Investor Attention and Crowdfunding Performance

被引：0

作者：

Hu, Lin ^{[1
]}

Li, Kun ^{[1
]}

Wu, Zhenhua ^{[2
]}

Gu, Bin ^{[3
]}

机构：

[1] Australian Natl Univ, Canberra, ACT, Australia

[2] Nanjing Univ, Nanjing, Peoples R China

[3] Boston Univ, Boston, MA 02215 USA

来源：

PROCEEDINGS OF THE 56TH ANNUAL HAWAII INTERNATIONAL CONFERENCE ON SYSTEM SCIENCES | 2023年

关键词：

Crowdfunding; Attention Economy; Distraction; Attention-driven Herding;

D O I：

暂无

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

Today's digital era facilitates the rise of crowdfunding markets by allowing entrepreneurs to seek funding directly from crowds. Crowdfunding, as IT-enabled disintermediation, lowers entry barriers for crowds to invest in business projects and entrepreneurs to obtain funding, yet may exacerbate information asymmetry and absorb investor attention to process information about the potential projects. We develop a model wherein investors with limited attention aggregate personalized information about (reward-based) crowdfunding projects and conduct comparative analyses on how rises in investors' unit attention cost (associated with greater distractions) affect investor attention, investment decisions, and crowdfunding performance. We then exploit a novel measure of distraction-news pressure-to test the effects of distraction on investor engagement and crowdfunding performance empirically, and the results support our model predictions.

引用

页码：6409 / 6418

页数：10

共 19 条

[1] CROWDFUNDING: GEOGRAPHY, SOCIAL NETWORKS, AND THE TIMING OF INVESTMENT DECISIONS [J].