Bending light: How cognitive styles influence the pitch evaluations and performance predictions of crowdfunded ventures
研究发现，理性思维风格会强化昂贵信号（如专利）对众筹项目评估的影响，而经验思维风格则削弱这种效应，表明众筹投资者并非同质群体。
Most entrepreneurial finance studies have treated funders as a monolithic group and ignored individual differences in tastes. This overlook is complicated by prior studies demonstrating how entrepreneurs would utilize either costly to be acquired cues (e.g. patents) that signal venture quality or costless cues that are easily fabricated (e.g. company name fluency) in their pitches to influence investors. We thus investigate how cognitive styles influence heterogeneous crowdfunding backers’ evaluations of pitches in the presence of costly and costless cues. Based on Cognitive-Experiential Self-Theory, we illustrate that a rational thinking style moderate the contrast effect, i.e. costly cues overpowering costless cues, on pitch evaluations and performance predictions for crowdfunded ventures, while an experiential thinking style will attenuate such contrast effect. Findings from two experiments support the moderating effect of a rational thinking style. We demonstrate backers are not monolithic and call for future studies to understand how heterogeneous backers make decisions.