Exploring the impact of initial herd on overfunding in equity crowdfunding

Volume: 59, Issue: 3, Pages: 103269 - 103269
Published: Apr 1, 2022
Abstract
Outcome of equity crowdfunding campaigns often exceeds original fundraising goals, leading to market inefficiency. This undesirable phenomenon of overfunding garnered little attention in past studies. Synthesizing extant literature on crowdfunding and herding, we identified the initial herd made visible by funding progress indicator as the main cause of overfunding. The impact of the initial herd can be quantified by three dimensions: maturity,...
Paper Details
Title
Exploring the impact of initial herd on overfunding in equity crowdfunding
Published Date
Apr 1, 2022
Journal
Volume
59
Issue
3
Pages
103269 - 103269
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