The Economics of Crowdfunding / Progress in Mathematics (PDF)

Douglas Cumming is a Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University, Canada. Douglas has published over 140 articles in leading refereed academic journals in finance, management, and law and economics. He is the incoming Editor-in-Chief of the Journal of Corporate Finance (January 2018), and a Co-Editor of Annals of Corporate Governance, Finance Research Letters, and Entrepreneurship Theory and Practice. He is the author and editor of over a dozen books. Douglas' work has been reviewed in numerous media outlets, including The Economist, The New York Times, and The New Yorker.

Lars Hornuf is a Professor of Finance at the University of Bremen, Germany. He was a visiting scholar at UC Berkeley, Stanford University, Duke University, and Georgetown University. From 2014 to 2017 Lars held a grant from the German Research Foundation on "Crowdinvesting in Germany, England and the USA: Regulatory Perspectives and Welfare Implications of a New Financing Scheme." In 2016, he wrote two expert reports for the Federal Ministry of Finance on the German FinTech market and the Small Investor Protection Act. Lars' work has been covered in newspapers like The Economist and Foreign Policy.