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  • 1
    Online Resource
    Online Resource
    Wiesbaden : Springer Gabler
    Keywords: Finanztechnologie ; Geschäftsmodell ; Datenschutz ; Banks and banking ; Commercial law ; Banking ; Business Law ; Finanztechnologie ; Geschäftsmodell ; Datenschutz
    Type of Medium: Online Resource
    Pages: 1 Online-Ressource (XVI, 141 Seiten) , Illustrationen
    ISBN: 9783658265007
    DDC: 332.1
    Language: German
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  • 2
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2017-11-11
    Description: 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.
    Keywords: G24 ; M13 ; ddc:330 ; equity crowdfunding ; follow-up funding ; firm survival
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Kiel, Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-10-02
    Description: Using Kickstarter and Indiegogo, the two largest crowdfunding platforms, we conduct an exhaustive search of all fraud cases from 2010 through 2015. We present evidence that fraudsters in crowdfunding markets have specific characteristics: they are less likely to have engaged in prior crowdfunding activities, they are less likely to have a social media presence, and they are more likely to provide poorly worded and confusing campaign pitches.
    Keywords: G21 ; G24 ; G32 ; K22 ; L26 ; ddc:330
    Language: English
    Type: doc-type:conferenceObject
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  • 4
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2017-11-11
    Description: Can television have a mitigating effect on xenophobia? To examine this question, we exploit the fact that individuals in some areas of East Germany – due to their geographic location – could not receive West German television until 1989. We conjecture that individuals who received West German television were exposed more frequently to foreigners and thus have developed less xenophobia than people who were not exposed to those programs. Our results show that regions that could receive West German television were less likely to vote for right-wing parties during the national elections from 1998 to 2013. Only recently, the same regions were also more likely to vote for left-wing parties. Moreover, while counties that hosted more foreigners in 1989 were also more likely to vote for right-wing parties in most elections, we find counties that recently hosted more foreign visitors showed less xenophobia, which is in line with intergroup contact theory.
    Keywords: D72 ; L82 ; P30 ; ddc:330 ; mass media ; television ; xenophobia ; attitudes towards foreigners ; East Germany ; natural experiment
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    München: ifo Institut für Wirtschaftsforschung an der Universität München
    Publication Date: 2017-08-03
    Description: Das Schwerpunktthema der 62. Euroconstruct-Konferenz, die am 1. Dezember 2006 in München stattfand, lautete "Auswirkungen der Globalisierung auf die Bauwirtschaft". Fünf namhafte Experten stellten, neben den gravierenden Veränderungen der letzten Jahre, ihre Prognosen zur Entwicklung der Bauwirtschaft vor und benannten die zukünftigen Wachstumsfelder. Ihre Referate sind hier kurz zusammengefasst.
    Keywords: L74 ; ddc:330 ; Bauwirtschaft ; Globalisierung ; Welt
    Language: German
    Type: doc-type:article
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  • 6
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-07-14
    Description: We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases—a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a loan default. This default shock significantly worsens the risk-return profile of investors’ loan portfolios. Second, investors are unable to cope with a glut of loan campaigns. Similar to the default shock bias, investors cease from investing in new loans and consequently underdiversify their portfolios as more loans become available on the platform. Deeper markets also result in a deterioration of investors’ risk-return profiles. Third, investment experience on the platform reduces the effect of the deep market bias.
    Keywords: G11 ; G40 ; ddc:330 ; behavioral finance ; investment bias ; peer-to-business lending ; crowdlending ; RAROC ; diversification
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-08-16
    Description: In this study, we investigate whether and to what extent community managers in online collaborative communities can stimulate crowd activities through their engagement. Using a novel data set of 22 large online idea crowdsourcing campaigns, we find that active engagement of community managers positively affects crowd activities in an inverted Ushaped manner. Moreover, we evidence that intellectual stimulation by managers increases community participation, while individual consideration of users has no impact on user activities. Finally, the data reveal that community manager activities that require more effort, such as media file uploads instead of simple written comments, have a larger effect on crowd participation.
    Keywords: J21 ; J22 ; L86 ; M21 ; M54 ; O31 ; ddc:330 ; crowdsourcing ; open innovation ; crowdsourced innovation ; crowdworking ; ideation ; managerial attention
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-27
    Description: An extant debate in the morality literature centers on whether honesty is a stable and generalizable trait or whether honest behavior in one situation is independent from honest behavior in another situation. However, a third possibility is that tendencies toward dishonesty vary according to life domain. We conducted a cross-cultural study with participants in five countries (China, Colombia, Germany, Portugal, and the United States) to test whether dishonest tendencies vary according to domain. We hypothesized that countries vary in dishonesty according to domain, and that individuals’ tendencies toward dishonesty cluster by domain. Our survey asked participants to report the likelihood of engaging in dishonest behaviors across eight domains of life. The data support both our hypotheses. Our results thus corroborate that dishonesty is driven by the interplay of both individual differences and the circumstances surrounding deception.
