报告题目：Infectious Confidence: Unraveling the Effects of Confidence Contagion on Overfunding in Equity Crowdfunding
报 告 人：Chee-Wee Tan（陈致玮）
报告时间：2024年08月30日（星期五），10:00-11:30
报告地点：笃行楼712会议室
主办单位：东北财经大学现代供应链管理研究院
【报告人简介】
Chee-Wee Tan现为香港理工大学管理与营销学系教授。曾担任哥本哈根商学院研究教授（卓越特聘）。他于英属哥伦比亚大学获得管理信息系统专业博士学位。他的研究领域主要集中在与数字平台相关的设计和创新问题上。
【摘要】 Overfunding was touted as extraordinary success in equity crowdfunding since fundraisers receive more funds than the intended funding goal. A novel theoretical lens is in demand for comprehending why funders show an exceptional level of enthusiasm in supporting certain equity crowdfunding campaigns that far exceeds their fundraisers’ original expectations. Building on extant literature on contagion effect, we construct a research model that posits confidence contagion enacted by confidence cues embedded in campaign materials as a key driver of overfunding. Our hypotheses were validated in two complementary empirical studies. In Study 1, we manipulated confidence cues in a controlled experiment to verify the enactment of confidence contagion at the individual level. Analytical results indicate that individual funders can perceive self-confidence traits from confidence cues embedded in campaign materials and assimilate fundraisers’ confidence via a spontaneous social appraisal mechanism. In turn, confidence contagion can drive funders to congregate and invest in a campaign. In Study 2, we analyzed a secondary dataset collected from a leading equity crowdfunding platform to discern how confidence contagion drives overfunding at the collective level. By modeling funding activities as a Hawkes process, we derived three key metrics that govern the emergence and magnitude of funding surges. We demonstrated that these metrics of funding surges mediate the impact of confidence cues on the level of overfunding for each equity crowdfunding campaign. Findings from this study can inform future research that seeks to untangle the interdependencies between individual and collective mechanisms underlying crowd phenomena. Fundraisers who could benefit from excessive funds can harness insights from this study to strategize their campaigns. Likewise, crowdfunding platforms can leverage on our findings to pred.
