Although the term “crowdfunding” was only recently coined in 2006, the more specific category of crowdfunding known as debt crowdfunding (or credit-based crowdfunding) is built on a much older concept. It represents the latest incarnation of social lending, which has existed for centuries. This paper examines the origins and development of credit-based crowdfunding from the “friendly societies” of the 18th century to the crowdsourced peer-to-peer lending platforms of today. This paper provides chronology and details about more than one hundred early debt crowdfunding sites.
{"title":"Origins and Development of Credit-Based Crowdfunding","authors":"Craig R. Everett","doi":"10.2139/ssrn.2442897","DOIUrl":"https://doi.org/10.2139/ssrn.2442897","url":null,"abstract":"Although the term “crowdfunding” was only recently coined in 2006, the more specific category of crowdfunding known as debt crowdfunding (or credit-based crowdfunding) is built on a much older concept. It represents the latest incarnation of social lending, which has existed for centuries. This paper examines the origins and development of credit-based crowdfunding from the “friendly societies” of the 18th century to the crowdsourced peer-to-peer lending platforms of today. This paper provides chronology and details about more than one hundred early debt crowdfunding sites.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"288 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123455164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper describes the main characteristics of the most famous digital currency scheme – Bitcoin. It examines the question whether Bitcoin should be regarded as money in the economic and legal sense, and whether income in the form of virtual currency should be subject to tax. The paper does not try to determine whether such income is actually taxable in particular countries, but whether it would be a right and good policy to tax it in general.
{"title":"Should Virtual Currency Be Subject to Income Tax?","authors":"A. Bal","doi":"10.2139/ssrn.2438451","DOIUrl":"https://doi.org/10.2139/ssrn.2438451","url":null,"abstract":"This paper describes the main characteristics of the most famous digital currency scheme – Bitcoin. It examines the question whether Bitcoin should be regarded as money in the economic and legal sense, and whether income in the form of virtual currency should be subject to tax. The paper does not try to determine whether such income is actually taxable in particular countries, but whether it would be a right and good policy to tax it in general.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115262781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The practical and theoretical meaning of the rise and fall of new local and virtual currencies suggest that two basic theories of money both have their validity and reasons for coexistence. The drive for increasing efficiency in the payment mechanisms is in full swing and still presents many opportunities for improvement.
{"title":"Simecs, Ithaca Hours, Berkshares, Bitcoins and Walmarts","authors":"M. Shubik","doi":"10.2139/ssrn.2435902","DOIUrl":"https://doi.org/10.2139/ssrn.2435902","url":null,"abstract":"The practical and theoretical meaning of the rise and fall of new local and virtual currencies suggest that two basic theories of money both have their validity and reasons for coexistence. The drive for increasing efficiency in the payment mechanisms is in full swing and still presents many opportunities for improvement.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127461920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stock exchanges are the backbone of the financial markets in any country. The stock exchanges act as institutions for resources mobilization for companies and implement the policy agenda of the government through mandatory disclosures. The website is the apparent face of the stock exchanges through which they communicate with the investors, analyst and researchers. The Internet revolutions and electronic dissemination of corporate information has dramatically increased the role stock exchanges and their websites multifold. The recent crisis in one or other form is an indication of the importance of information to the astute investors.We attempt in this paper a cross examination of the informational content and disclosures of the websites of six prominent stock exchanges including NSE. We also examine the website efficiency on various technical parameters. Our study indicates NSE website as the most efficient on selected parameters. We suggest a framework how the information efficiency can be further improved for these websites in order to be more meaningful to the investors.
{"title":"Informational Content and Disclosures of Stock Exchange Websites","authors":"P. Gupta, R. Singh","doi":"10.2139/ssrn.2413954","DOIUrl":"https://doi.org/10.2139/ssrn.2413954","url":null,"abstract":"Stock exchanges are the backbone of the financial markets in any country. The stock exchanges act as institutions for resources mobilization for companies and implement the policy agenda of the government through mandatory disclosures. The website is the apparent face of the stock exchanges through which they communicate with the investors, analyst and researchers. The Internet revolutions and electronic dissemination of corporate information has dramatically increased the role stock exchanges and their websites multifold. The recent crisis in one or other form is an indication of the importance of information to the astute investors.We attempt in this paper a cross examination of the informational content and disclosures of the websites of six prominent stock exchanges including NSE. We also examine the website efficiency on various technical parameters. Our study indicates NSE website as the most efficient on selected parameters. We suggest a framework how the information efficiency can be further improved for these websites in order to be more meaningful to the investors.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"392 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128305860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper presents the result of a qualitative empirical research about the "Criatec Fund", a venture capital fund, privately managed and directed to innovative firms, that was created in 2007 by the Brazilian Development Bank (BNDES). The paper discusses the role of law in the implementation of the Criatec Fund in three different legal dimensions: structural, regulatory and contractual. Based on interviews, this paper tries to test some hypothesis previously formulated by some scholars that studied new financial policies created by the BNDES. This study explains the institutional arrangements of this seed capital policy and the role of flexible legal instruments in the execution of this peculiar type of public-private partnership. It also poses some questions to the "law and development agenda" based on some insights from the economic sociology of law.
