Climate policy shocks and crowdfunding success of renewable technology campaigns
以特朗普退出《巴黎协定》作为外生政策冲击，研究发现该政策变化显著降低了可再生能源技术众筹活动的成功率，机制检验表明社会信任和可得性偏差影响了投资者的决策。
Abstract This study uses Trump's withdrawal from the Paris Accord as an exogenous policy shock and investigates its impact on crowdfunding outcomes. We find that this major policy change negatively affects the funding success of renewable technology campaigns. Mechanism tests suggest that social trust and availability bias transmit the influence of climate policy shock on crowd backers' decisions. Further analyses indicate that Biden's consequential policy reversal recovers the investors' support towards renewable technology. Overall, the Trump administration's climate policy shock induces significant shifts in the consumption preferences of small investors and incurs negative externalities upon renewable technology in crowdfunding markets.