Investor Retention in Equity Crowdfunding
Investor Retention in Equity Crowdfunding
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DOI：
10.1145/3292522.3326037
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发表时间：
2019-06
期刊：
影响因子：
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通讯作者：
Igor Zakhlebin;Emőke-Ágnes Horvát
中科院分区：
文献类型：
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作者：
Igor Zakhlebin;Emőke-Ágnes Horvát
众筹平台有望通过点对点交易绕过传统金融机构时会破坏投资。为了保持功能，这些平台需要愿意为竞选做出贡献的投资者供应。然而，对于在这种情况下保留投资者知之甚少。使用来自领先的股权众筹平台的四年数据，我们从经验上研究了该平台上投资者活动的长度和成功。我们分析了这些结果中的时间变化，并使用统计建模来解释模式。我们的模型基于有关用户过去和当前投资决策的信息，即他们投资的广告系列之间的基于内容和结构性的相似性。我们揭示了新手与连续投资者的过去成功和投资决策多样性的作用。我们的结果为增加投资者保留并改善其在众筹平台上的决策提供了潜在的策略。
Crowdfunding platforms promise to disrupt investing as they bypass traditional financial institutions through peer-to-peer transactions. To stay functional, these platforms require a supply of investors who are willing to contribute to campaigns. Yet, little is known about the retention of investors in this setting. Using four years of data from a leading equity crowdfunding platform, we empirically study the length and success of investor activity on the platform. We analyze temporal variations in these outcomes and explain patterns using statistical modeling. Our models are based on information about user's past and current investment decisions, i.e., content-based and structural similarities between the campaigns they invest in. We uncover the role of past successes and diversity of investment decisions for novice vs. serial investors. Our results inform potential strategies for increasing the retention of investors and improving their decisions on crowdfunding platforms.