Herding in equity crowdfunding

We build a model of equity crowdfunding that incorporates the two major funding models: all‐or‐nothing (AoN) and keep‐it‐all (KIA). Both informed and uninformed investors arrive sequentially and rationally choose whether and how much to invest. The KIA solution turns out to be a reduced version of A...

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Veröffentlicht in:	The Rand journal of economics 2024-09, Vol.55 (3), p.403-441
Hauptverfasser:	Åstebro, Thomas, Fernández, Manuel, Lovo, Stefano, Vulkan, Nir
Format:	Artikel
Sprache:	eng
Schlagworte:	alternative finance dynamic models entrepreneurial finance entrepreneurship equity crowdfunding herding Negative information start‐ups
Online-Zugang:	Volltext
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