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Digitization of entrepreneurial finance

 

 

Publications

​List of recent publications:

 

A. Fintech:


- Cumming, D., Schwienbacher, A. (2016): "Fintech Venture Capital," working paper. Available on SSRN: http://ssrn.com/abstract=2784797.

Abstract: We document a notable change in the pattern of fintech VC investments around the world relative to other types of investments after the global financial crisis. We argue that the spike in fintech VC in certain countries is attributable to differential enforcement of financial institution rules amongst start-ups versus large established financial institutions after the financial crisis. Consistent with this regulatory arbitrage view, we show the marked increase in fintech is more pronounced in countries without a major financial center. Also, we show the fintech boom is more pronounced for smaller private limited partnership VCs that likely have less experience with prior VC booms and busts. These fintech VC deals are less likely to be successfully exited as IPOs and acquisitions, and substantially more likely to be liquidated, especially when located in countries without a major financial center.

B. Crowdfunding:

 

​Schwienbacher, A. (2016): (Book chapter) "The Internet, Crowdfunding, and the Banking Industry," in: The Palgrave Handbook of European Banking: Palgrave Macmillan (Ed. Th. Beck and B. Casu), forthcoming.
​Hornuf, L., Schwienbacher, A. (2015): "The Emergence of Crowdinvesting in Europe," working paper. Available on SSRN: http://ssrn.com/abstract=2481994.
​Hornuf, L., Schwienbacher, A. (2015): "Should Securities Regulation Promote Crowdinvesting?," working paper. Available on SSRN: http://ssrn.com/abstract=2412124.
​Cumming, D., Leboeuf, G., Schwienbacher, A. (2015): "Crowdfunding Models: Keep-it-All vs. All-or-Nothing," working paper. Available upon request.
​Schwienbacher, A. (2015): "Entrepreneurial Risk-Taking in Crowdfunding Campaigns," working paper. Available on SSRN: http://ssrn.com/abstract=2506355
​Schwienbacher, A. (2015): (Book chapter) "Le Crowdinvesting : Une Nouvelle Forme de Finance Entrepreneuriale," in: Le Financement de l’Innovation: Nouvelles Perspectives Théoriques & Pratiques: Edition De Boeck (Ed. V. Bessière and E. Stéphany).
​Hornuf, L., Schwienbacher, A.: (Book chapter) "Crowdinvesting – Angel Investing for the Masses?," in: Handbook of Research on Venture Capital: Volume 3. Business Angels: Edward Elgar (Ed. C. Mason and H. Landström), forthcoming. Available on SSRN: http://ssrn.com/abstract=2401515.
​Belleflamme, P., Lambert, T., Schwienbacher, A. (2014): "Crowdfunding: Tapping the Right Crowd," Journal of Business Venturing 29(5), pp. 585-609.
​Belleflamme, P., Lambert, T., Schwienbacher, A. (2013): "Individual Crowdfunding Practices," Venture Capital: An International Journal of Entrepreneurial Finance 15 (4 - Special Issue), pp. 313-333.
​Schwienbacher, A., Zandvliet. K. (2015): (Book foreword) in: International Perspectives on Crowdfunding: Positive, Normative and Critical Theory, Emerald Group Publishing (Ed. J. Méric, I. Maque and J. Brabet), forthcoming.
​Schwienbacher, A. (2016): Crowdfunding and the ‘Alternativfinanzierungsgesetz’ in Austria,” CESifo DICE Report – Journal for Institutional Comparisons, forthcoming.
​Schwienbacher, A.: (Book chapter) “Crowdfunding of Small Entrepreneurial Ventures,” with B. Larralde (2012), Chapter of The Oxford Handbook of Entrepreneurial Finance: Oxford University Press (Ed. D. Cumming).

 

C. Venture Capital and Entrepreneurial Finance:

 

​Mohamed, A., Schwienbacher, A. (2016): "Public Disclosure of Corporate Venture Capital Investments," Journal of Banking & Finance 68, pp. 69-83.
​Buchner, A., Mohamed, A., Schwienbacher, A. (2016): "Does Risk Explain Persistence in Private Equity Performance?," Journal of Corporate Finance, forthcoming.
​Cheng, C., Schwienbacher, A. (2016): "Venture Capital Investors and Foreign Listing Choices of Chinese Companies," Emerging Markets Review, forthcoming.
​Schwienbacher, A., Van Wymeersch, C. (2016): (Book chapter) "Le Financement de l'Entreprise Nouvelle,” in: Entreprendre : Une Introduction à l’Entrepreneuriat," Edition De Boeck (Ed. F. Janssen), forthcoming.
​Da Gbadji, L., Gailly, B., Schwienbacher, A. (2015): "International Analysis of Venture Capital Programs of Large Companies and Financial Institutions," Entrepreneurship Theory and Practice 39 (5), pp. 1213-1245.
​Schwienbacher, A. (2015): (Book chapter) "Financing the Business," in: Routledge Companion on Entrepreneurship:  Routledge (Ed. T. Baker and F. Welter), pp. 193-206.
​Giot, P., Hege, U., Schwienbacher, A. (2014): "Are Novice Private Equity Funds Risk-Takers? Evidence From a Comparison with Established Funds," Journal of Corporate Finance 27, pp. 55-71.
​Schwienbacher, A. (2013): "The Entrepreneur’s Investor Choice: The Impact on Later-Stage Firm Development," Journal of Business Venturing 28 (4), pp. 528-545.
​Schwienbacher, A. (2010): (Book chapter) "Venture Capital Exits," Chapter 18 of Venture Capital: Investment Strategies, Structures, and Policies (Robert W. Kolb Series in Finance):  Wiley/Blackwell (Ed. D. Cumming).

 

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