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Communication Dans Un Congrès Année : 2017

Investor Motivations in Investment-Based Crowdfunding

Elodie Manthé
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Aurélie Sannajust
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Armin Schwienbacher
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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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Dates et versions

hal-01578572 , version 1 (29-08-2017)


  • HAL Id : hal-01578572 , version 1


Fabrice Hervé, Elodie Manthé, Aurélie Sannajust, Armin Schwienbacher. Investor Motivations in Investment-Based Crowdfunding. 2017 FMA European Conference : 27th Annual European Conference of the Financial Management Association International, Jun 2017, Lisbonne, Portugal. ⟨hal-01578572⟩
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