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Home Bias in Online Investments: An Empirical Study of an Online Crowdfunding Market
Open accessAbstract
An extensive literature in economics and finance has documented home bias, the tendency that transactions are more likely to occur between parties in the same geographical area rather than outside. Using data from a large online crowdfunding marketplace and employing a quasi-experimental design, we find evidence that home bias still exists in this virtual marketplace for financial products. Furthermore, through a series of empirical tests, we show that rationality-based explanations cannot fully explain such behavior and that behavioral reasons at least partially drive this remarkable phenomenon. As crowdfunding becomes an alternative and increasingly appealing channel for financing, a better understanding of home bias in this new context provides important managerial, practical, and policy implications. This paper was accepted by Lee Fleming, entrepreneurship and innovation.
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The dynamics of crowdfunding: An exploratory study
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Cited by
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018) · Journal of Management Information Systems · doi:10.1080/07421222.2018.1440766 · Cited by 2,109
The emergence of the global fintech market: economic and technological determinants
Haddad, C., & Hornuf, L. (2019) · Small Business Economics · doi:10.1007/s11187-018-9991-x · Cited by 754
Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2021.101941 · Cited by 521
Toward a better understanding of crowdfunding, openness and the consequences for innovation
Stanko, M. A., & Henard, D. H. (2017) · Research Policy · doi:10.1016/j.respol.2017.02.003 · Cited by 312
Does equity crowdfunding democratize entrepreneurial finance?
Cumming, D., Meoli, M., & Vismara, S. (2021) · Small Business Economics · doi:10.1007/s11187-019-00188-z · Cited by 268
Metadata
- Authors
- Lin, M., & Viswanathan, S.
- Venue
- Management Science
- Published
- 2016-05
- Volume
- 62
- Issue
- 5
- Pages
- 1393-1414
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W3121141377
- Cited by
- 678
- References
- 57
- FWCI
- 125.02
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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