Illegal fundraising and financial availability——The evidence from court cases in China

Jennifer Lai, Jing Xie, Mengqian Ye and Xingjian Yi

Applied Economics Letters, 2024, vol. 31, issue 16, 1513-1518

Abstract: This paper investigates the impact of financial availability on illegal fundraising activities in China. By collecting 14,481 judgement documents from 2013 to 2019 in China Judgements Online and extracting data, we find that financial availability effectively reduces the amount of money invested, the actual loss and the number of related court cases. This effect remains robust under various robustness specifications. In addition, we find that the attention of investors can increase the negative impact of financial availability on illegal fundraising.

Date: 2024
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DOI: 10.1080/13504851.2023.2203442

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