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Local preferences and the allocation of attention in equity-based crowdfunding
Review of Managerial Science ( IF 5.435 ) Pub Date : 2021-02-03 , DOI: 10.1007/s11846-020-00429-6
Marco Bade , Martin Walther

This study examines drivers of investment probability in equity-based crowdfunding using a hand-collected and comprehensive data set from a well-established platform. The analysis confirms several effects that have been reported in the recent literature on other crowdfunding markets. Extending recent research, we study moderators of local preferences of investors. Novel to the literature, we find that (1) local preferences are more pronounced in campaigns of younger ventures, (2) herding-like behaviour is stronger in local campaigns and (3) local investors are more responsive to updates posted by entrepreneurs, compared to non-locals. Our results suggest that investors allocate more attention to campaigns for which they have information advantages, such as local campaigns, due to their limited capacity to process information. Such behaviour may eventually amplify information asymmetry and local preferences. Our findings have practical implications for entrepreneurs, investors and platforms.



中文翻译:

基于股权的众筹中的本地偏好和注意力分配

这项研究使用来自完善平台的手工收集的综合数据集,研究了基于股权的众筹中投资概率的驱动因素。该分析证实了最近在其他众筹市场上已有文献报道的几种影响。在扩展最新研究的基础上,我们研究了投资者本地偏好的调节者。相对于文献而言,我们发现(1)在年轻企业的竞选活动中,本地偏好更为明显;(2)在当地竞选活动中,类似羊群的行为更强;(3)与投资人发布的最新消息相比,本地投资者更敏感非本地人。我们的结果表明,由于处理信息的能力有限,投资者将更多的注意力转移到具有信息优势的活动上,例如本地活动。这种行为最终可能会放大信息的不对称性和局部偏好。我们的发现对企业家,投资者和平台具有实际意义。

更新日期:2021-02-03
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