Skip to main content
SpringerLink
Log in

Academic Research

  • Chapter
  • First Online:
FinTech in Germany

  • 6124 Accesses

Abstract

In order to assess the significance of previous findings in this book regarding the development of the market size, drivers of growth, and future projections of the German FinTech market in the academic context, the following section will provide a brief overview of the national and international academic literature. This overview will survey the relevant research pertaining to the donation and reward-based crowdfunding, crowdinvesting, crowdlending, and social trading subsegments. Particular attention will be paid to studies that furnish data pertaining to German FinTech businesses.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 79.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 99.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 99.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    Since most of the findings we report are based on empirical articles that Lars Hornuf and coauthors have conducted as part of this research project, he would like to acknowledge the support of the German Research Foundation (Deutsche Forschungsgemeinschaft, DFG) under the grant number HO 5296/1-1.

References

  • Agrawal, A., Catalini, C., & Goldfarb, A. (2015). Crowdfunding: Geography, social networks, and the timing of investment decisions. Journal of Economics and Management Strategy, 24, 253–274.

    Article  Google Scholar 

  • Barasinska, N. (2011). Does gender affect investors’ appetite for risk? Evidence from peer-to-peer lending (Discussion Papers 1125). DIW Berlin: German Institute for Economic Research.

    Google Scholar 

  • Barasinska, N., & Schäfer, D. (2014). Is crowdfunding different? Evidence on the relation between gender and funding success from a German peer-to-peer lending platform. German Economic Review, 15(4), 436–452.

    Google Scholar 

  • Bernstein, S., Korteweg, A., & Laws, K. (2016, forthcoming). Attracting early stage investors: Evidence from a randomized field experiment. The Journal of Finance.

    Google Scholar 

  • Blaseg, D., & Koetter, M. (2016). Crowdfunding and bank stress. In P. Tasca, T. Aste, L. Pelizzon, & N. Perons (Eds.), Banking beyond banks and money (pp. 17–54). Switzerland: Springer International Publishing.

    Chapter  Google Scholar 

  • Block, J., Hornuf, L., & Moritz, A. (2016). Which updates during an equity crowdfunding campaign increase crowd participation? (Research Papers in Economics, No. 6/16).

    Google Scholar 

  • Bøg, M., Harmgart, H., Huck, S., & Jeffers, A. M. (2012). Fundraising on the internet. Kyklos, 65(1), 18–30.

    Article  Google Scholar 

  • Böhme, R., & Pötzsch, S. (2010). Social lending aus der Perspektive des Datenschutzes. In: Freiling, F. (Ed.), SICHERHEIT 2010—Sicherheit, Schutz und Zuverlässigkeit (Vol. LNI 170, pp. 317–328). Bonner Köllen Verlag.

    Google Scholar 

  • Böhme, R., & Pötzsch, S. (2011). Collective exposure: Peer effect in voluntary disclosure of personal data. In: Danezis, G. (Ed.), Financial Cryptography and Data Security—15th International Conference (Vol. 7035, pp. 1–15). Heidelberg: Springer.

    Google Scholar 

  • Burtch, G., Ghose, A., & Wattal, S. (2015). The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Science, 61(5), 949–962.

    Article  Google Scholar 

  • Carhart, M. (1997). On persistence in mutual fund performance. The Journal of Finance, 52(1), 57–82.

    Article  Google Scholar 

  • Colombo, M. G., Franzoni, C., & Rossi-Lamastra, C. (2015). Internal social capital and the attraction of early contribu-tions in crowdfunding projects. Entrepreneurship, Theory and Practice, 39(1), 75–100.

    Article  Google Scholar 

  • Cumming, D., Hornuf, L., Karami, M., & Schweizer, D. (2016). Disentangling crowdfunding from fraudfunding (SSRN Working Paper Nr. 2828919).

    Google Scholar 

  • Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The Review of Economic Studies, 51(3), 393–414.

    Article  Google Scholar 

  • Doering, P., Neumann, S., & Paul, S. (2015). A primer on social trading networks—Institutional aspects and empirical evidence. Presented at EFMA annual meetings 2015.

