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Communication dans un congrès
Determinants of Individual Investment Decisions in Investment-Based Crowdfunding
Abstract : We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding campaigns, using a novel investment-, investor- and campaign-level database. We find that women invest less in the riskiest investments but more in safer ones. These findings are better explained by differences in risk aversion than differences in overconfidence between men and women. Investors located in an area considered more "sociable" (socially friendly) also invest more, especially if the investor is a woman. Overall, the findings contribute to our understanding of how investment-based crowdfunding can be a viable source of entrepreneurial finance and how entrepreneurs' campaign decisions affect investor participation in this new form of entrepreneurial finance.
https://hal-univ-bourgogne.archives-ouvertes.fr/hal-01578576
Contributeur : Crego - Université de Bourgogne <>
Soumis le : mardi 29 août 2017 - 14:22:01
Dernière modification le : mercredi 26 mai 2021 - 12:48:02
Contributeur : Crego - Université de Bourgogne <>
Soumis le : mardi 29 août 2017 - 14:22:01
Dernière modification le : mercredi 26 mai 2021 - 12:48:02