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lars hornuf und armin schwienbacher the emergence of
Lars Hornuf und Armin Schwienbacher:
The Emergence of Crowdinvesting in Europe
Munich Discussion Paper No. 2014-43
Department of Economics
University of Munich
Volkswirtschaftliche Fakultät
Ludwig-Maximilians-Universität München
Online at http://epub.ub.uni-muenchen.de/21388/
Lars Hornuf und Armin Schwienbacher:
The Emergence of Crowdinvesting in Europe
Munich Discussion Paper No. 2014-43
Department of Economics
University of Munich
Volkswirtschaftliche Fakultät
Ludwig-Maximilians-Universität München
Online at http://epub.ub.uni-muenchen.de/21388/
The emergence of crowdinvesting in Europe:
With an in-depth analysis of the German market
Lars Hornuf
University of Trier and IAAEU, Germany
Armin Schwienbacher
Université de Lille–SKEMA Business School, France
This Version: August 27, 2015
_____________________________________________________________________
* Contact address of authors: Lars Hornuf, University of Trier, Department of Economics and Institute for Labour
Law and Industrial Relations in the European Union, Behringstraße 21, D - 54296 Trier (Germany), Phone: +49 651
201 4744, Email: hornuf@iaaeu.de; Armin Schwienbacher, Université de Lille, Faculté de Finance, Banque, et
Comptabilité, Rue de Mulhouse 2 - BP 381, F – 59020 Lille Cédex (France), Phone: +33 3 20 90 74 73, Email:
armin.schwienbacher@. The authors thank Francois Carbone (Anaxago) and Guillaume Desclée
(MyMicroInvest) for insightful discussions as well as seminar and conference participants at the European Central
Bank (ECB Committee on Financial Integration), Université Lille 2 (Centre René
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