Asymmetric and Contingent Value of Crowd Wisdom in Crowdfunding

References

• Adomavicius G, Bockstedt J, Gupta A (2012) Modeling supply-side dynamics of IT components, products, and infrastructure: An empirical analysis using vector autoregression. Inform. Systems Res. 23(2):397–417.Link, Google Scholar
• Agrawal A, Catalini C, Goldfarb A (2011) The geography of crowdfunding. NBER Working Paper No. 16820, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Andrews DW, Lu B (2001) Consistent model and moment selection procedures for GMM estimation with application to dynamic panel data models. J. Econom. 101(1):123–164.Crossref, Google Scholar
• Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. J. Econom. 68(1):29–51.Crossref, Google Scholar
• Banerjee AV (1992) A simple model of herd behavior. Quart. J. Econom. 107(3):797–817.Crossref, Google Scholar
• Belleflamme P, Lambert T, Schwienbacher A (2014) Crowdfunding: Tapping the right crowd. J. Bus. Venturing 29(5):585–609.Crossref, Google Scholar
• Bhargava HK, Kim BC, Sun D (2013) Commercialization of platform technologies: Launch timing and versioning strategy. Production Oper. Management 22(6):1374–1388.Crossref, Google Scholar
• Bikhchandani S, Hirshleifer D, Welch I (1992) A theory of fads, fashion, custom, and cultural change as informational cascades. J. Political Econom. 100(5):992–1026.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2014) Cultural differences and geography as determinants of online prosocial lending. MIS Quart. 38(3):773–794.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2015) The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Sci. 61(5):949–962.Link, Google Scholar
• Chang X, Zhang HF (2015) Managerial entrenchment and firm value: A dynamic perspective. J. Financial Quant. Anal. 50(5):1083–1103.Crossref, Google Scholar
• Chen H, De P, Hu YJ (2015) IT-enabled broadcasting in social media: An empirical study of artists’ activities and music sales. Inform. Systems Res. 26(3):513–531.Link, Google Scholar
• Chou MC, Sim CK, Teo CP, Zheng H (2012) Newsvendor pricing problem in a two‐sided market. Production Oper. Management 21(1):204–208.Crossref, Google Scholar
• Chu J, Manchanda P (2016) Quantifying cross and direct network effects in online consumer-to-consumer platforms. Marketing Sci. 35(6):870–893.Link, Google Scholar
• Dekimpe MG, Hanssens DM (1995) Empirical generalizations about market evolution and stationarity. Marketing Sci. 14(3_supplement):G109–G121.Link, Google Scholar
• Dewan S, Ramaprasad J (2012) Research note—Music blogging, online sampling, and the long tail. Inform. Systems Res. 23(3-part-2):1056–1067.Link, Google Scholar
• Drakos K, Konstantinou PT (2014) Terrorism, crime and public spending: Panel VAR evidence from Europe. Defence Peace Econom. 25(4):349–361.Crossref, Google Scholar
• Feldman JM, Lynch JG (1988) Self-generated validity and other effects of measurement on belief, attitude, intention, and behavior. J. Appl. Psych. 73(3):421.Crossref, Google Scholar
• Freedman SM, Jin GZ (2011) Learning by doing with asymmetric information: Evidence from Prosper.com. NBER Working Paper No. 16855, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Granger CW (1969) Investigating causal relations by econometric models and cross-spectral methods. Econometrica 37(3):424–438. Crossref, Google Scholar
• Hao L, Guo H, Easley RF (2017) A mobile platform’s in‐app advertising contract under agency pricing for app sales. Production Oper. Management 26(2):189–202.Crossref, Google Scholar
• Holtz-Eakin D, Newey W, Rosen HS (1988) Estimating vector autoregressions with panel data. Econometrica 56(6):1371–1395.Crossref, Google Scholar
• Hur YY, Jin F, Li X, Cheng Y, Hu YJ (2023). Does social influence change with other information sources? A large-scale randomized experiment in medical crowdfunding. Inform. Systems Res. 34(4):1476–1492.Link, Google Scholar
