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  • Financial Regulation
10 Jun 2020
3 min to read

Which Companies Crowdfund?

Andrew A. Schwartz

The US JOBS Act and Regulation Crowdfunding were intended to create a new and inclusive type of online capital market where all entrepreneurs, regardless of their physical location, gender, or...

OBLB categories

  • Corporate Finance
  • Corporate Governance
16 Apr 2020
4 min to read

The Relevance of Investor Rights in Equity Crowdfunding

Lars Hornuf | Tobias Schilling | Armin Schwienbacher

An often-advocated, important benefit of equity crowdfunding (ECF) is that entrepreneurs do not need to give up as much control as professional investors such as business angels (BAs) and venture...
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OBLB categories

  • COVID-19
25 Mar 2020
3 min to read

Enhancing Private Donations in the Fight Against COVID-19

Luca Enriques, Faculty of Law

In recent weeks, crowdfunding campaigns for donations to hospitals, in Italy and elsewhere, have dramatically multiplied. Amplified by social media postings, such campaigns make it extremely easy for...

OBLB categories

  • Corporate Finance
  • Financial Regulation
10 Jan 2020
4 min to read

Initial Coin Offerings, Information Disclosure, and Fraud

Lars Hornuf | Theresa Kück | Armin Schwienbacher

Since the advent of Bitcoin in 2008, which until today remains the most widely used digital currency worldwide, digital currencies have gained in popularity. More recently, tokens based on different...

OBLB categories

  • Commercial Law
28 Nov 2018

Preliminary Evidence Suggests That Female Entrepreneurs Raise Less Than Their Male Counterparts via US Equity Crowdfunding. Why?

Seth Oranburg | Mark Geiger

Will crowdfunding ‘democratize’ investing and make startup capital available to a wider range of founders? Our preliminary study suggests that equity crowdfunding is not providing its expected...

OBLB categories

  • Corporate Finance
30 Oct 2018

Equity Crowdfunding in New Zealand

Andrew A. Schwartz

‘Equity crowdfunding’—small Internet-based public securities offerings exempt from the usual regulations for such transactions—is an exciting new source for entrepreneurial finance, and New Zealand...

OBLB categories

  • Financial Regulation
14 Sep 2018

The EU’s Opt-in Regulatory Framework for Crowdlending: Expediency at the Expense of FinTech Investor Protection?

Deirdre Ahern

Debt-based crowdfunding (‘crowdlending’ or ‘peer to peer lending’) is growing as an alternative finance market within the EU. Yet it has many risks for investors. A lack of regulation of the emerging...

OBLB categories

  • Corporate Finance
13 Feb 2018

The Promise of Reward Crowdfunding

María Gutiérrez | Maribel Sáez

Reward crowdfunding (RC) is fundamentally different from both debt and equity crowdfunding, because the provider of funds does not buy a financial security. However, it is also different from charity...

OBLB categories

  • Corporate Finance
  • Financial Regulation
12 Feb 2018

How Do I Sell My Crowdfunded Shares? Developing Exchanges and Markets to Trade Securities Issued by Start-ups and Small Companies

Janet Austin

Governments worldwide are increasingly recognizing that assisting the development of start-ups and small to medium enterprises (SMEs) is critical to fostering job creation and economic growth. As...

OBLB categories

  • Commercial Law
  • Corporate Finance
06 Nov 2017

Remarks on the German Regulation of Crowdfunding

Tobias H. Tröger

Crowdfunding is a buzzword that identifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. In contrast to financial innovation...

OBLB categories

  • Commercial Law
  • Corporate Finance
  • Financial Regulation
31 Oct 2017

Crowdfunding Civil Justice

Ronen Perry

Crowdfunding—the aggregation of numerous but modest individual contributions through specialized online platforms—is a relatively new finance method. In the last few years, it has started its...

OBLB categories

  • Financial Regulation
10 Sep 2017

New Rules for Crowdfunding in Switzerland – A Reasonable Modernization that Raises Fundamental Questions

Tizian Troxler

Until recently crowdfunding activities in Switzerland were severely restricted by banking regulations. An exuberant legal bank monopoly for the deposit taking business limited both the possibilities...

OBLB categories

  • Financial Regulation
17 Aug 2017

Cross-Border Crowdfunding – Towards a Single Crowdfunding Market for Europe

Dirk A. Zetzsche

Crowdfunding - an outcome of the modern sharing economy - has experienced rapid growth in some EU Member States, notably the UK, France, Germany, Italy and the Netherlands. However, home bias by...

OBLB categories

  • Commercial Law
  • Corporate Finance
09 Aug 2017

Hyperfunding is the Harbinger of New Corporate Finance

Seth Oranburg

Hyperfunding is the fundraising of large sums of money in a brief campaign by a company that directly targets consumers or investors via the Internet. In my latest research paper, Hyperfunding, I...
Featured

OBLB categories

  • Corporate Finance
  • Financial Regulation
31 Jul 2017

Law, Trust, and the Development of Crowdfunding

Raghavendra Rau

Crowdfunding, also sometimes referred to as alternative finance, has been rapidly growing around the world. The average growth rate in global crowdfunding is over 200% per annum, one of the fastest...

OBLB categories

  • Commercial Law
  • Financial Regulation
24 Apr 2017

How Blockchain Technology Will Impact the Digital Economy

Christian Catalini

The Platform of the Future? The survival of any organization depends on its ability to outperform competitors and marketplaces in attracting and rewarding talent, ideas and capital. As communication...

OBLB categories

  • Financial Regulation
14 Feb 2017

New Belgian Crowdfunding Law: Requirements and Tax Benefits

McGuireWoods

The Belgian Law of 18 December 2016 on crowdfunding will enter into force on 1 February 2017.* The crowdfunding law creates a specific status for equity and debt crowdfunding platforms (referred to...

OBLB categories

  • Corporate Finance
11 Jan 2017

The Gender Equity Gap

Seth Oranburg

Democratizing access to capital means offering women and minorities the same opportunities that white men enjoy when trying to raise money to start a business. Traditionally, businesses raised money...

OBLB categories

  • Corporate Finance
  • Financial Regulation
10 Jan 2017

Reward Crowdfunding and Entrepreneurial Moral Hazard

Roland Strausz

Given the well-documented problems of entrepreneurial moral hazard, the recent popularity of crowdfunding, with its defining feature that there is no active financial intermediary who demands partial...

OBLB categories

  • Corporate Finance
03 Jan 2017

Inclusive Crowdfunding

Andrew A. Schwartz

Recent legal reforms have authorized the “crowdfunding” of securities, which is where a company offers stock, bonds or other securities over the Internet, without having to comply with the usual (and...

OBLB categories

  • Corporate Finance
14 Nov 2016

A Place of Their Own: Crowds in the New Market for Equity Crowdfunding

Seth Oranburg

For over eighty years, US security laws have focused on mandating disclosures to protect investors. The efficacy of this strategy has been hotly debated for decades. Equity crowdfunding as it was...

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