讲座题目：《Infectious Confidence: Unraveling the Effects of Confidence Contagion on Overfunding in Equity Crowdfunding》
主讲嘉宾：Chee-Wee Tan（陈致玮） 教授
主持人：韩璐
讲座时间：2022年10月22日（星期六）15:00-16:30
讲座地点：腾讯会议（861 248 896）
讲座摘要：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 predict the extent of overfunding and advise fundraisers accordingly.
众筹往往能筹集到超募资金，需要一种新颖的理论视角来理解为什么资助者在支持某些股权众筹活动方面表现出非凡的热情，而这些活动远远超出了筹资者的最初预期。在现有关于传染效应的文献基础上，我们构建了一个研究模型，将竞争性的信心线索所产生的传染效应作为过度融资成功的关键驱动因素。该研究在两个互补的实证研究中得到了验证。在研究1中，我们在一个对照实验中操纵了信心线索，以验证在个人层面上信心传染的发生。分析结果表明，个人资助者可以从竞争材料中嵌入的自信线索中感知自信特征，并通过自发的社会评价机制吸收募捐者的自信。反过来，信心蔓延会促使投资者聚集起来，投资于一场运动。在研究2中，我们分析了从领先的股权众筹平台收集的二级数据集，以了解信心传染如何在集体层面上推动过度融资。通过将融资活动建模为Hawkes过程，我们得出了控制资金激增的出现和规模的三个关键指标。这项研究的结果可以为理清超募现象背后的个体和集体机制之间的相互依赖关系提供理论支持，同时从超额资金中受益的募捐者可以利用本研究的见解制定竞争策略。同样，众筹平台可以利用我们的调查结果预测过度融资的程度，并相应地向募捐者提供建议。
嘉宾简介：Chee-Wee Tan is a Professor Special Responsibilities in Research Excellence at the Department of Digitization in Copenhagen Business School (CBS). He holds a PhD in Business Administration from the University of British Columbia (Canada) as well as Master of Science and Bachelor of Science degrees from the National University of Singapore (Singapore). His primary research interests focuses on design and innovation issues related to the delivery of digital services in various contexts (e.g., e-business, e-commerce, e-government, e-health, e-marketplace and m-commerce). Particularly, he is interested in discovering how value can be extracted from digital services and exploring ways by which contemporary technological trends (e.g., big data, gamification and social media) can contribute to the design of innovative services. Chee-Wee currently serves as an Associate Editor for Internet Research (IntR), Journal of Management Analytics (JMA) and MIS Quarterly (MISQ). In addition, Chee-Wee is also serving as an Advisory Board Member for Industrial Management & Data Systems (IMDS) and has served as Guest Editor for special issues at Decision Support Systems (DSS) and JMA. Chee-Wee is a past recipient of the Outstanding Associate Editor Award for services rendered to MISQ. For more information:www.cbs.dk/en/staff/ctadigi
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