Investor Motivations in Investment-Based Crowdfunding

Fabrice Herve, Elodie Manthé (), Aurélie Sannajust () and Armin Schwienbacher
Additional contact information
Elodie Manthé: WiSEED
Aurélie Sannajust: COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne

Post-Print from HAL

Abstract: 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.

Keywords: Crowdfunding; Venture; Entrepreneurial finance; Equity Crowdfunding (search for similar items in EconPapers)
Date: 2017-06-22
References: Add references at CitEc
Citations:

Published in 2017 FMA European Conference : 27th Annual European Conference of the Financial Management Association International, Jun 2017, Lisbonne, Portugal

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: Investor Motivations in Investment-Based Crowdfunding (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01578572

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().