@techreport{EstrinKhavulKritikosetal.2024,
  type      = {Working Paper},
  author    = {Estrin, Saul and Khavul, Susanna and Kritikos, Alexander and L{\"o}her, Jonas},
  title     = {Access to digital finance},
  series = {CEPA Discussion Papers},
  journal   = {CEPA Discussion Papers},
  number    = {72},
  issn      = {2628-653X},
  doi       = {10.25932/publishup-62326},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus4-623261},
  pages     = {27},
  year      = {2024},
  abstract  = {Financing entrepreneurship spurs innovation and economic growth. Digital financial platforms that crowdfund equity for entrepreneurs have emerged globally, yet they remain poorly understood. We model equity crowdfunding in terms of the relationship between the number of investors and the amount of money raised per pitch. We examine heterogeneity in the average amount raised per pitch that is associated with differences across three countries and seven platforms. Using a novel dataset of successful fundraising on the most prominent platforms in the UK, Germany, and the USA, we find the underlying relationship between the number of investors and the amount of money raised for entrepreneurs is loglinear, with a coefficient less than one and concave to the origin. We identify significant variation in the average amount invested in each pitch across countries and platforms. Our findings have implications for market actors as well as regulators who set competitive frameworks.},
  language  = {en}
}
@phdthesis{Dahlsten2014,
  author    = {Dahlsten, Ulf},
  title     = {World market governance},
  url       = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-70168},
  school      = {Universit{\"a}t Potsdam},
  year      = {2014},
  abstract  = {Democratic capitalism or liberal democracy, as the successful marriage of convenience between market liberalism and democracy sometimes is called, is in trouble. The market economy system has become global and there is a growing mismatch with the territoriality of the nation-states. The functional global networks and inter-governmental order can no longer keep pace with the rapid development of the global market economy and regulatory capture is all too common. Concepts like de-globalization, self-regulation, and global government are floated in the debate. The alternatives are analysed and found to be improper, inadequate or plainly impossible. The proposed route is instead to accept that the global market economy has developed into an independent fundamental societal system that needs its own governance. The suggestion is World Market Governance based on the Rule of Law in order to shape the fitness environment for the global market economy and strengthen the nation-states so that they can regain the sovereignty to decide upon the social and cultural conditions in each country. Elements in the proposed Rule of Law are international legislation decided by an Assembly supported by a Council, and an independent Judiciary. Existing international organisations would function as executors. The need for broad sustained demand for regulations in the common interest is identified.},
  language  = {en}
}