Dr. Matthias Schmitt

Ehemaliger wissenschaftlicher Mitarbeiter

Innovation and Entrepreneurship Research



Arbeitsbereiche:

FinTech, Crowdfunding, Crowdinvesting, Unternehmensfinanzierung, Verhaltensökonomie, empirische Methoden

Wissenschaftlicher Werdegang

Mai - Juni 2017
Gastforscher Rotman School of Management, University of Toronto, bei Ajay Agrawal (Peter Munk Professor of Entrepreneurship, Professor of Strategic Management, Academic Director Creative Destruction Lab)

Februar - April 2017
Gastforscher Schulich School of Business, York University, bei Douglas Cumming (Professor of Finance and Entrepreneurship; Ontario Research Chair in Economics and Public Policy)

2016 -2018
Wissenschaftlicher Mitarbeiter am Max-Planck-Institut für Innovation und Wettbewerb (Innovation and Entrepreneurship Research) im Rahmen des DFG-Forschungsprojekts „Crowdinvesting in Deutschland, England und den USA: Regulierungsperspektiven und Wohlfahrtseffekte einer neuen Finanzierungsform“. Dissertation: Equity Crowdfunding: Local Bias, Capital Structure, and Venture Performance.

2014 - 2016
Wissenschaftlicher Mitarbeiter am Lehrstuhl für Bürgerliches Recht und Unternehmensrecht, Prof. Dr. jur. Lars Klöhn, LL.M. (Harvard), LMU München, im Rahmen des DFG-Forschungsprojekts „Crowdinvesting in Deutschland, England und den USA: Regulierungsperspektiven und Wohlfahrtseffekte einer neuen Finanzierungsform“

2012 - 2014
Master of Science in Betriebswirtschaftslehre, Ludwig-Maximilians-Universität München

2009 - 2014
Diverse praktische Tätigkeiten, u.a. bei Siemens Corporate Strategies, Aschenbach Corporate Finance, EagleBurgmann USA

2011 - 2012
Wissenschaftliche Tätigkeiten, u.a. als Tutor am Seminar für Rechnungswesen und Prüfung, Prof. Dr. Dr. h.c. Ballwieser, LMU München

2009 - 2012
Bachelor of Science in Betriebswirtschaftslehre, Ludwig-Maximilians-Universität München

Mitgliedschaften

American Law and Economics Association

Royal Economic Society

Verein für Socialpolitik

Publikationen

Artikel in referierten Fachzeitschriften

Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza (2018). Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Failure, Corporate Governance: An International Review, 26 (5), 331-354. DOI

  • Today, startups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these startups can ultimately build enduring businesses. In this article, we hand-collected data from 14 different equity crowdfunding (ECF) portals and 426 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. We empirically analyze different factors affecting follow-up funding and firm failure. The findings show that German firms that received ECF stood a higher chance of obtaining follow-up funding through business angels or venture capitalists, but also had a higher likelihood of failure. The number of senior managers, subsequent successful ECF campaigns, and the number of venture capital investors all had a positive impact on obtaining post-campaign financing, while firm age had a negative impact. Subsequent successful ECF campaigns were significant predictors decreasing firm failure.
  • Also published as: Max Planck Institute for Innovation & Competition Research Paper No. 17-09

Beiträge in Sammelwerken

Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2019). Allgemeiner Marktüberblick, in: Florian Möslein, Sebastian Omlor (Hg.), FinTech Handbuch: Digitalisierung, Recht, Finanzen, 21-39. München: C.H. Beck.

    Andere Veröffentlichungen, Presseartikel, Interviews

    Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2016). FinTech-Markt in Deutschland - Abschlussbericht 17. Oktober 2016, 2016.

    Hornuf, Lars; Schmitt, Matthias (2016). Success and Failure in Equity Crowdfunding, CESifo DICE Report, 14 (2), 16-22.

      Monographien

      Dorfleitner, Gregor; Hornuf, Lars; Schmitt, Matthias; Weber, Martina (2017). FinTech in Germany. Cham: Springer. DOI

      • In this study, conducted on behalf of the Federal Ministry of Finance, we provide the first comprehensive analysis of the German FinTech industry. We quantify the market volume of the industry between 2007 and 2015. On the basis of this data, we also predict the future development of eight segments of the FinTech market, offering detailed forecasts for the years 2020, 2025, and 2035. Moreover, we provide a comprehensive overview of current trends and the drivers of growth that have affected the FinTech industry in the past, as well as the factors that could spur and hinder growth within it in the future.