    Google Scholar 

  • Dorfleitner, G., Priberny, C., Schuster, S., Stoiber, J., Weber, M., & Kammler, J. (2016a). Description-text related soft information in peer-to-peer lending—Evidence from two leading European platforms. Journal of Banking and Finance, 64, 169–187.

    Article  Google Scholar 

  • Dorfleitner, G., Dietrich, N., Fischer, L., Lung, C., Stang, N., & Willmertinger, P. (2016b). To follow or not to follow? Eine empirische Analyse der Renditen von Akteuren auf Social-Trading-Plattformen. Bonn: 2. Platz des Postbank Finance Awards 2016.

    Google Scholar 

  • Duarte, J., Siegel, S., & Young, L. (2012). Trust and credit: The role of appearance in peer-to-peer lending. Review of Financial Studies, 25(8), 2455–2484.

    Article  Google Scholar 

  • Faßbender, D. (2011). P2P-Kreditmärkte als Finanzintermediäre. München: GRIN Verlag.

    Google Scholar 

  • Freedman, S., & Jin, G. Z. (2008). Do social networks solve information problems for peer-to-peer lending? Evidence from Prosper.com (SSRN Working Paper Nr. 1304138).

  • Herzenstein, M., Sonenshein, S., & Dholakia, U. M. (2011a). Tell me a good story and i may lend you money: The role of narratives in peer-to-peer lending decisions. Journal of Marketing Research, 48, 138–149.

    Article  Google Scholar 

  • Herzenstein, M., Dholakia, U. M., & Andrews, R. (2011b). Strategic herding behavior in peer-to-peer loan auctions. Journal of Interactive Marketing, 25, 27–36.

    Article  Google Scholar 

  • Hornuf, L., & Neuenkirch, N. (2016, forthcoming). Pricing shares in equity crowdfunding. Small Business Economics

    Google Scholar 

  • Hornuf, L., & Schmitt, M. (2016a). Success and failure in equity crowdfunding. CESifo DICE Report, 14(2), 16–22.

    Google Scholar 

  • Hornuf, L., & Schmitt, M. (2016b). Is there a local bias in equity crowdfunding? The impact of investor types and portal design (Max Planck Institute for Innovation and Competition Research Paper, Nr. 16–07).

    Google Scholar 

  • Hornuf, L., & Schwienbacher, A. (2014). The emergence of crowdinvesting in Europe (Munich Discussion Paper Nr. 2014–43).

    Google Scholar 

  • Hornuf, L., & Schwienbacher, A. (2015). Funding dynamics in crowdinvesting (Research Papers in Economics, Nr. 9/15).

    Google Scholar 

  • Hornuf, L., & Schwienbacher, A. (2016a, forthcoming). Should securities regulation promote equity crowdfunding? Small Business Economics.

    Google Scholar 

  • Hornuf, L., & Schwienbacher, A. (2016b). Crowdinvesting—Angel investing for the masses? In C. Manson & H. Landström (Eds.), Handbook of research on venture capital: Vol. 3 (pp. 381–397). Cheltenham: Edward Elgar Publishing.

    Google Scholar 

  • Iyer, R., Khwaja, A. I., Luttmer, E. F. P., & Shue, K. (2016). Screening peers softly: Inferring the quality of small borrowers. Management Science, 62(6), 1554–1577.

    Article  Google Scholar 

  • Klöhn, L., & Hornuf, L. (2012). Crowdinvesting in Deutschland—Markt, Rechtslage und Regulierungsperspektiven. Zeitschrift für Bankenrecht und Bankwirtschaft, 24(4), 237–266.

    Google Scholar 

  • Klöhn, L., & Hornuf, L. (2015). Die Regelung des Crowdfunding im RegE des Kleinanlegerschutzgesetzes—lnhalt, Auswirkungen, Kritik, Änderungsvorschläge. Der Betrieb, 01-02, 47–53.

    Google Scholar 

  • Klöhn, L., Hornuf, L., & Schilling, T. (2016a). Crowdinvesting-Verträge—Inhalt, Entwicklung und praktische Bedeutung. Zeitschrift für Bankrecht und Bankwirtschaft, 27(3), 142–178.

    Google Scholar 

  • Klöhn, L., Hornuf, L., & Schilling, T. (2016b). The regulation of crowdfunding in the German small investor protection act. European Company Law, 13(2), 56–66.

