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Which information should entrepreneurs on German crowdinvesting-platforms disclose?

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  • Mäschle, Oliver
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    Abstract

    The disclosure requirements for firms issuing equity on German crowdinvestingplatforms are quite lax at the moment. This paper states that this loose requirement policy is not optimal in the presence of competition among platforms. First, a simple three-staged theoretical model is derived to demonstrate that competition among the platforms should result in a maximization of disclosure requirements. Second, characteristics about firms and entrepreneurs that should be revealed are identified because they have an empirically verified effect on the risk-return-profile of a company. Third, a recommendation for the practical implementation of improved disclosure requirements is offered. --

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    File URL: http://econstor.eu/bitstream/10419/74650/1/719822912.pdf
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    Bibliographic Info

    Paper provided by University of Rostock, Institute of Economics in its series Thuenen-Series of Applied Economic Theory with number 127.

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    Date of creation: 2012
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    Handle: RePEc:zbw:roswps:127

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    Related research

    Keywords: crowdinvesting; market microstructure; disclosure requirements; equity; asymmetric information; entrepreneur;

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