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Financial Contracting in Crowdinvesting: Lessons from the German Market

58 Pages Posted: 15 Sep 2016  

Lars Klöhn

Humboldt University of Berlin - Faculty of Law

Lars Hornuf

University of Bremen - Faculty of Business Studies and Economics; Max Planck Institute for Innovation and Competition; CESifo (Center for Economic Studies and Ifo Institute)

Tobias Schilling

Humboldt University of Berlin - Faculty of Law

Date Written: September 14, 2016

Abstract

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

Suggested Citation

Klöhn, Lars and Hornuf, Lars and Schilling, Tobias, Financial Contracting in Crowdinvesting: Lessons from the German Market (September 14, 2016). Available at SSRN: https://ssrn.com/abstract=2839041 or http://dx.doi.org/10.2139/ssrn.2839041

Lars Klöhn

Humboldt University of Berlin - Faculty of Law ( email )

Unter den Linden 6
Berlin, D-10099
Germany

HOME PAGE: http://https://plone.rewi.hu-berlin.de/de/lf/ls/kln

Lars Hornuf (Contact Author)

CESifo (Center for Economic Studies and Ifo Institute) ( email )

Poschinger Str. 5
Munich, DE-81679
Germany

University of Bremen - Faculty of Business Studies and Economics ( email )

Bremen, D-28359
Germany
+49 89 20348619 (Phone)

HOME PAGE: http://www.hornuf.com

Max Planck Institute for Innovation and Competition

Marstallplatz 1
Munich, 80539
Germany

Tobias Schilling

Humboldt University of Berlin - Faculty of Law ( email )

Unter den Linden 6
Berlin, D-10099
Germany

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