Crowdfunding And The Democratization Of Finance
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Crowdfunding And The Democratization Of Finance
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Author : Davis, Mark
language : en
Publisher: Policy Press
Release Date : 2021-11
Crowdfunding And The Democratization Of Finance written by Davis, Mark and has been published by Policy Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11 with Business & Economics categories.
Do you know where your money is? More importantly, do you know what your money is doing? Most of us feel confident that we know what money is. But few of us feel confident in taking responsibility for what our money does. We hand over the power of money to banks and mainstream finance with real, often damaging, consequences for people and planet. A unique collaboration between an academic and a practitioner, this book tells the story of money, from ancient Athens to the Bitcoin revolution, to explain how crowdfunding is the way for people to reclaim the power of their money in pursuit of a fairer and greener society.
Disillusion Of The Democratization Of Finance
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Author : Keongtae Kim
language : en
Publisher:
Release Date : 2018
Disillusion Of The Democratization Of Finance written by Keongtae Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Access to finance is arguably one of the most critical challenges in starting a new business. In this study, we examine how the difficulty of obtaining bank loans based on housing collateral, which is a form of traditional finance, relates to crowdfunding use by entrepreneurs. We obtained data on housing prices related closely to the cost of accessing such bank loans and matched these data to a 2009-2013 novel data set from a leading crowdfunding market. We adopted the first-difference estimator to address unobserved area-specific effects and used housing supply elasticity as an instrument for housing price changes. We found an increased decline in housing prices leads to a significant increase in the creation of crowdfunding projects. However, we did not find significant differential effects in housing price changes between successful and unsuccessful projects. Finally, the effect of housing prices on crowdfunding projects was more significant for areas with low socioeconomic status. Interestingly, the increase in crowdfunding projects in these low status areas was driven wholly by a significant increase in unsuccessful projects, whereas the effect of housing prices on successful projects was significant only in areas of high socioeconomic status. Numerous additional tests support the robustness of our main findings. Overall, our study suggests that crowdfunding can supplement traditional sources of funding, though socioeconomic status may still prevent disadvantaged people from receiving its full benefits.
Democratizing Finance
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Author : Fred Block
language : en
Publisher: Verso Books
Release Date : 2022-02-08
Democratizing Finance written by Fred Block and has been published by Verso Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-08 with Political Science categories.
What if our financial system were organized to the benefit of the many rather than simply empowering the few? Robert Hockett and Fred Block argue that an entirely different financial system is both desirable and possible. They outline concrete steps that could get us there. Financial systems move the worlds savings from investment to investment, chasing the highest rates of return. They run on profit. But what if investment went to the enterprises or institutions that provided things that the majority of people would prioritize? Democratizing Finance includes six responses that seek to amend, elaborate, and challenge the arguments developed by Hockett and Block. Some of the core arguments put forward by other contributors include calls for the rapid elimination of private financial entities, the dilemmas of the politics associated with financial reforms, and the fate of parallel proposals advanced in the US in the 1930s.
Does Equity Crowdfunding Democratize Entrepreneurial Finance
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Author : Douglas J. Cumming
language : en
Publisher:
Release Date : 2018
Does Equity Crowdfunding Democratize Entrepreneurial Finance written by Douglas J. Cumming and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Policy-makers expect equity crowdfunding to democratize entrepreneurial finance, by providing access to funding to underrepresented groups of potential entrepreneurs. This paper investigates whether gender, age, ethnicity, and geography affect the choice of equity crowdfunding offerings vs initial public offerings (IPO) on traditional stock markets and whether these characteristics increase the likelihood of a successful offering. Using 167 equity offerings in Crowdcube and 99 equity offerings on London's Alternative Investment Market raising between 300,000 £ and 5 £m, we find that companies with younger top management team (TMT) members are both more likely to launch equity crowdfunding offerings than IPOs, and have higher chances to successfully complete an equity crowdfunding offering. Remotely located companies are more likely to launch equity crowdfunding offerings than IPOs and have higher chances to successfully complete an equity crowdfunding offering. On the contrary, female entrepreneurs do not have higher chances to raise fund in equity crowdfunding. Minority entrepreneurs do not have higher chances of successfully raising capital but attract a higher number of investors.
Crowdfunding And Entrepreneurial Finance
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Author : Richard T. Harrison
language : en
Publisher: Routledge
Release Date : 2017-10-02
Crowdfunding And Entrepreneurial Finance written by Richard T. Harrison and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-02 with Business & Economics categories.
An increase in the restrictions on the availability of funding for new and growing businesses in the aftermath of the global financial crisis has been accompanied by the emergence and growth of crowdfunding as an alternative method of raising capital. Crowdfunding contributes towards the disintermediation of the finance market as funders and promoters are brought together directly, democratising both fundraising by businesses and investment by individuals. This book extends entrepreneurial finance research to the study of crowdfunding. Contributions review the history, status and future of crowdfunding, analyse the patterns of fundraising, assess the potential of crowdfunding for the financing of social ventures in particular, and discuss the regulatory implications of recent developments. What is clear from this collection is that the crowdfunding space is still evolving, institutional forms are still developing as models are refined, new institutional collaborations (e.g. between equity platforms and business angel networks) are emerging, and new challenges, particularly regulatory challenges, are being encountered. While crowdfunding is not a universal solution for SME finance in a post-crisis financial landscape, it remains too early to determine whether crowdfunding represents a large-scale transformation of the early stage risk capital market or a minor addition to it. This book was originally published as a special issue of Venture Capital.
