Abstract Using a hand collected data-set, this paper analyzes the investment behavior of over 15,100 investors and over 42,200 investments on one of Germany’s largest equity crowdfunding portals. It shows that paramount contributions come from one subpopulation. Contributions of EUR 5000 and larger from the first 59 campaigns account for 50.6% of the raised capital while they make up a mere 3.2% of all investments. When these investments are linked to investor profiles, these individuals are found to invest less frequently, suggesting different investment behaviors among crowd-investors. This significantly advances the understanding of equity crowdfunding by showing that the crowd is not a homogenous community. Furthermore, it is found that for investors who make these investment sizes, men are not statistically more likely to be a part of this group. These findings provide numerous revelations for policy-makers, equity crowdfunding platforms, as well as entrepreneurs.

中文翻译：

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股权众筹中的投资者行为

摘要本文使用手工收集的数据集，分析了德国最大的股权众筹门户网站之一上的15100多个投资者和42200多个投资的投资行为。它表明最重要的贡献来自一个亚群。前59个活动中的5000欧元及以上的捐款占募集资金的50.6％，而仅占所有投资的3.2％。当这些投资与投资者概况相关联时，发现这些人的投资频率降低，这表明在人群投资者之间存在不同的投资行为。通过证明人群不是同质社区，这大大提高了对股权众筹的理解。此外，我们发现对于进行这些投资规模的投资者而言，男性在统计学上不太可能成为这一群体的一部分。这些发现为决策者，股权众筹平台以及企业家提供了许多启示。