The Dynamics of Investor Sentiment Impacts in Equity Crowdfunding: Unveiling the When
研究了投资者情绪在股权众筹中何时影响投资决策，发现情绪在众筹首日和不确定性高的项目中作用更强，基于英国Crowdcube平台447个众筹活动的数据分析。
Abstract Expanding upon the known impact of investor sentiment on crowdfunding contributions, we delve deeper to pinpoint specific conditions under which sentiment influences investor choices. Grounded in psychological theory, we assert that sentiment's influence thrives at the peak of investor attention, primarily on a campaign's first day and among projects with greater uncertainty. Our empirical study, based on 447 campaigns with 17,244 daily observations from the United Kingdom's Crowdcube platform, substantiates our claim. Our research enhances the comprehension of equity crowdfunding investors and provides practical insights for its proponents.