{"title":"The role of law and public-private collaboration in promoting innovative firms in Brazil: the case of the BNDES and the 'criatec fund'","authors":"Rafael A. F. Zanatta","doi":"10.2139/SSRN.2393613","DOIUrl":"https://doi.org/10.2139/SSRN.2393613","url":null,"abstract":"This paper presents the result of a qualitative empirical research about the \"Criatec Fund\", a venture capital fund, privately managed and directed to innovative firms, that was created in 2007 by the Brazilian Development Bank (BNDES). The paper discusses the role of law in the implementation of the Criatec Fund in three different legal dimensions: structural, regulatory and contractual. Based on interviews, this paper tries to test some hypothesis previously formulated by some scholars that studied new financial policies created by the BNDES. This study explains the institutional arrangements of this seed capital policy and the role of flexible legal instruments in the execution of this peculiar type of public-private partnership. It also poses some questions to the \"law and development agenda\" based on some insights from the economic sociology of law.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130924436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nonprofit organizations face intense competition in the market for charitable contributions. Increasingly, donation decisions are made online, and organizations have responded by implementing substantive Internet disclosure and reporting regimes. We posit here that the voluntary disclosure of financial and performance information inherent in these regimes provides additional relevant information to a broad array of market participants, and thus has a positive impact on the receipt of charitable contributions. We test our hypotheses on a random sample of 400 US nonprofit organizations by building on the well established economic model of giving (Weisbrod and Dominguez, 1986), in which donations serve as the proxy for demand. Our central research question is thus: Are donors willing to “pay” for Web disclosure? Results indicate a positive relationship between the level of charitable contributions and the amount of disclosure provided by an organization on its website; however, performance and annual report disclosure are more important than financial disclosure, and performance disclosure has the biggest impact in organizations that are less reliant on donations.
非营利组织在慈善捐款市场上面临着激烈的竞争。越来越多的捐赠决定是在网上做出的，组织通过实施实质性的互联网披露和报告制度来应对。我们在此假设，这些制度中固有的财务和业绩信息的自愿披露为广泛的市场参与者提供了额外的相关信息，从而对慈善捐款的接收产生了积极影响。通过建立完善的捐赠经济模型(Weisbrod and Dominguez, 1986)，我们在400个美国非营利组织的随机样本上检验了我们的假设，在这个模型中，捐赠作为需求的代表。因此，我们的中心研究问题是:捐赠者愿意为网络披露“付费”吗?结果表明，慈善捐款水平与组织在其网站上提供的信息披露量呈正相关;然而，绩效和年度报告披露比财务披露更重要，绩效披露在对捐赠依赖程度较低的组织中影响最大。
{"title":"Web Disclosure and the Market for Charitable Contributions","authors":"Gregory D. Saxton, Daniel G. Neely, Chao Guo","doi":"10.2139/ssrn.1912966","DOIUrl":"https://doi.org/10.2139/ssrn.1912966","url":null,"abstract":"Nonprofit organizations face intense competition in the market for charitable contributions. Increasingly, donation decisions are made online, and organizations have responded by implementing substantive Internet disclosure and reporting regimes. We posit here that the voluntary disclosure of financial and performance information inherent in these regimes provides additional relevant information to a broad array of market participants, and thus has a positive impact on the receipt of charitable contributions. We test our hypotheses on a random sample of 400 US nonprofit organizations by building on the well established economic model of giving (Weisbrod and Dominguez, 1986), in which donations serve as the proxy for demand. Our central research question is thus: Are donors willing to “pay” for Web disclosure? Results indicate a positive relationship between the level of charitable contributions and the amount of disclosure provided by an organization on its website; however, performance and annual report disclosure are more important than financial disclosure, and performance disclosure has the biggest impact in organizations that are less reliant on donations.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129034615","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates the factors that support or obstruct market value creation through intangible capital. We explore the impact of intangibles and exogenous shocks on corporate attractiveness for investors measured by Market Value Added (MVA). Specifically we analyze relationship between intangible-driven outperforming of companies, measured by Economic Value Added (EVA) and a number of intangible drivers on macro, meso and micro level. We suppose that the process of value creation is confined not only by companies’ performance. It is established in our study that investment attractiveness is affected by intangibles. Our empirical research is conducted on more than 900 companies from Europe and US during the period of 2005-2009. We found out in this study that a company’s experience, size and innovative focus facilitate value creation. An unexpected result was revealed concerning countries’ education level, which appears to be an obstructive condition for intangible-driven value creation. Our findings extend the understanding of the phenomenon of intangible capital and enable the improvement of investment decision-making.
