Gender homophily and local bias in equity crowdfunding
研究德国众筹平台数据发现，国内投资者偏好地理邻近企业，女性投资者尤其明显，但性别同质性（女性投资者偏好女性高管企业）部分抵消了这种本地偏好。
Abstract We investigate gender-specific local biases among investors in equity crowdfunding. Based on data from a major German crowdfunding platform, we find that domestic investors favour ventures that are geographically closer to their own place of residence. This bias is particularly evident among female investors, although it is partially offset by gender homophily, whereby female investors favour companies with women in the top management team. Finally, we show that the introduction of the German Small Investor Protection Act may have exacerbated local biases in the German crowdfunding market, particularly with respect to firms with female management. Overall, our results suggest that establishing their companies in close proximity to a large number of potential female crowd investors may help improve female entrepreneurs’ chances of attracting equity crowdfunding investment.