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主讲人 |
Tse-Chun Lin |
简介 |
<p>We study the implications of the round number heuristic for goal amounts set by entrepreneurs in crowdfunding campaigns. We ?nd that the goal amounts of reward-based crowdfunding campaigns on Kickstarter exhibit clear clustering at round num-bers. More importantly, the use of round goal amounts is associated with a signi?cantly lower likelihood of campaign success and generally adverse campaign performance for the entrepreneurs. Our results also show that the use of round numbers in prior cam-paigns has predictive power over subsequent campaign success, suggesting that the round number heuristic conveys information about entrepreneur quality. Finally, we ?nd that the likelihood of setting a round goal amount decreases with entrepreneurial experience in crowdfunding, indicating an improved entrepreneur quality via learning by doing.</p> |
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主讲人简介 |
<p>Professor of Finance, The University of Hong Kong</p>
<p><a href="/Upload/File/2019/4/201904120238418.pdf">Upload/File/2019/4/201904120238418.pdf</a></p>
<p> </p> |
期数 |
金融经济学系列讲座2019春季学期第七讲（总第63讲） |
