The role of competition on equity crowdfunding
研究了竞争对股权众筹活动的影响，发现竞争数量不影响融资成功率，但会降低投资者参与和最终投资者数量，且其他行业的爆款项目会蚕食成功概率。
Abstract Our study investigates competition’s impact on ECF campaigns, analyzing 37,201 daily observations from 1081 campaigns. While we found that the number of competing campaigns does not significantly influence the likelihood of funding, our daily analysis reveals its effect on campaign performance, impacting investors participation and funds raised. Additionally, more competitors reduce final number of investors. Furthermore, blockbuster projects from other industries have an adverse cannibalization effect, lowering campaign success probability. These findings emphasize the role of the competitive landscape in guiding entrepreneurs’ strategic decisions to improve the prospects of ECF campaigns success.