Determinants of Individual Investment Decisions in Investment-Based Crowdfunding

Fabrice Hervé 1 Elodie Manthé 2 Aurélie Sannajust 3 Armin Schwienbacher 4
1 CREGO - Centre de Recherche en Gestion des Organisations [Dijon]
2 WiSEED
3 COACTIS
4 Skema Business School
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.
Keywords : Crowdfunding Startup finance Entrepreneurial finance Equity Crowdfunding Investment decision
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Communication dans un congrès
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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 20 novembre 2019 - 02:47:22

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  • HAL Id : hal-01578576, version 1

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UNIV-BOURGOGNE | UNIV-FCOMTE | COACTIS | UNIV-LYON2 | UNIV-ST-ETIENNE | CREGO-FARGO | CREGO | UNIV-HESAM | SITE-ALSACE | UDL

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Fabrice Hervé, Elodie Manthé, Aurélie Sannajust, Armin Schwienbacher. Determinants of Individual Investment Decisions in Investment-Based Crowdfunding. Second Annual Conference on Alternative Finance, The Cambridge Centre for Alternative Finance with the support of the CME Group Foundation, Jun 2017, Cambridge, United Kingdom. ⟨hal-01578576⟩

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