    Keywords: C83 ; P51 ; ddc:330 ; dishonesty ; moral behavior ; cross-cultural study
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-11-27
    Description: The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs) in various forms. In this paper, we investigate the factors that drive banks to form alliances with fintechs. Furthermore, we analyze whether such bank-fintech alliances affect the market valuation of banks. We provide descriptive evidence on the different forms of alliances occurring in practice. Using hand-collected data covering the largest banks from Canada, France, Germany, and the United Kingdom, we show that banks are significantly more likely to form alliances with fintechs when they pursue a well-defined digital strategy and/or employ a Chief Digital Officer. We evidence that markets react more strongly if digital banks rather than traditional banks announce a bank-fintech alliance. Finally, we find that alliances are most often characterized by a product-related collaboration between the bank and the fintech and that banks most often cooperate with fintechs providing payment services.
    Keywords: G21 ; G23 ; G34 ; M13 ; ddc:330 ; fintech ; strategic alliance ; entrepreneurial finance ; financial institutions ; banks
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    München: ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München
    Publication Date: 2019-11-28
    Description: Die Ankündigung des Social-Media-Giganten Facebook, eine neue »Weltwährung« mit dem Blockchain-basierten Zahlungssystem Libra einführen zu wollen, löste international kontroverse Diskussionen über Vor- und Nachteile von Kryptowährungen aus. Die Reaktionen reichten von Begeisterung über Skepsis bis zur gänzlichen Ablehnung. Die Befürworter heben unter anderem die Möglichkeit eines schnellen Geldtransfers, unabhängig von nationalen Bankengruppen und Ländergrenzen, hervor. Die Gegner sehen eine Gefahr für die Stabilität des Finanzsystems. Welche Zukunft haben Bitcon und Libra, und welche Herausforderungen stellen sie für die staatliche Geldordnung dar? Thomas Mayer, Flossbach von Storch Research Institute, Köln, nennt einige Gründe, warum Libra für zukünftige Nutzer sehr attraktiv werden könnte: Libra werde kostengünstige Peer-to-Peer-Geldtransfers in beliebiger Höhe und über jede Entfernung bieten und sei ein stabiles Instrument zur Wertaufbewahrung mit geringen Risiken aus Wechselkursschwankungen. Julian Grigo und Patrick Hansen, Bitkom e. V., sehen die Digitalwährungen vor dem Durchbruch. Kryptowährungen werden sich in weiteren Bevölkerungs- und Nutzerschichten verbreiten, wobei es keine Rolle spiele, ob das Projekt Libra wie angekündigt zustande komme. »Libra: Eine Währung, die die Welt (nicht) braucht?«, ist die Frage, die Lars Hornuf, Universität Bremen, stellt. Die neue Kryptowährung könnte sich aber trotz geringer Vorteile als Standard etablieren, denn sie habe einen Vorzug gegenüber allen anderen Zahlungssystemen und Krypowährungen: die weltweit größten Netzwerkeffekte. Burkhard Balz und Jan Paulick, Deutsche Bundesbank, weisen darauf hin, dass sich die Struktur des Finanzsystems infolge technologischer und institutioneller Innovationen verändere. Deshalb seien Regulierungs­behörden und Zentralbanken gefordert, diesem Wandel durch angemessene Regulierung und Mitgestaltung zu begegnen. Die stabilisierende Rolle der Finanzaufsicht, die einen regulatorischen Rahmen setze, und der Zentralbanken, die für eine stabile Währung und stabilen Zahlungsverkehr sorgten, dürfte dadurch nicht beeinträchtigt werden. Markus Demary und Vera Demary, Institut der deutschen Wirtschaft, Köln, gehen davon aus, dass sich Libra stärker verbreiten werde als beispielsweise Bitcoin. Und: Libra könnte zukünftig systemrelevant werden und dürfe nicht unreguliert und unbeaufsichtigt sein. Stefan Eichler, TU Dresden, und Marcel Thum, ifo Institut und TU Dresden, sehen durch Libra große ökonomische Herausforderungen für die staatliche Geldordnung, vor allem in den Bereichen Geldpolitik und Staatsfinanzierung, entstehen. So werde beispielsweise durch eine starke Verbreitung der Libra die offizielle einheimische Währung immer seltener verwendet und die Wirkung der einheimischen Geldpolitik abnehmen. Die Inflation ließe sich dann immer weniger steuern. Bei allen Risiken könne die Entpolitisierung und Entnationalisierung des Geldes durch die Libra aber auch segensreich sein. In vielen Entwicklungs- und Schwellenländern werde die Zentralbank als verlängerter Arm der Regierung missbraucht, was zu Inflation, Währungsabwertung und realer Entwertung von Sparvermögen führe. Mit der Libra könnten sich die Bürger dieser Art der finanziellen Repression entziehen. Für Gilbert Fridgen und Benedict Drasch, Universität Bayreuth, haben Kryptowährungen mit ihrer zugrunde liegenden Blockchain-Technologie großes wirtschaftliches Potenzial, auch jenseits des Finanzsektors. Deshalb sollten keine rechtsfreien Räume für die digitale Infrastruktur entstehen können, sie sollte stattdessen entsprechend dem Werte- und Rechtssystems der demokratischen Grundordnung aktiv gestaltet werden.
    Keywords: E42 ; ddc:330 ; Währungssystem ; Virtuelle Währung ; Bargeldloser Zahlungsverkehr ; Elektronisches Geld ; Geldwirtschaft ; Bitcoin ; Libra
    Language: English
    Type: doc-type:article
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