Do Principles Pay in Real Estate Crowdfunding?
基于美国七大房地产众筹平台的733个项目数据，分析项目属性、融资方式和众筹特征如何影响预期回报，发现高风险项目、股权融资和高杠杆与更高预期回报正相关。
This article uses a hand-collected sample of 733 projects from seven leading U.S.-based real estate crowdfunding platforms. The authors analyze how property, financing, and crowdfunding campaign characteristics explain the proposed returns of real estate crowdfunding campaigns based on the principles of investment risks in the real estate market. The authors find that projects with higher average investment risk tend to have higher proposed returns. The financing characteristics indicate that equity-financed projects and higher levels of leverage are positively correlated with higher proposed returns. They are also associated with the campaign characteristics of later payments to investors and higher minimum investment amounts. <b>TOPIC:</b>Real estate