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Papers by Armin Schwienbacher

Research paper thumbnail of Voluntary Disclosure of Corporate Venture Capital Investments

Social Science Research Network, 2013

Research paper thumbnail of The Structure and Role of the Underwriting Syndicate

This chapter presents research findings on the structure and role of underwriter syndicates in th... more This chapter presents research findings on the structure and role of underwriter syndicates in the initial public offering (IPO) process, thereby extending the list of participants beyond the lead underwriter. The authors rely on recent studies to offer a more comprehensive picture of syndicate structure and size in Europe and the United States. Research questions being addressed include the following: How are underpricing and reputation linked to syndicates? How many banks should be included in the syndicate? What responsibilities can be shared? Finally, the chapter concludes with a discussion of avenues for future research on IPO syndicate structure.

Research paper thumbnail of Tranching in the Syndicated Loan Market

Social Science Research Network, 2010

Research paper thumbnail of Equity Crowdfunding: First Resort or Last Resort?

Proceedings - Academy of Management, Aug 1, 2017

Research paper thumbnail of Should Securities Regulation Promote Crowdinvesting

Social Science Research Network, Mar 20, 2014

Research paper thumbnail of Market Mechanisms and Funding Dynamics in Equity Crowdfunding

Social Science Research Network, 2017

Research paper thumbnail of Fintech venture capital

Corporate Governance: An International Review, Sep 1, 2018

Manuscript TypeEmpiricalResearch Question/IssueWhere are fintech venture capital investments taki... more Manuscript TypeEmpiricalResearch Question/IssueWhere are fintech venture capital investments taking place around the world? What is the role of institutional factors on the international allocation of fintech venture capital?Research Findings/InsightsWe document a notable change in the pattern of fintech venture capital (VC) investments around the world relative to other types of investments after the global financial crisis. We show that fintech venture capital investments are relatively more common in countries with weaker regulatory enforcement and without a major financial center after the financial crisis. Also, we show the fintech boom is more pronounced for smaller private limited partnership venture capitalists that likely have less experience with prior venture capital booms and busts. These fintech VC deals are substantially more likely to be liquidated, especially when located in countries without a major financial center.Theoretical/Academic ImplicationsWe build on the institutions and corporate governance literatures by showing the importance of enforcement in driving relative differences in investment patterns and investor participation. For entrepreneurial startups, regulatory arbitrage drives investment into countries with a dearth of enforcement and regulatory costs. We argue that the spike in fintech venture capital in certain countries is attributable to differential enforcement of financial institution rules amongst startups versus large established financial institutions after the financial crisis.Practitioner/Policy ImplicationsRegulatory arbitrage in the context of fintech venture capital can spur booms and busts. Less experienced venture capitalists seem more prone to undertake investments that exacerbate boom and bust cycles. National governance is strengthened by the enforcement of regulatory standards, and corporate governance through investor experience and oversight can mitigate these swings, and facilitate better investment outcomes.

Research paper thumbnail of How do banks interact with fintech startups?

Small Business Economics, May 13, 2020

Research paper thumbnail of Bank Reputation in the Private Debt Market

Social Science Research Network, 2010

Research paper thumbnail of The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

The Economic Journal, Jul 28, 2017

Research paper thumbnail of Innovation and Venture Capital Exits

Social Science Research Network, 2004

Research paper thumbnail of Venture Capital Performance: The Disparity Between Europe and the United States

Research paper thumbnail of Initial Coin Offerings, Information Disclosure, and Fraud

Social Science Research Network, 2019

Research paper thumbnail of Voting in Equity Crowdfunding Projects

HAL (Le Centre pour la Communication Scientifique Directe), May 30, 2017

Research paper thumbnail of Identifying Start-Up Success : Testing-The-Waters Policy with Hypothetical Investment

HAL (Le Centre pour la Communication Scientifique Directe), Oct 14, 2020

International audienc

Research paper thumbnail of Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding

Entrepreneurship Theory and Practice, 2020

Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can ma... more Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can make nonbinding commitments in equity crowdfunding prior to an actual campaign to ascertain interest in the project. We consider whether these nonbinding equity investment commitments are informative about actual investments during the campaign and, thus, ultimate startup funding success. The data indicate that only 18% of nonbinding commitments are, in fact, invested. The evidence is consistent with hypothetical bias. Hypothetical bias is significantly less pronounced among women and among investors living in higher income areas or in areas with higher levels of education. While investment intentions are only partially reliable at the individual level, the aggregate amount of collected investment intentions is a strong predictor of campaign success. We investigate alternative reasons for withdrawals, such as lying and informational motives, both of which we find implausible alternatives t...

