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How Wise are Crowds on Crowdfunding Platforms?

Chemla, Gilles; Tinn, Katrin (2021), How Wise are Crowds on Crowdfunding Platforms?, in Zingales, Luigi; Wardrop, Robert; Rau, Raghavendra, The Palgrave Handbook of Technological Finance, Palgrave Macmillan : London, p. 397-406. 10.1007/978-3-030-65117-6_16

Type
Chapitre d'ouvrage
Date
2021
Book title
The Palgrave Handbook of Technological Finance
Book author
Zingales, Luigi; Wardrop, Robert; Rau, Raghavendra
Publisher
Palgrave Macmillan
Published in
London
ISBN
978-3-030-65116-9
Number of pages
888
Pages
397-406
Publication identifier
10.1007/978-3-030-65117-6_16
Metadata
Show full item record
Author(s)
Chemla, Gilles
Dauphine Recherches en Management [DRM]
Tinn, Katrin
Abstract (EN)
While firms have obtained outside financing from large numbers of investors on financial markets for centuries, online crowdfunding platforms have only emerged as a major source of funding for start-ups and new projects for a decade. The information available to backers on crowdfunding platforms is generally coarse. This paper surveys the existing literature on the extent to which crowdfunding harnesses the wisdom of crowds. We discuss two broad categories of crowdfunding. Reward-based crowdfunding platforms such as Kickstarter, where backers typically have private and independent valuations, appear to offer environments favorable to the wisdom of crowds. In contrast, initial coin offerings (ICOs) offering services with network externalities and security-based platforms with common values appear to exhibit some results eliciting valuable information, but several results appear to point to informational cascades.
Subjects / Keywords
reward-based; securities-based; Initial coin offerings; informational cascades
JEL
D80 - General
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
L26 - Entrepreneurship
M13 - New Firms; Startups

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