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Simon Kleinert M.Sc.

Unternehmensgründung und Wirtschaftsentwicklung

Raum: M.13.01
Telefon: 0202/4393905
E-Mail: kleinert{at}
URL: Website


Simon Kleinert was born in 1990 in Cologne Germany. After receiving his German Abitur, he did a dual system studies, studying at the Europäische Fachhochschule in Brühl and working at the MEDA Manufacturing GmbH. Afterwards he continued to work at MEDA as project manager in the supply chain management. At the same time he completed his GMAT and then started his Master studies in “Strategy and Innovation” at the School of Business and Economics at Maastricht University. After his graduation in 2016 he worked for the strategy department of the AXA Konzern AG. Since July 2016 he works as research associate with focus on Entrepreneurial Finance at the Chair of Entrepreneurship and Economic Development & UNESCO-Chair of Entrepreneurship and Intercultural Management at Schumpeter School of Business and Economics. Simon is a PhD student who specializes on crowdfunding research.

Titel und Abstract des Dissertationsprojektes

 "Herding in Equity Crowdfunding", Betreuerin: Prof. Dr. Christine Volkmann (Bergische Universität Wuppertal)

This study provides a first empirical analysis of herding in the equity-crowdfunding envi-ronment, using a unique data set of 205 within projects, covering 13,533 daily observations and around €63 million in funding volume. This environment is particular suitable to test for herding due to high information asymmetries between investors and entrepreneurs. Data stems from five leading European platforms and allows a first empirical comparison of crowdfunding platforms, which is shown to be important because nature of platforms differs highly. We find evidence for herding behaviour in this context by showing that investors adapt others’ investment decisions, controlling for observable and unobservable campaign characteristics. Herding occurs particularly pronounced during the uncertain early days, this is suggestive for rational behaviour. Our study identifies several attributes by which entre-preneurs signal quality and uncertainty in an equity-crowdfunding project. We test whether these signals spur or weaken herding behaviour and find ambiguous results for rational herd-ing on different crowdfunding institutions.


  • IECER Conference 2016 (forthcoming): Herding in Equity Crowdfunding
  • G-Forum 2016 (forthcoming): Herding in Equity Crowdfunding



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