      Diskussionspapiere

      Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza (2018). Equity Crowdfunding in Germany and the UK: Follow-up Funding and Firm Failure, Max Planck Institute for Innovation & Competition Research Paper, No. 17-09.

      • Today, startups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these startups can ultimately build enduring businesses. In this article, we hand-collected data from 14 different equity crowdfunding (ECF) portals and 426 firms that ran at least one successful ECF campaign in Germany or the United Kingdom. We empirically analyze different factors affecting follow-up funding and firm failure. The findings show that German firms that received ECF stood a higher chance of obtaining follow-up funding through business angels or venture capitalists, but also had a higher likelihood of failure. The number of senior managers, subsequent successful ECF campaigns, and the number of venture capital investors all had a positive impact on obtaining post-campaign financing, while firm age had a negative impact. Subsequent successful ECF campaigns were significant predictors decreasing firm failure.
      • Available at SSRN
      • Forthcoming in: Corporate Finance: An international Review

      Hornuf, Lars; Schmitt, Matthias (2016). Does a Local Bias Exist in Equity Crowdfunding? The Impact of Investor Types and Portal Design, Max Planck Institute for Innovation & Competition Research Paper, No. 16-07.

      • We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in equity crowdfunding direct their investments and portfolios to local firms. The results suggest that investors exhibit a local bias, even when controlling for family and friends. In addition to the regular crowd, our sample includes angel investors who invest considerable amounts and exhibit a larger local bias. By contrast, well-diversified investors are less likely to suffer from this behavioral anomaly. The data further show that portal design is important for attracting investors more prone to having a local bias. Finally, firms engaging in equity crowdfunding overcome funding barriers by attracting investors at all distances. These findings corroborate regulation targeted to specific investor groups, advise managers of equity crowdfunding portals about their business model, and inform individual investors of their biases.
      • SSRN

      Vorträge

      19. - 20.06.2017

      Does a Local Bias exist in Equity Crowdfunding?

      Darden & Cambridge Judge Entrepreneurship and Innovation Research Conference

      Ort: University of Cambridge


      12. - 14.06.2017

      Does a Local Bias exist in Equity Crowdfunding?

      DRUID Conference

      Ort: NYU Stern School of Business, New York


      12. - 13.05.2017

      Does a Local Bias exist in Equity Crowdfunding?

      American Law and Economics Association - Annual Meeting

      Ort: Yale University


      10. - 12.04.2017

      Does a Local Bias exist in Equity Crowdfunding?

      Royal Economic Society - Annual Conference

      Ort: University of Bristol


      17.03.2017

      Does a Local Bias exist in Equity Crowdfunding?

      Finance Seminar

      Ort: Schulich School of Business, York University


      18.01.2017

      Does a Local Bias exist in Equity Crowdfunding?

      TIME Colloquium

      Ort: Max-Planck-Institut für Innovation und Wettbewerb, München


      04.11.2016

      Equity Crowdfunding in Germany and the UK

      4. Crowdinvesting Symposium

      Ort: Max-Planck-Institut für Innovation und Wettbewerb, München


      13. - 15.09.2016

      Equity Crowdfunding in Germany and the UK

      Forschungsseminar

      Ort: Chiemsee


      06. - 07.06.2016

      Is There a Local Bias in Crowdinvesting? The Impact of Investor Types and Portal Design

      3. ZEW Conference on the Dynamics of Entrepreneurship

      Ort: ZEW Mannheim


      23.10.2015

      Is there a Local Bias in Crowdinvesting?

      3. Crowdinvesting Symposium

      Ort: LMU München


      08. - 09.10.2015

      Is there a Local Bias in Crowdinvesting?

      19. G-Forum – Interdisziplinäre Jahreskonferenz zu Entrepreneurship, Innovation und Mittelstand

      Ort: Universität Kassel


      02. - 03.06.2015

      Does Geographic Proximity Matter in Crowdinvesting?

      Workshop on the Economics of Entrepreneurship and Innovation

      Ort: Universität Trier


      15.04.2015

      Does Geographic Proximity Matter in Crowdinvesting?

      Crowdfunding Konferenz

      Ort: Institut für Mittelstandsforschung (IfM), Bonn


      20. - 21.02.2015

      Does Geographic Proximity Matter in Crowdinvesting?

      Economic Workshop

      Ort: Universität Trier

      Projekte