While the role of social networks and consumer interactions in new product diffusion is widely acknowledged, such networks and interactions are often unobservable to the firm/researcher. What may be observable, instead, are aggregate diffusion patterns for past products adopted within a...

We examine the relationship between investment behavior of individual investors on crowdfunding platforms and the fundraising outcomes in crowdfunded ventures. Extant research has identified two main drivers for crowdfunding investments: irrational herding behavior of investors driven simply by...