Herding in equity crowdfunding
构建了包含全有或全无和保留全部两种模式的股权众筹模型，分析理性投资者信息聚合与负向信息级联，并用欧洲平台数据验证。
Abstract 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 AoN without signalling. We test predictions using data from a leading European equity crowdfunding platform and find support. Results are consistent with rational information aggregation. However, negative information cascades may still appear. The AoN crowdfunding mechanism might therefore fail to finance a nonnegligible percentage of positive NPV projects.