The authors investigate whether matchings in equity crowdfunding are more likely to happen if homophily exists between investors and investees. They focus on gender, age and geographical proximity as crucial dimensions of similarity among individuals and thus of homophily. Furthermore, they investigate whether the effect of homophily depends on the risk of opportunism, which investors allegedly attribute to proponents basing on their area of residence.,The authors analyze a hand-collected database of 13 equity crowdfunding campaigns launched by Italian innovative start-ups from January 2013 to June 2016, which includes information about 384 equity crowdfunding investments carried out by 361 different investors.,The authors find a significant effect of geographical proximity and age similarity in explaining the probability that an investor finances a campaign. Moreover, these effects are particularly relevant if the proponent is located in areas characterized by a high risk of opportunistic behavior. Interestingly enough, they do not detect any significant effect related to gender.,In this paper, the authors have the unique opportunity to analyze a whole market (the Italian market) during three years, from inception (2013–2016), and to collect the identities of the investors in all successful campaigns.

中文翻译：

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选拔亲和力：探索股权众筹中企业家与投资者之间的匹配

作者研究了如果投资方和被投资方之间存在同质性，股权众筹中的匹配是否更有可能发生。他们关注性别，年龄和地理位置，这是个体之间相似性以及同质性的重要方面。此外，他们研究了同质性的影响是否取决于机会主义的风险，据称投资者将其归因于其居住地区的支持者。从2013年1月到2016年6月，其中包含由361个不同的投资者进行的384次股权众筹投资的信息。作者在解释投资者资助竞选活动的可能性时发现了地理位置接近和年龄相似性的重大影响。此外，如果支持者位于以高机会主义行为为特征的地区，则这些影响尤其重要。有趣的是，它们没有检测到与性别相关的任何重大影响。，在本文中，作者拥有独特的机会来分析从成立之初（2013-2016年）的三年内的整个市场（意大利市场），并收集在所有成功的竞选活动中投资者的身份。