Equity crowdfunding is establishing itself as a true alternative to traditional investment methods. Thanks to the innovative nature of this tool, companies can quickly raise capital for their projects, and any type of investor can invest even small amounts of money to support businesses. In reviewing the existing literature, we found that there are few studies and research on investor behavior, especially considering that those who finance this type of investment are primarily non-professional investors. By analyzing 239 equity crowdfunding campaigns, carried out in Italy between 2014 and 2022, through a logit regression model, our research has shown that there is a correlation between the number of investments of an investor and the learning effect, meaning the investor’s learning. Furthermore, the results we obtained confirm the existing literature on the behavior of non-professional investors. In fact, we find that when investors focus on the same investment category, they accumulate more relevant experience, which in turn amplifies the learning effect.
L’equity crowdfunding si sta affermando come una vera e propria alternativa ai tradizionali metodi di investimento. Grazie all’innovatività di tale strumento, le imprese possono raccogliere velocemente capitale per i loro progetti e qualsiasi tipo di investitore può investire anche piccole somme di denaro per supportare le aziende. Revisionando la letteratura esistente, abbiamo riscontrato come ci siano poche ricerche e studi sul comportamento degli investitori, considerando soprattutto che, coloro che finanziano questa tipologia di investimento sono principalmente investitori non professionali. Analizzando 239 campagne di equity crowdfunding, condotte in Italia tra il 2014 e il 2022, attraverso un modello basato sulla regressione logistica, la nostra ricerca ha evidenziato come ci sia una correlazione tra il numero di investimenti effettuati e il learning effect ovvero l’apprendimento dell’investitore. Inoltre, i risultati che abbiamo ottenuto confermano la letteratura esistente sul comportamento degli investitori non professionisti. Infatti, troviamo che quando gli investitori si concentrano sulla stessa categoria di investimento, accumulano un’esperienza più rilevante, che a sua volta amplifica l’effetto di apprendimento.
Equity Crowdfunding, the investor's learning effect
Longhetti, Linda;Imbriani, Irene
2023/2024
Abstract
Equity crowdfunding is establishing itself as a true alternative to traditional investment methods. Thanks to the innovative nature of this tool, companies can quickly raise capital for their projects, and any type of investor can invest even small amounts of money to support businesses. In reviewing the existing literature, we found that there are few studies and research on investor behavior, especially considering that those who finance this type of investment are primarily non-professional investors. By analyzing 239 equity crowdfunding campaigns, carried out in Italy between 2014 and 2022, through a logit regression model, our research has shown that there is a correlation between the number of investments of an investor and the learning effect, meaning the investor’s learning. Furthermore, the results we obtained confirm the existing literature on the behavior of non-professional investors. In fact, we find that when investors focus on the same investment category, they accumulate more relevant experience, which in turn amplifies the learning effect.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/225893