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Investor Motivations in Investment-Based Crowdfunding

Listed author(s):
  • Fabrice Hervé

    ()

    (CReGO - Centre de Recherche en Gestion des Organisations - UFC - Université de Franche-Comté - UB - Université de Bourgogne)

  • Elodie Manthé

    ()

    (WiSEED)

  • Aurélie Sannajust

    ()

    (COACTIS - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet [Saint-Etienne])

  • Armin Schwienbacher

    ()

    (Skema Business School - SKEMA Business School)

Registered author(s):

    We investigate determinants of investment decisions in investment-based (equity and real estate) crowdfunding, using a novel investment-, investor- and campaign-level database. We find that this market is a man’s world, with nearly 93% of investments made by men. 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, but only 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.

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    Paper provided by HAL in its series Post-Print with number hal-01578572.

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    Date of creation: 22 Jun 2017
    Publication status: Published in 2017 FMA European Conference : 27th Annual European Conference of the Financial Management Association International, Jun 2017, Lisbonne, Portugal. 2017,
    Handle: RePEc:hal:journl:hal-01578572
    Note: View the original document on HAL open archive server: https://hal-univ-bourgogne.archives-ouvertes.fr/hal-01578572
    Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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