2016/08/25 by Jermain Kaminski, Kaminski, Jermain, Christian Hopp +3
Business, Management and Accounting · Economics, Econometrics and Finance · #Computers and Society (cs.CY) #FOS: Computer and information sciences #FinTech, Crowdfunding, Digital Finance #Microfinance and Financial Inclusion #Private Equity and Venture Capital #Social and Information Networks (cs.SI)
paper · pdf · doi:10.48550/arxiv.1608.07182
openalex publication_date 2016/08/25 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
Recent years have seen an upsurge of novel sources of new venture financing\nthrough crowdfunding (CF). We draw on 54,943 successfully crowdfunded projects\nand 3,313 venture capital (VC) investments throughout the period\n04/2012-06/2015 to investigate, on the aggregate level, how crowdfunding is\nrelated to a more traditional source of entrepreneurial finance, venture\ncapital. Granger causality tests support the view that VC investments follow\ncrowdfunding investments. Cointegration tests also suggest a long-run\nrelationship between crowdfunding and VC investments, while impulse response\nfunctions (IRF) indicate a positive effect running from CF to VC within two to\nsix months. Crowdfunding seems to help VC investors in assessing future trends\nrather than crowding them out of the market.\n