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Pure and hybrid crowds in crowdfunding markets

Financial Innovation 2016年第1期2卷 238-255页

作者： Liang Chen Zihong Huang De Liu West Texas A&M University CanyonTXUSA Yuanshihui Inc. Floor 12Zone ABldg WangxinNo.28Rd XiaoyunChaoyang DistrictBeijing 100027China University of Minnesota 3-163 Carlson School of Management32119th Avenue SouthMinneapolisMN 55455USA

Background:Crowdfunding has risen rapidly as a way of raising funds to support projects such as art projects,charity projects,and new *** is very important to understand how crowds in the crowdfunding market are organized to carry out various *** study documents and compares two crowd designs for crowdfunding,namely pure crowds,where all crowd members participate as equals,and hybrid crowds,where crowd members are led by an expert *** hybrid design is rarely studied in the crowdfunding literature despite its large presence in equity ***:We examine industry practices from various countries in terms of crowd designs,review relevant literature on this topic,and develop a conceptual framework for choosing between pure and hybrid ***:We identify several inefficiencies of pure crowds in crowdfunding platforms and discuss the advantages of hybrid *** then develop a conceptual framework that illustrates the factors for choosing between pure and hybrid ***,we discuss the issue of how to manage and regulate lead investors in hybrid ***:Pure crowds have several shortcomings that could be mitigated by a hybrid crowd design,especially when the proposed project suffers from greater risks,a high degree of information asymmetry,concerns about information leakage,and a high cost of managing the *** for the hybrid crowd to work well,one must carefully design mechanisms for lead investor selection,compensation,and *** study contributes to the crowdfunding literature and to crowdfunding practice in multiple ways.

关键词： Crowdfunding Wisdom of the crowds Crowd design Lead investor syndicate

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