MAX PLANCK INSTITUTE FOR INNOVATION & COMPETITION
RESEARCH PAPER SERIES
"Equity Crowdfunding in Germany and the UK: Follow-Up Funding and Firm Survival"
Max Planck Institute for Innovation & Competition Research Paper No. 17-09
CESifo Working Paper Series No. 6642
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)
MATTHIAS SCHMITT, Max Planck Institute for Innovation and Competition
Today, start-ups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these start-ups can ultimately build enduring businesses. In this paper, we hand-collected data from 38 different equity crowdfunding (ECF) portals and 656 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. The evidence shows that German firms that receive ECF stand a higher chance of obtaining follow-up funding through business angels or venture capitalists and have a relatively lower likelihood to survive. We find firm age, the average age of the management team, and excessive funding during the ECF campaign all have a negative effect on firms’ likelihood to obtain post-campaign financing. By contrast, the number of senior managers, registered trademarks, subsequent successful ECF campaigns, crowd exits, and the amount of the funding target all have a positive impact. Subsequent successful ECF campaigns, crowd exits, and the number of venture capital investors are significant predictors reducing firm failure. Finally, we find that some of these factors have a differential impact for Germany and the United Kingdom.
"A Novel Technology-Industry Concordance Table Based on Linked Inventor-Establishment Data"
Max Planck Institute for Innovation & Competition Research Paper No. 17-10
MATTHIAS DORNER, Institute for Employment Research (IAB), Max Planck Institute for Innovation and Competition
DIETMAR HARHOFF, Max Planck Institute for Innovation and Competition, Ludwig-Maximilians-Universität München, Centre for Economic Policy Research (CEPR)
Mapping technologies into industries is frequently required in empirical innovation studies, but many concordances only provide coarse mappings. We develop novel concordance tables between industries and technologies making use of linked inventor-employee patent data for Germany. The data comprise 235,933 patents filed between 1999 and 2011 at the European Patent Office. Data on inventors are matched and disambiguated with social security records available at the Institute for Employment Research. Employment data recorded in this database include detailed industry codes describing the industrial activities of the inventors’ establishments. The linked inventor-establishment microdata allow us to identify the precise industry of origin of inventions, combine them with technology classifications from the inventors’ patents and to generate novel concordance tables. We evaluate our approach by comparing the concordance tables with existing work, and we discuss the validity of patent statistics by industries as indicators for innovation.
"Modernisation of the EU Copyright Rules Position Statement of the Max Planck Institute for Innovation and Competition"
Modernisation of the EU Copyright Rules Position Statement of the Max Planck Institute for Innovation and Competition, ISBN 978-3-00-057529-7
Max Planck Institute for Innovation & Competition Research Paper No. 17-12
RETO HILTY, Max Planck Institute for Innovation and Competition, University of Zurich, Ludwig Maximilian University of Munich
VALENTINA MOSCON, Max Planck Institute for Innovation and Competition, Università degli Studi di Trento - Faculty of Law
On 14 September 2016 the European Commission published a package of proposals aimed at the modernisation of copyright within the digital single market.
This copyright package is of particular interest to the Max Planck Institute for Innovation and Competition, which has been committed since its founding in 1966 to the analysis and development of intellectual property and competition law on the basis of established scientific principles. The Institute has responded to all of the proposals included in the copyright package in a Position Statement. It includes several parts and chapters examining whether the suggested provisions are adequate for reaching their intended objectives. In response to certain critical evaluations, a number of alternatives have been suggested. Each part and chapter has been published on the Institute’s website in the course of recent months. These have been brought together in the present e-book.
About this eJournal
The Max Planck Institute for Innovation and Competition Research Paper Series is a source for research papers authored by the Max Planck Institute for Innovation and Competition academic staff (Eds.: Prof. Josef Drexl, Dir., Prof. Dietmar Harhoff, Exec. Dir., Prof. Reto M. Hilty, Dir.). Papers cover topics on intellectual property law (copyright, patent, trademark law), competition law (law of unfair competition, antitrust law), innovation research and entrepreneurship. To access all the papers in this series please use the following URL: http://ssrn.com/link/Max-Planck-Innovation-RES.html
To submit your research to SSRN, sign in to the SSRN User HeadQuarters, click the My Papers link on left menu and then the Start New Submission button at top of page.
If your organization is interested in increasing readership for its research by starting a Research Paper Series, or sponsoring a Subject Matter eJournal, please email: RPS@SSRN.com
Legal Scholarship Network (LSN), a division of Social Science Electronic Publishing (SSEP) and Social Science Research Network (SSRN)
LAW RESEARCH CENTERS PAPERS
BERNARD S. BLACK
Northwestern University - Pritzker School of Law, Northwestern University - Kellogg School of Management, European Corporate Governance Institute (ECGI)
RONALD J. GILSON
Stanford Law School, Columbia Law School, European Corporate Governance Institute (ECGI)
Please contact us at the above addresses with your comments, questions or suggestions for LSN-RES.