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Nir Vulkan

Seminar on equity crowdfunding by Nir Vulkan (Said Business School, Oxford)

Nir Vulkan will visit the Lazaridis Institute this October. He is Associate Professor of Business Economics at Saïd Business School and Fellow of Worcester College, both at the University of Oxford. Nir is a leading authority on e-commerce and market design, and on applied research and teaching on hedge funds.

He is hosted by the Marketing Area at the Lazaridis School, together with the Lazaridis Institute for Management of Technology Enterprises.

Seminar details

When? 13 October, 10-1130

Where? LH 2066

The trade-off between ownership and investment: Evidence from equity crowdfunding campaigns

Co-authored with Thomas Hellman (also at Saïd School of Business plus NBER), this paper examines a central trade-off in entrepreneurial finance, namely the choice between ownership and investment. Our empirical analysis exploits a unique feature of equity crowdfunding campaigns, where the entrepreneur can determine the amount of funds raised through the choice of when to bring a campaign to closure. The marginal decision to continue or stop is thus used to estimate the choice between ownership and investment. We consider several company characteristics that may affect this choice, including the gender of the founders, their commitment to the venture, their prior experiences, and their focus on control. The empirical analysis also identifies constraints emanating from the supply of capital. Among other things, this allows for an analysis to what extent lower fundraising amounts observed in all-female teams can be explained by demand versus supply factors.


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