 Okay, then let's start with the last part of this symposium. And now we're actually moving to the second stage, like the first stage of this symposium was the academic part. And since this is also part of a larger research program which is funded by the German Research Foundation, Lars Köln and I and Matthias, who are organizing this event, we're always thinking we have to give something back to society. We actually funded this program. And so we would like to start off with a short introduction of what we have accomplished this year. And then you will probably all be looking forward to hearing this year's keynote speech by a different colleague. And so let me first of all welcome everyone who just attends now. It hasn't been part of the academic conference this year. And as you might know, crowd investing in Germany actually started in 2011. So we are now in the sixth year. We are just moving into the seventh year each. And every good marriage, as you might know, the seventh year everything falls apart. But as far as I can say, for the crowd investing market in Germany, this is so far not the case. So as you might have realized, we are having this crowd investing symposium now for the fourth time. And this year actually, for the first time, we opened it more up to financial decision making in the internet because we believe that fintech is really an emerging barrier and we shouldn't really focus only on crowd investing. And as you might have realized, a couple of papers that have already part of this topic like fintech but also social trading have been part of the conference. And I think we're going to continue with that and we'll have the symposium more open also in the future on that. So now we are getting this open session and before I start with the latest findings, let me briefly tell you what we're going to proceed. So in the first step, I'm going to briefly say something even shorter than the slide presentations on a couple of our recent papers. And then Ethan will have the keynote speech and we are very much looking forward to what he has to say. And then there will be a discussion with the practitioners from different fintech companies that have actually invited some of the ministry of finance. Okay, before I start with our latest findings, let me briefly thank a couple of people and institutions. First of all, I would like to thank all the participants of the economic workshop this morning and that you didn't make this symposium turn out like here in the comic and it probably didn't get out of hand. So that was good. And I would also like to thank the Max Planck Institute Foundation Competition for hosting this year's event. I would also like to thank them and the German Research Foundation for providing funding for the event. I think they're both very supportive. Third, I would like to thank all the people who have helped us to make this event successful and as you might have realized or not, the event for us is still like a little startup. So we are, yeah, you might not have realized that you are also improving and I think it turned out quite well. And particularly I would like to thank Matthias Schmidt who did really an excellent event or organized an excellent event and it was not like a crowdfunding journey and look at the funding success but also turn out in the end was really successful like a venture capital exit with a really good VC in the end. So thank you very much. And to give everyone an overview of how crowd investing has evolved and what we mean by crowd investing is the fact that everything that is in some form an investment in the future cash flows of a firm or of a project. But as an investor you should actually receive the future cash flows because what you might have realized is that in Germany we don't call it equity crowdfunding but crowd investing because we don't really use equity here and we'll show you in a second why and what you see here is the investment in startup companies. So it's moving up and if you go until here this might have looked very cool and if you're an economist and you have gone on you would have thought like this. So it didn't and actually you see it's quite flat and what actually why this is an intriguing finding is that here in 2015 we had the Small Investor Protection Act and so Forbes installers might say well this has hampered us a lot to get funding but you can see that this was not the case at least not for startups. However the market has developed and what you see is here that this is a different segment that has emerged recently which is investments in real estate projects and so there have been some really big quarters where there was a lot of real estate finance which quite similar or which replicates quite similar to the contracts you have seen in crowd investing for startups but also Forbes moved into different areas like one of them is the eco and social and movie projects but this didn't really take off in Germany at least and so if you look at the entire market so the market didn't really grow in 2013 and 2014 and 2015 there was a big peak and I don't think that in 2016 we will see growth rates again so it will be pretty much around about 30 million euros Okay, so here is the story So let's come to the first study and this is joint work with Tobias Schilling in the last learn and what you have looked at is the contracts in crowd investing and you have already noticed Tobias mentioned that already like in Germany we don't have any equity shares sold in a private limited liability company I mean there have been some securities in larger stock corporations but this is really rare so in the beginning what happened was like we only had sided partnership agreements and the reason for that is mostly that if you want to transfer a share of a private limited liability company in Germany you need a notary and you can imagine if you're selling a 5 euro share and you have to pay a notary for 250 euros so that's not really an efficient thing to do and most of the time you won't make a return of a couple of thousand percent to get in the fees you pay for the notary and what happened then was that signed partnerships kind of disappeared and in fact here you see we have profit participating loans loans starting off and the major reason for that was that you actually need a prospectus if you issue more than 100,000 euros with a signed partnership but with a profit participating loan for a long time you could actually issue unlimited amounts but at the time the Small Investor Protection Act kicked in in 2015 and then you could only raise up to 2.5 million however what you can