What’s in a “Username”? The Effect of Perceived Anonymity on Herding in Crowdfunding
研究了众筹平台上，前序投资者的用户名（匿名或实名）如何通过影响感知可信度，改变后续投资者的跟风行为，发现匿名用户名反而增强羊群效应，尤其在筹资早期更明显。
This research investigates whether and how predecessors’ usernames—as evaluated from a perspective of perceived anonymity—affect successors’ herding momentum through the varying extent of perceived source credibility. Using a unique data set collected from a leading debt-based crowdfunding platform, we classify lenders’ usernames as either anonymous or real-seeming, with the latter referring to usernames that seem to reveal one’s legal name. We find that successors demonstrate weaker herding momentum toward predecessors who are presented with real-seeming usernames than anonymous ones. This finding, which we attribute to a lower extent of perceived credibility resulting from a nonconforming behavior, challenges the conventional wisdom that considers anonymity a negative factor for source credibility. Further, we demonstrate the importance of risk-related factors, in that the uncovered positive effect of perceived anonymity on herding is accentuated in the early stage of the fundraising period. Our findings provide actionable insights for platform owners to utilize the user heterogeneity with respect to perceived anonymity and hence perceived credibility in herding. These findings are also informative for borrowers who desire to exert effort to encourage participation from the crowd.