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| The Research on Herding Behavior and the Role of Leader Investor of Equity-based Crowd-funding Based on Different Project Types |
| Qian Ying;Zhu Sha |
| School of Management, Shanghai University, Shanghai 200444, China |
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Abstract Equity-based crowd-funding provide financial support for the entrepreneurship, but there exist high risk and such problems as information asymmetry. In order to avoid risk, investors tend to follow the leader investor or other investors to make decisions.
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Received: 11 May 2016
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