Information Cascades among Investors in Equity Crowdfunding
研究了股权众筹平台上个人投资者之间的信息级联现象，发现公开个人资料的投资者能吸引早期投资者，进而带动后期投资者，这对理解众筹成功机制有帮助。
Finance studies on information cascades, usually in an initial public offering setting, typically differentiate between institutional and retail investors, as this is the only information available to potential backers. Information available through equity crowdfunding platforms includes details on individual investors as they may disclose information about themselves by linking their profile to social networks or websites. Using a sample of 132 equity offerings on Crowdcube in 2014, we show that information cascades among individual investors play a crucial role in crowdfunding campaigns. Investors with a public profile increase the appeal of the offer among early investors, who in turn attract late investors.