Research paper thumbnail of FinTech venture capital

The Routledge Handbook of FinTech, 2021

Research paper thumbnail of Fintech and access to finance

Journal of Corporate Finance, 2021

Abstract This article surveys research on the effects of digitalization on access to finance. We ... more Abstract This article surveys research on the effects of digitalization on access to finance. We focus the review on access through fintech. We review the growth of three main fintech technologies, fintech lending (incl. Peer-to-peer lending), crowdfunding and initial coin offerings. We discuss existing evidence on how fintech affects access to finance for firms and investors and consider the regulatory challenges it poses. We incorporate the papers in this special issue, underlining their significant contributions to our understanding of the digitalization of finance and its effects. Finally, we discuss the challenges of research in the digital finance area and propose some new avenues for future research.

Research paper thumbnail of Do venture capital firms benefit from international syndicates?

Journal of International Business Studies, 2020

Research paper thumbnail of International capital flows into private equity funds

Maandblad Voor Accountancy en Bedrijfseconomie, 2007

In this study the investment behavior of US institutional investors in selecting private equity f... more In this study the investment behavior of US institutional investors in selecting private equity funds isanalyzed. The results show that, while this group of investors predominantly selected US funds, their interest in directly investing in foreign funds has increased over time. Insurance companies, financial corporations (banks), and public pension funds in the US are ‘global players’ that are likely to invest directly in foreign private equity funds. This conclusion holds for investments in European funds as well as for investments in Asia. More experienced funds providers are more likely to invest abroad, and when doing so they are more likely to invest in venture capital funds as opposed to buyout funds.

Research paper thumbnail of Voluntary Disclosure of Corporate Venture Capital Investments

Social Science Research Network, 2013

Research paper thumbnail of The Structure and Role of the Underwriting Syndicate

This chapter presents research findings on the structure and role of underwriter syndicates in th... more This chapter presents research findings on the structure and role of underwriter syndicates in the initial public offering (IPO) process, thereby extending the list of participants beyond the lead underwriter. The authors rely on recent studies to offer a more comprehensive picture of syndicate structure and size in Europe and the United States. Research questions being addressed include the following: How are underpricing and reputation linked to syndicates? How many banks should be included in the syndicate? What responsibilities can be shared? Finally, the chapter concludes with a discussion of avenues for future research on IPO syndicate structure.

Research paper thumbnail of Tranching in the Syndicated Loan Market

Social Science Research Network, 2010

Research paper thumbnail of Equity Crowdfunding: First Resort or Last Resort?

Proceedings - Academy of Management, Aug 1, 2017

Research paper thumbnail of Should Securities Regulation Promote Crowdinvesting

Social Science Research Network, Mar 20, 2014

Research paper thumbnail of Market Mechanisms and Funding Dynamics in Equity Crowdfunding

Social Science Research Network, 2017

Research paper thumbnail of Fintech venture capital

Corporate Governance: An International Review, Sep 1, 2018

Manuscript TypeEmpiricalResearch Question/IssueWhere are fintech venture capital investments taki... more Manuscript TypeEmpiricalResearch Question/IssueWhere are fintech venture capital investments taking place around the world? What is the role of institutional factors on the international allocation of fintech venture capital?Research Findings/InsightsWe document a notable change in the pattern of fintech venture capital (VC) investments around the world relative to other types of investments after the global financial crisis. We show that fintech venture capital investments are relatively more common in countries with weaker regulatory enforcement and without a major financial center after the financial crisis. Also, we show the fintech boom is more pronounced for smaller private limited partnership venture capitalists that likely have less experience with prior venture capital booms and busts. These fintech VC deals are substantially more likely to be liquidated, especially when located in countries without a major financial center.Theoretical/Academic ImplicationsWe build on the institutions and corporate governance literatures by showing the importance of enforcement in driving relative differences in investment patterns and investor participation. For entrepreneurial startups, regulatory arbitrage drives investment into countries with a dearth of enforcement and regulatory costs. We argue that the spike in fintech venture capital in certain countries is attributable to differential enforcement of financial institution rules amongst startups versus large established financial institutions after the financial crisis.Practitioner/Policy ImplicationsRegulatory arbitrage in the context of fintech venture capital can spur booms and busts. Less experienced venture capitalists seem more prone to undertake investments that exacerbate boom and bust cycles. National governance is strengthened by the enforcement of regulatory standards, and corporate governance through investor experience and oversight can mitigate these swings, and facilitate better investment outcomes.

