The Economics of Crowdfunding

1. Introduction
Douglas Cumming, Lars Hornuf

Part I. Startups

2. Crowdfunding as a New Financing Tool
Gaël Leboeuf, Armin Schwienbacher

3. Signaling to Overcome Inefficiencies in Crowdfunding Markets
Silvio Vismara

4. The Crowd–Entrepreneur Relationship in Start-Up Financing
Thomas Lambert, Aleksandrina Ralcheva, Peter Roosenboom

5. Fraudulent Behavior by Entrepreneurs and Borrowers
Christa Hainz

Part II. Market Structure

6. Fintech and the Financing of SMEs and Entrepreneurs: From Crowdfunding to Marketplace Lending
Mark Fenwick, Joseph A. McCahery, Erik P. M. Vermeulen

Part III. Backers and Investors

7. Crowdfunding as a Font of Entrepreneurship: Outcomes of Reward-Based Crowdfunding
Ethan Mollick

8. Crowdfunding Creative Ideas: The Dynamics of Project Backers
Venkat Kuppuswamy, Barry L. Bayus

Part IV. Recent Regulatory Efforts

9. The Regulation of Crowdfunding in the United States
C. Steven Bradford

10. The Regulation of Crowdfunding in Europe
Lars Klöhn

11. Individual Investors’ Access to Crowdinvesting: Two Regulatory Models
John Armour, Luca Enriques

Keywords: Finance, Investments and Securities, Capital Markets, Investment Appraisal, Personal Finance/Wealth Management/Pension Planning, Start-Ups/Venture Capital