents of crowdinvesting contracts that are in use in Germany and traces how they have evolved. To this end, it evaluates 255 crowdinvesting campaigns held on 18 different platforms in the period from August 1, 2011 to December 31, 2015. This sample represents 81% of all crowd financing in the German market.
Keywords: Crowdinvesting, Equity Crowdfunding, Financial Contracting
JEL Classification: G20, G35, K22
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