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[Seminar] 財金系 11/06 (一) 中午 12:30 邀請 University of Hong Kong 的 Prof. Tse-Chun Lin 演講
活動起日:2017-11-06 
發佈日期:2017-10-30 
瀏覽數:139  2017-10-30 更新

本系擬於 11/06 () 邀請 University of Hong Kong Prof. Tse-Chun Lin 至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 11/06 () 12:30-14:00

地點: 管理學院一號館八樓財金系會議室

講者: Prof. Tse-Chun Lin

講題: Fund What You Trust? Social Capital and Moral Hazard in Crowdfunding

Abstract:

This paper studies how regional social capital helps mitigate moral hazard in crowdfunding campaigns. We construct a yearly index of social capital for all U.S. counties and combine that with a near-comprehensive sample of Kickstarter campaigns in the U.S. We find a significantly positive relationship between social capital and crowdfunding campaign volumes, as well as crowdfunding campaign performance. Higher social capital is also associated with significantly smaller goal amounts, consistent with the model predictions of Strausz (2017). We further ?find evidence that the positive relationship between social capital and the likelihood of campaign success is stronger at times of high economic uncertainty and low investor sentiment, for entrepreneurs that lack a track record, for small campaigns, for entrepreneurs based in poor counties, as well as for female entrepreneurs. Our findings suggest that moral hazard is a key determinant in crowdfunding campaign dynamics, and that social capital helps mitigate the problem.