Research paper thumbnail of How do banks interact with fintech startups?

Small Business Economics, May 13, 2020

Research paper thumbnail of Bank Reputation in the Private Debt Market

Social Science Research Network, 2010

Research paper thumbnail of The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

The Economic Journal, Jul 28, 2017

Research paper thumbnail of Innovation and Venture Capital Exits

Social Science Research Network, 2004

Research paper thumbnail of Venture Capital Performance: The Disparity Between Europe and the United States

Research paper thumbnail of Initial Coin Offerings, Information Disclosure, and Fraud

Social Science Research Network, 2019

Research paper thumbnail of Voting in Equity Crowdfunding Projects

HAL (Le Centre pour la Communication Scientifique Directe), May 30, 2017

Research paper thumbnail of Identifying Start-Up Success : Testing-The-Waters Policy with Hypothetical Investment

HAL (Le Centre pour la Communication Scientifique Directe), Oct 14, 2020

International audienc

Research paper thumbnail of Testing-the-Waters Policy With Hypothetical Investment: Evidence From Equity Crowdfunding

Entrepreneurship Theory and Practice, 2020

Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can ma... more Digitization has enabled “testing-the-waters” in entrepreneurial finance whereby investors can make nonbinding commitments in equity crowdfunding prior to an actual campaign to ascertain interest in the project. We consider whether these nonbinding equity investment commitments are informative about actual investments during the campaign and, thus, ultimate startup funding success. The data indicate that only 18% of nonbinding commitments are, in fact, invested. The evidence is consistent with hypothetical bias. Hypothetical bias is significantly less pronounced among women and among investors living in higher income areas or in areas with higher levels of education. While investment intentions are only partially reliable at the individual level, the aggregate amount of collected investment intentions is a strong predictor of campaign success. We investigate alternative reasons for withdrawals, such as lying and informational motives, both of which we find implausible alternatives t...

Research paper thumbnail of FinTech venture capital

The Routledge Handbook of FinTech, 2021

Research paper thumbnail of Fintech and access to finance

Journal of Corporate Finance, 2021

Abstract This article surveys research on the effects of digitalization on access to finance. We ... more Abstract This article surveys research on the effects of digitalization on access to finance. We focus the review on access through fintech. We review the growth of three main fintech technologies, fintech lending (incl. Peer-to-peer lending), crowdfunding and initial coin offerings. We discuss existing evidence on how fintech affects access to finance for firms and investors and consider the regulatory challenges it poses. We incorporate the papers in this special issue, underlining their significant contributions to our understanding of the digitalization of finance and its effects. Finally, we discuss the challenges of research in the digital finance area and propose some new avenues for future research.

Research paper thumbnail of Do venture capital firms benefit from international syndicates?

Journal of International Business Studies, 2020

Research paper thumbnail of International capital flows into private equity funds

Maandblad Voor Accountancy en Bedrijfseconomie, 2007

In this study the investment behavior of US institutional investors in selecting private equity f... more In this study the investment behavior of US institutional investors in selecting private equity funds isanalyzed. The results show that, while this group of investors predominantly selected US funds, their interest in directly investing in foreign funds has increased over time. Insurance companies, financial corporations (banks), and public pension funds in the US are ‘global players’ that are likely to invest directly in foreign private equity funds. This conclusion holds for investments in European funds as well as for investments in Asia. More experienced funds providers are more likely to invest abroad, and when doing so they are more likely to invest in venture capital funds as opposed to buyout funds.