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Advisor(s)
Abstract(s)
presente tese investiga se as decisões dos investidores têm influência em
investidores subsequentes, tomando isto como momentum (embalo) de
financiamento. Esta tese apresenta uma análise do comportamento de
investidores num contexto de Equity Crowdfunding, utilizando uma amostra de
todos os investimentos realizados em 134 campanhas publicadas na plataforma
Invesdor, entre 2012 e 2017. Os resultados obtidos indicam que, num ambiente
onde o nível de assimetria de informação é substancial, os investidores
incorporam as ações tomadas pelos outros nos seus próprios processos de
tomada de decisão. De facto, esta tese apresenta evidências de que, ao longo de
uma campanha, não só é possível que a dinâmica de investimento ganhe
momentum, como o momentum ganho até determinado dia influencia
positivamente os investimentos subsequentes. Adicionalmente, esta tese
apresenta uma análise empírica das dinâmicas de investimento em Equity
Crowdfunding considerando a diluição de ações que ocorre após uma campanha
entrar em overfunding como determinante de decisões. Apesar de os
investimentos feitos serem de pequena ordem, os resultados apontam no sentido
de os investidores tomarem em atenção a diluição de ações associada a uma
campanha nos seus processos de tomada de decisão. Evidencia-se um efeito
negativo provocado no momentum de investimento, que é ainda maior quando
apenas são consideradas campanhas bem-sucedidas. A autora discute como é
que os resultados contribuem para a literatura e apresenta sugestões para
investigação futura.
The present thesis investigates whether investors’ decisions have an influence on subsequent investors, ascertaining this as funding momentum. It presents an analysis of the behaviour of investors in an Equity Crowdfunding setting, using a sample of all the investments made on 134 campaigns posted on the platform Invesdor, from 2012 to 2017. The results seem to indicate that, in an environment where the level of information asymmetries is substantial, investors look at the actions of others in their own decision-making. In fact, this thesis presents evidence that throughout the duration of a campaign not only it is possible for the funding dynamic to gain momentum, but also the momentum gained until a given day in a campaign positively influences subsequent investments. In addition, this thesis presents an empirical analysis of funding dynamics in Equity Crowdfunding taking into account the share dilution that occurs after a campaign enters in overfunding as a determinant of decisions. The results seem to indicate that, although the investments are of relatively small order, investors take into account the share dilution of a campaign in their decision making. The evidence suggests a negative effect provoked on the funding momentum, which is even higher when only considering successful campaigns. One discusses how the results obtained contribute to literature and presents suggestions for future research.
The present thesis investigates whether investors’ decisions have an influence on subsequent investors, ascertaining this as funding momentum. It presents an analysis of the behaviour of investors in an Equity Crowdfunding setting, using a sample of all the investments made on 134 campaigns posted on the platform Invesdor, from 2012 to 2017. The results seem to indicate that, in an environment where the level of information asymmetries is substantial, investors look at the actions of others in their own decision-making. In fact, this thesis presents evidence that throughout the duration of a campaign not only it is possible for the funding dynamic to gain momentum, but also the momentum gained until a given day in a campaign positively influences subsequent investments. In addition, this thesis presents an empirical analysis of funding dynamics in Equity Crowdfunding taking into account the share dilution that occurs after a campaign enters in overfunding as a determinant of decisions. The results seem to indicate that, although the investments are of relatively small order, investors take into account the share dilution of a campaign in their decision making. The evidence suggests a negative effect provoked on the funding momentum, which is even higher when only considering successful campaigns. One discusses how the results obtained contribute to literature and presents suggestions for future research.
Description
Keywords
Equity Crowdfunding Herding behaviour Diluição de ações Share dilution