Peer To Peer Lending And The Democratization Of Credit Markets
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Author : Eugenia Macchiavello
language : en
Publisher:
Release Date : 2016
Peer To Peer Lending And The Democratization Of Credit Markets written by Eugenia Macchiavello and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The financial crisis has led to an understandable distrust towards banks and mainstream financial operators and to banks curtailing credit for the weakest part of the real economy. This has also caused the flourishing of non-traditional forms of financial services (such as pawn shops, alternative private markets, microfinance, crowdfunding) having in common the rejection of traditional intermediaries and the idea of democratizing and disintermediating finance. Peer-to-peer lending is a fast rising star capturing regulators' attention (now highly concerned about shadow banking) because of the variety of risks involved and, consequently, of possible legal qualifications and regulatory responses. In the present paper, after having analysed the main features of crowdfunding, the benefits and reasons for success as well as the risks of P2P lending, I will discuss the major legal issues surrounding P2P lending platforms with special reference to EU law. I will examine the solutions adopted in some countries (US, UK, Italy and France), identifying three different trends in regulatory approach to social lending (banking, securities and “practical”) as well as their weaknesses. Finally, having recognized the need for an ad hoc regulation and the problems arising from a fragmented regulatory response, I will propose some guidelines for creating a common European framework and, more generally, harmonizing such sector, also with reforms at national level. In doing so, I will take into account the most recent developments in EU financial law (e.g. MiFID II, AIFM, etc.), current trends in financial regulation (e.g. “consumerization”), recent studies about P2P lenders' investment choice process, and the latest evolution of the P2P sector (e.g. entry of professional investors as lenders, automatic bid systems, etc.).
Democratizing Innovation
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Author : Eric Von Hippel
language : en
Publisher: MIT Press
Release Date : 2006-02-17
Democratizing Innovation written by Eric Von Hippel and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-17 with Business & Economics categories.
The process of user-centered innovation: how it can benefit both users and manufacturers and how its emergence will bring changes in business models and in public policy. Innovation is rapidly becoming democratized. Users, aided by improvements in computer and communications technology, increasingly can develop their own new products and services. These innovating users—both individuals and firms—often freely share their innovations with others, creating user-innovation communities and a rich intellectual commons. In Democratizing Innovation, Eric von Hippel looks closely at this emerging system of user-centered innovation. He explains why and when users find it profitable to develop new products and services for themselves, and why it often pays users to reveal their innovations freely for the use of all.The trend toward democratized innovation can be seen in software and information products—most notably in the free and open-source software movement—but also in physical products. Von Hippel's many examples of user innovation in action range from surgical equipment to surfboards to software security features. He shows that product and service development is concentrated among "lead users," who are ahead on marketplace trends and whose innovations are often commercially attractive. Von Hippel argues that manufacturers should redesign their innovation processes and that they should systematically seek out innovations developed by users. He points to businesses—the custom semiconductor industry is one example—that have learned to assist user-innovators by providing them with toolkits for developing new products. User innovation has a positive impact on social welfare, and von Hippel proposes that government policies, including R&D subsidies and tax credits, should be realigned to eliminate biases against it. The goal of a democratized user-centered innovation system, says von Hippel, is well worth striving for. An electronic version of this book is available under a Creative Commons license.
Crowdfunding The City
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Author : David S. Bieri
language : en
Publisher:
Release Date : 2015
Crowdfunding The City written by David S. Bieri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
By raising money from a large number of people via the internet, crowdfunding offers the promise of a “democratization of finance”. Recently, the crowdfunding of large-scale urban projects appears to have gained traction as a handful of high-profile real estate and infrastructure projects are making headlines around the globe for relying on distributed-network online financing. Instead of their purported promise, this paper argues that large-scale efforts to crowdfund the urban fabric carry all the hallmarks of what Jane Jacobs termed “cataclysmic money”. As such, crowdfunding the city might simply represent the next phase of entrepreneurialism in the financial transformation of urban governance. The main thrust of the argument developed in this paper suggests that it is precisely because of such financialising potential - and the relational importance of money and finance in an urbanised society more generally - that crowd financing might undermine, rather than fortify, the “right to the city” in the sense of Lefebvre. Indeed, the detailed workings of the modern monetary-financial system - from the technical complexity of financial engineering to the institutional architecture of money and the political economy of its regulatory governance - are still insufficiently recognised in much of the public discourse on the social consequences of finance.
Democratization Makes Strange Bedfellows
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Author : Denis Iurchenko
language : en
Publisher:
Release Date : 2018
Democratization Makes Strange Bedfellows written by Denis Iurchenko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The digitalization of entrepreneurial finance has paved the way for new disruptive funding models such as platform-based equity crowdfunding. Owing to the interests of several disparate groups, the ensuing discourse leading to the ultimate legalization of equity crowdfunding was a dynamic process involving many different stakeholders, which is a marked change from the closed-door sessions more commonly associated with securities regulations. Based upon our analysis of a unique longitudinal dataset, we propose that digital crowdfunding and entrepreneurial finance, in general, have become a public interest issue, and therefore the opportunities and implications are more notable than previously depicted.
Advances In Crowdfunding
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Author : Rotem Shneor
language : en
Publisher: Springer Nature
Release Date : 2020
Advances In Crowdfunding written by Rotem Shneor and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business enterprises categories.
This open access book presents a comprehensive and up-to-date collection of knowledge on the state of crowdfunding research and practice. It considers crowdfunding models and their different manifestations across a variety of geographies and sectors, and explores the perspectives of fundraisers, backers, platforms, and regulators. Gathering insights from a wide range of influential researchers in the field, the book balances concepts, theory, and case studies. Going beyond previous research on crowdfunding, the contributors also investigate issues of community, sustainability, education, and ethics. A vital resource for anyone researching crowdfunding, this book offers readers a deep understanding of the characteristics, business models, user-relations, and behavioural patterns of crowdfunding.