    Google Scholar 

  • Klöhn, L., Hornuf, L., & Schilling, T. (2016c). Financial contracting in crowdinvesting—Lessons from the German Market. (SSRN Working Paper Nr. 2839041).

    Google Scholar 

  • Kuppuswamy, V., & Bayus, B. L. (2017). Does my contribution to your crowfunding project matter? Journal of Business Venturing, 32(2017), 72–89.

    Article  Google Scholar 

  • Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Science, 59(1), 17–35.

    Article  Google Scholar 

  • Lin, M., & Viswanathan, S. (2016). Home bias in online investments: An empirical study of an online crowdfunding market. Management Science, 62(5), 1393–1414.

    Article  Google Scholar 

  • Liu, Y.-Y., Nacher, J. C., Ochiai, T., Martino, M., & Altshuler, Y. (2014). Prospect theory for online financial trading. PLoS ONE, 9(10), 1–7.

    Google Scholar 

  • Mollick, E. R. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16.

    Article  Google Scholar 

  • Mollick, E., & Nanda, R. (2016). Wisdom or madness? Comparing crowds with expert evaluation in funding the arts. Management Science, 62(6), 1533–1553.

    Article  Google Scholar 

  • Neumann, S. (2014). Empirical essays on regulatory and technological impacts on banking and finance. Ph.D. thesis, Ruhr-Universität Bochum.

    Google Scholar 

  • Pan, W., Altshuler, Y., & Pentland, A. (2012). Decoding social influence and the wisdom of the crowd in financial trading network. In: 2012 ASE/IEEE International Conference on Privacy, Security, Risk and Trust and 2012 ASE/IEEE International Confernece on Social Computing (SocialCom/PASSAT 2012) (pp. 203–209).

    Google Scholar 

  • Pope, D. G., & Sydnor, J. R. (2011). What’s in a picture? Evidence of discrimination from Prosper.com. Journal of Human Resources, 46(1), 53–92.

    Article  Google Scholar 

  • Ravina, E. (2012). Love & loans: The effect of beauty and personal characteristics in credit markets (SSRN Working Paper 1101647).

    Google Scholar 

  • Saxton, G. D., & Wang, L. (2014). The social network effect: The determinants of giving through social media. Nonprofit and Voluntary Sector Quarterly, 43, 850–868.

    Article  Google Scholar 

  • Serrano-Cinca, C., Gutiérrez-Nieto, B., & López-Palacios, L. (2015). Determinants of default in P2P lending. PLoS ONE, 10(10), e0139427.

    Article  Google Scholar 

  • Signori, A., & Vismara, S. (2016). Returns on investments in equity crowdfunding (SSRN Working Paper Nr. 2765488).

    Google Scholar 

  • Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410.

    Google Scholar 

  • Vismara, S. (2015). Equity retention and social network theory in equity crowdfunding (SSRN Working Paper Nr. 2654325).

    Google Scholar 

  • Vulkan, N., Ã…stebro, T., & Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37–49.

    Article  Google Scholar 

  • Wei, Z., & Lin, M. (2016, forthcoming). Market mechanisms in online peer-to-peer lending. Management Science

    Google Scholar 

  • Weiss, G. N. F., Pelger, K., & Horsch, A. (2010). Mitigating adverse selection in P2P lending—Empirical evidence from Prosper.com (SSRN Working Paper 1650774).

Download references

Author information

Authors and Affiliations

  1. University of Regensburg, Regensburg, Germany

    Gregor Dorfleitner & Martina Weber

  2. University of Trier, Trier, Germany

    Lars Hornuf

  3. Max Planck Institute for Innovation and Competition, Munich, Germany

    Lars Hornuf & Matthias Schmitt

Authors
  1. Gregor Dorfleitner
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Lars Hornuf
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Matthias Schmitt
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Martina Weber
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

© 2017 Springer International Publishing AG

About this chapter

Cite this chapter

Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M. (2017). Academic Research. In: FinTech in Germany. Springer, Cham. https://doi.org/10.1007/978-3-319-54666-7_7

Download citation

Publish with us

Policies and ethics

Search

Navigation