• Im KS, Pesaran MH, Shin Y (2003) Testing for unit roots in heterogeneous panels. J. Econom. 115(1):53–74.Crossref, Google Scholar
• Jiang Y, Ho YC, Yan X, Tan Y (2018) Investor platform choice: Herding, platform attributes, and regulations. J. Management Inform. Systems 35(1):86–116.Crossref, Google Scholar
• Jiang Y, Ho YC, Yan X, Tan Y (2020) When online lending meets real estate: Examining investment decisions in lending-based real estate crowdfunding. Inform. Systems Res. 31(3):715–730.Link, Google Scholar
• Jiang Y, Ho YC, Yan X, Tan Y (2022) What’s in a “username”? The effect of perceived anonymity on herding in crowdfunding. Inform. Systems Res. 33(1):1–17.Link, Google Scholar
• Kahneman D (2011) Fast and Slow Thinking (Allen Lane and Penguin Books, New York).Google Scholar
• Levin A, Lin CF, Chu CSJ (2002) Unit root tests in panel data: Asymptotic and finite-sample properties. J. Econom. 108(1):1–24.Crossref, Google Scholar
• Lin M, Viswanathan S (2016) Home bias in online investments: An empirical study of an online crowdfunding market. Management Sci. 62(5):1393–1414. Link, Google Scholar
• Lin M, Prabhala NR, Viswanathan S (2013) Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Sci. 59(1):17–35.Link, Google Scholar
• Love I, Zicchino L (2006) Financial development and dynamic investment behavior: Evidence from panel VAR. Quart. Rev. Econom. Finance 46(2):190–210.Crossref, Google Scholar
• Luo X, Tong S, Lin Z, Zhang C (2021) The impact of platform protection insurance on buyers and sellers in the sharing economy: A natural experiment. J. Marketing 85(2):50–69.Crossref, Google Scholar
• Moqri M, Mei X, Qiu L, Bandyopadhyay S (2018) Effect of “following” on contributions to open source communities. J. Management Inform. Systems 35(4):1188–1217.Crossref, Google Scholar
• Parker GG, Van Alstyne MW (2005) Two-sided network effects: A theory of information product design. Management Sci. 51(10):1494–1504.Link, Google Scholar
• Rietveld J, Schilling MA, Bellavitis C (2019) Platform strategy: Managing ecosystem value through selective promotion of complements. Organ. Sci. 30(6):1232–1251.Link, Google Scholar
• Sims CA (1980) Macroeconomics and reality. Econometrica 48(1):1–48.Crossref, Google Scholar
• Skiti T, Luo X, Lin Z (2022) When more is less: Quality and variety trade‐off in sharing economy platforms. J. Management Stud. 59(7):1817–1838.Crossref, Google Scholar
• Song P, Xue L, Rai A, Zhang C (2018) The ecosystem of software platform. MIS Quart. 42(1):121–A126.Crossref, Google Scholar
• Stock JH, Watson MW (2001) Vector autoregressions. J. Econom. Perspect. 15(4):101–115.Crossref, Google Scholar
• Stremersch S, Tellis GJ, Hans Franses P, Binken JL (2007) Indirect network effects in new product growth. J. Marketing 71(3):52–74.Crossref, Google Scholar
• Surowiecki J (2005) The Wisdom of Crowds (Anchor Books, New York).Google Scholar
• Tucker C, Zhang J (2010) Growing two-sided networks by advertising the user base: A field experiment. Marketing Sci. 29(5):805–814.Link, Google Scholar
• Wang YY, Guo C, Susarla A, Sambamurthy V (2021) Online to offline: The impact of social media on offline sales in the automobile industry. Inform. Systems Res. 32(2):582–604.Link, Google Scholar
• Wu Z, Hu L, Lin Z, Tan Y (2021) Competition and distortion: A theory of information bias on the peer-to-peer lending market. Inform. Systems Res. 32(4):1140–1154.Link, Google Scholar
• Wu Y, Ke W, Li Y, Lin Z, Tan Y (2025) Understanding lenders’ investment behavior in online peer-to-peer lending: A construal level theory perspective. Inform. Systems Res. 36(1):141–161.Link, Google Scholar
• Xiao S, Ho YC, Zhou Z, Tan Y, Zhang M (2025) Investor learning in crowdfunded supply chain finance markets. Production Oper. Management 34(8):2272–2287.Crossref, Google Scholar