A field experiment on attracting crowdfunders

Hornuf, Lars; Siemroth, Christoph

doi:10.1016/j.econlet.2022.110928

Cited by 3 publications

(3 citation statements)

References 11 publications

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“…Prior research has highlighted the empirical challenges involved in explaining causal relationships between gender and investment decisions (Bapna & Ganco, 2021; Brooks et al, 2014). While it is feasible to measure actual investment decisions in a controlled setting with a gender manipulation (Bernstein et al, 2017; Døskeland & Pedersen, 2016; Hornuf & Siemroth, 2023), manipulating gender to investigate intuition in investment decisions in real-world contexts poses considerable challenges. Therefore, conducting a field experiment would not have been a suitable method to explore causal relationships in this context.…”

Section: Discussionmentioning

confidence: 99%

“…In our laboratory setting, our subjects did not invest real money, so we investigated the willingness to invest; future studies could study actual investments via field experiments. While it is feasible to measure actual investment decisions in a controlled setting with a gender manipulation (Bernstein et al, 2017; Døskeland & Pedersen, 2016; Hornuf & Siemroth, 2023), we made a deliberate decision not to pursue a field experiment as the initial stage of our research. This choice was primarily driven by the challenge of simultaneously measuring intuition in such a setting.…”

Section: Limitations and Further Researchmentioning

confidence: 99%

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Investor Intuition Promotes Gender Equality in Access to Reward-Based Crowdfunding

Fellnhofer,

Deng

2023

Entrepreneurship Theory and Practice

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Our study challenges the notion that intuition is used to explain away gender biases in access to finance, arguing instead that women's success in crowdfunding is rooted in the use of intuition. We measured investors' intuition using self-reports and fast investment decision-making related to crowdfunding campaigns in three randomized controlled experiments involving 2,911 subjects from Europe and the United States. Our Bayesian analysis provides evidence for a gender equality effect, suggesting that intuition cannot be cited as the reason for gender biases in investment decisions. Our research highlights the importance of reassessing the scientific reputation of intuition.

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Section: Discussionmentioning

confidence: 99%

Section: Limitations and Further Researchmentioning

confidence: 99%

Investor Intuition Promotes Gender Equality in Access to Reward-Based Crowdfunding

Fellnhofer,

Deng

2023

Entrepreneurship Theory and Practice

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“…Third, this study collects data from actual crowdfunding campaigns and behavioral finance experiments. Scholars have only recently begun to conduct experiments in crowdfunding research (Hornuf and Siemroth, 2023;Chan et al, 2023). This study contributes to this trending approach and adopts two data collection methods.…”

Section: Introductionmentioning

confidence: 99%

Rational herding: evidence from equity crowdfunding

Yi,

Shen,

Xie

et al. 2024

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PurposeThis study explores whether herd behavior exists for equity crowdfunding investors in China and whether this herding is rational.Design/methodology/approachBased on signaling theory and social learning theory, two hypotheses were proposed. This study employed two approaches to collect data. First, this paper analyzed 3,041 investments on an equity crowdfunding platform in China using Python programming and built a panel data model. Second, based on a unique experiment design, this study conducted several relevant herd behavior simulation experiments.FindingsWe found that investors in the Chinese equity crowdfunding market exhibit herd behavior and that this herding is rational. Project attributes play a negative role in moderating the relationship between the current investment amount and cumulative investments. Experimental results further support our findings.Originality/valueThis study contributes to the emerging literature on herding in crowdfunding by focusing on equity crowdfunding in China. We are the first to explore whether Chinese equity crowdfunding investors exhibit rational herding behavior. The study is also original in applying social learning theory to equity crowdfunding and in using both actual crowdfunding campaigns and experimental approaches to collect data. This study has valuable implications to practice.

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