Herding dynamics and multidimensional uncertainty in equity crowdfunding: The impacts of information sources
研究了股权众筹中羊群效应的时间动态，发现羊群行为在筹资活动后期出现，且投资者讨论信息比项目创始人披露的信息更易引发不确定性并加剧羊群效应。
This study investigates the temporal dynamics of herding behavior in equity crowdfunding, and especially when herding momentum is likely to occur during a funding campaign under the influence of different information disclosures. Our results are consistent with the multidimensional uncertainty theory in which herding does not occur in the first stage of funding campaigns but arises in the later stages. We further show that information from investors’ discussions may be noisier than information disclosure from project founders, and thus is more likely to bring on uncertainty and accentuate herding. Our findings highlight the importance of information resource management, in which different information sources may require different information disclosure policies.