see is that at this time there was only exclusively almost like profit participating loans or subordinated debt the level was mostly used by real estate projects ok so study 2 is a joint work with Matthias Neumann from the University of Tio and the major was we were interested in the pricing of shares and how they got evaluated you might know that in equity crowdfunding in Germany how it works is that the portals and the entrepreneurs get together they decide on the price of the startup the portal says not too high the firm says oh we are very valuable so we should have a very high price and then they come up with the price except for one portal namely Indovestment where the crowd could actually determine the price and with a lower bound and so you could learn something about the willingness to pay of the crowd for a share so what you see here is like two different periods from 2011 to 2012 from 2012 to 2014 and this is the number of investments an investor has taken and here is the premium they have paid and the first thing that is striking is apparently previously investors have been willing to pay more so the premium got lower all the time and the second thing is like there was apparently not much learning going on so it didn't matter how many investments you have made so the price you were willing to pay was pretty much the same we also checked rather characteristics and what we found was that you can pay characteristics like funding gold and so on had an important impact on your willingness to pay it on because it could be seen as a signal because it actually had an impact which was mixed if you invested in real estate before it had its experience there you weren't willing to pay a higher premium but if you invested in stocks before you were willing to pay more and you also looked at funding progress and hurting going to the positive effect and very interestingly we looked at the stock market for the utility in Germany what you could see is that if the stock market for the utility in Germany was higher then people were more willing to invest in equity crowdfunding which is interesting because it indicates that the two are not compliments they are apparently substitutes so if the utility is higher the stock market can move to a different market and the third study jointly with Matthias Schmidt we looked at the local bias of investors and what you see here is first of all where are the investors coming from and here is where is the money coming from if you see like most of the money comes from most of the people come from Berlin however like if you look at Munich it's not so many people but more money and it should got similar and so this is how this looks like interestingly we also looked at how individual investors decided and what you could see is that so individual investors mostly invested in local firms if you have an average distance so they decided to invest from which was more closer to them and also their portfolios were skewed in this direction we also found out that it's not all the investors who have this local bias, a certain type of investors have this local bias more often for instance company-friendly investors invested more locally investors who invested larger amounts also invested more locally which makes sense because if they invest a larger amount then they might also want to have more control of the start of their investment and if investors have more diversified they also have a lower local bias which is however kind of topological ok so in a third study with a full study it's dark coming and then in Schreitzer we were looking at fraud and crowdfunding and what we were interested in is we identified around 200 campaigns where there was obvious fraud on Kickstarter and Indiegogo and so sometimes the entrepreneur just took the money and moved somewhere else and he didn't produce the product he was supposed to produce and then we matched the sample with very similar campaigns and we wanted to see whether we could identify fraudsters from non-fraudsters so what we found is first of all if you're confronting a campaign which is already a repeated campaign and not the first time then it was less likely that you actually had a fraudster which is not surprising so if you are a serial entrepreneur and if you did a couple of campaigns you probably also said confident about yourself and you just ran a campaign so you didn't engage in fraud also interestingly what we observed is that if there is a fraudster people most likely have a lower social media presence which makes sense in economic terms so if you are all over the internet you don't want to be detected if you're a fraudster and you're trying to hide already also probably not surprising campaigns of the fraudsters who are poorly murdered and mostly confusing and if you think about it like if you don't know what you want to present and what you want to create you also don't know how to describe that and fraudsters trying to make up for that by generating more pledge categories and just generating more incitements to encourage the investors to get into this crowdfunding campaign so talking about crowdfunding I would like to introduce our keynote speaker Ethan Moly and probably all of you might know Ethan already however I would like to briefly introduce him so Ethan is the ever be and surely are and shows assistant professor at the Wolfson Business School and prior to that he received advanced technology and policy from Harvard University he also received a master's in science and management as well as a PhD in technology innovation and entrepreneurship in economics and sociology from the MIT Sloan School of Management his research interests include not surprisingly crowd investing and crowdfunding so he's also interested in use innovation and other topics he has received many awards from three of them so this year he became the Schultz Distinguished Professor of Nursing in 2014 he was among the most outstanding business school professors under 40 in the world also in 2014 he was the 30th most important influencer in crowdfunding and as he just told me in 1996 he got awarded the prize for the worst website on the web so one of the first memes too so he published several articles and various prestigious journals among others in organization science management science probably most of you know the lead article from the Journal of Business Mentoring and the dynamics of crowdfunding an exploratory study and Ethan is still exploring crowdfunding and today he will present his latest work on crowdfunding he will be more to your presentation Ethan and your series thank you