| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w24777
|
| 来源ID | Working Paper 24777
|
| Online Syndicates and Startup Investment |
| Christian Catalini; Xiang Hui
|
| 发表日期 | 2018-07-09
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | Early crowdfunding platforms were based on a premise of disintermediation from professional investors, and relied on the ‘wisdom of the crowd’ to screen high quality projects. This becomes problematic when equity is involved, as the degree of asymmetric information between entrepreneurs looking for funding and the crowd is higher than in reward-based crowdfunding. As a result, platforms later experimented with incentives for professional investors to curate deals for crowd. We study how the introduction of such incentives influenced the allocation of capital on the leading US platform, finding that the changes led to a sizable 33% increase in capital flows to new regions. Professional investors use their reputation to vouch for high potential startups that would otherwise be misclassified because of information asymmetry. This allows them to arbitrage opportunities across regions and shift capital flows to startups that are 37% more likely to generate above median returns. At the same time, this ‘democratization effect’ relies on the presence of intermediaries with professional networks that bridge these new regions to California. Using a large-scale field experiment with over 26,000 investors we further unpack the frictions to online investment, and show that social networks constitute a key barrier to additional democratization, since they influence how the crowd evaluates intermediaries in the first place. |
| 主题 | Financial Economics
; Financial Institutions
; Industrial Organization
; Firm Behavior
; Development and Growth
; Innovation and R&
; D
|
| URL | https://www.nber.org/papers/w24777
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582451
|
推荐引用方式
GB/T 7714 |
Christian Catalini,Xiang Hui. Online Syndicates and Startup Investment. 2018.
|
|
文件名：
|
w24777.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
