With a Little Help from Friends: Strategic Financing and the Crowd
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摘要Based on a crowdfunding platform and social media account login data, we study the information role of financing from connected individuals (e.g., family and friends) of entrepreneurs. While financing from connected individuals is generally considered as a signal of high-quality projects, our results suggest that this might be a signal of funding performance manipulation. Entrepreneurs with moderate early funding performance strategically solicit investments from friends to encourage naïve investors to herd. Sophisticated investors discern manipulation and are less likely to invest. Manipulation exists even when sophisticated investors have significant market power and projects with manipulation deliver poorer funding performance.
出版社接受日期11.02.2020
著者Sudipto Dasgupta, Tingting Fan, Yiwei Li, Yizhou Xiao
會議名稱The 8th Annual Conference of Asian Bureau of Finance and Economic Research
會議開始日18.05.2020
會議完結日21.05.2020
會議地點Singapore
會議國家/地區新加坡
出版年份2020
月份5
語言美式英語

上次更新時間 2020-16-12 於 11:58