{"title":"Intangible-Driven Value Creation: Supporting and Obstructing Factors","authors":"E. Shakina, M. Molodchik","doi":"10.2139/ssrn.2372066","DOIUrl":"https://doi.org/10.2139/ssrn.2372066","url":null,"abstract":"This study investigates the factors that support or obstruct market value creation through intangible capital. We explore the impact of intangibles and exogenous shocks on corporate attractiveness for investors measured by Market Value Added (MVA). Specifically we analyze relationship between intangible-driven outperforming of companies, measured by Economic Value Added (EVA) and a number of intangible drivers on macro, meso and micro level. We suppose that the process of value creation is confined not only by companies’ performance. It is established in our study that investment attractiveness is affected by intangibles. Our empirical research is conducted on more than 900 companies from Europe and US during the period of 2005-2009. We found out in this study that a company’s experience, size and innovative focus facilitate value creation. An unexpected result was revealed concerning countries’ education level, which appears to be an obstructive condition for intangible-driven value creation. Our findings extend the understanding of the phenomenon of intangible capital and enable the improvement of investment decision-making.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131281756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is the internet appendix for "How Aggressive are High-Frequency Traders". The paper "How Aggressive are High-Frequency Traders" to which these Appendices apply is available at the following URL: http://ssrn.com/abstract=2326446
{"title":"Online Appendix: How Aggressive are High-Frequency Traders?","authors":"Björn Hagströmer, Lars Norden, D. Zhang","doi":"10.2139/ssrn.2365988","DOIUrl":"https://doi.org/10.2139/ssrn.2365988","url":null,"abstract":"This is the internet appendix for \"How Aggressive are High-Frequency Traders\". The paper \"How Aggressive are High-Frequency Traders\" to which these Appendices apply is available at the following URL: http://ssrn.com/abstract=2326446","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124550364","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This is the first research report with specific technical focus on cryptographic ‘proof of work’ in the context of virtual crypto-currencies such as Bitcoin. Situated somewhere along the trajectory between real money and quantum money, virtual crypto-currencies based upon ‘cryptographic proof’ represent a natural stage in the evolution of global finance. Its cryptographic solution enables creation and regulation of issue of crypto-currency, preventing its counterfeiting and double-spending, and securing its global transmission at minimal transaction cost while using little time. Specific cryptographic vulnerabilities however need attention to ensure its integrity as a reliable medium of exchange and store of value.
{"title":"Bitcoin Protocol: Model of ‘Cryptographic Proof’ Based Global Crypto-Currency & Electronic Payments System","authors":"Y. Malhotra","doi":"10.2139/ssrn.2911623","DOIUrl":"https://doi.org/10.2139/ssrn.2911623","url":null,"abstract":"This is the first research report with specific technical focus on cryptographic ‘proof of work’ in the context of virtual crypto-currencies such as Bitcoin. Situated somewhere along the trajectory between real money and quantum money, virtual crypto-currencies based upon ‘cryptographic proof’ represent a natural stage in the evolution of global finance. Its cryptographic solution enables creation and regulation of issue of crypto-currency, preventing its counterfeiting and double-spending, and securing its global transmission at minimal transaction cost while using little time. Specific cryptographic vulnerabilities however need attention to ensure its integrity as a reliable medium of exchange and store of value.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127560271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I document that publicly-listed firms which are intensive in innovation (intangible capital formation) are less able to engage in volatile external financing flows. The effect is primarily due to debt financing; equity financing acts as a partial substitute. Then, I develop a business cycle model with endogenous innovation that incorporates these facts in order to explain the short and medium-run effects of financial shocks. The increases in the cost of debt and venture capital financing during the Great Recession can explain an important part of the ensuing deviation of output from trend, as the reduction in innovation amplifies persistence.
{"title":"Corporate Financing of Innovation and the Medium-Run Cycle","authors":"Daniel Garcia-Macia","doi":"10.2139/ssrn.2360805","DOIUrl":"https://doi.org/10.2139/ssrn.2360805","url":null,"abstract":"I document that publicly-listed firms which are intensive in innovation (intangible capital formation) are less able to engage in volatile external financing flows. The effect is primarily due to debt financing; equity financing acts as a partial substitute. Then, I develop a business cycle model with endogenous innovation that incorporates these facts in order to explain the short and medium-run effects of financial shocks. The increases in the cost of debt and venture capital financing during the Great Recession can explain an important part of the ensuing deviation of output from trend, as the reduction in innovation amplifies persistence.","PeriodicalId":414983,"journal":{"name":"IRPN: Innovation & Finance (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127699163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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