| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15058 |
| DP15058 With a Little Help from Friends: Strategic Financing and the Crowd | |
| Sudipto Dasgupta; Tingting Fan; Yiwei Li; Yizhou Xiao | |
| 发表日期 | 2020-07-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 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. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp15058 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544010 |
| 推荐引用方式 GB/T 7714 | Sudipto Dasgupta,Tingting Fan,Yiwei Li,et al. DP15058 With a Little Help from Friends: Strategic Financing and the Crowd. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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