This paper investigates how heterogeneous sentiments and perspectives expressed in public online media about the abolition of the Chinese presidential term limit in 2018 may have caused a divergence in investor behavior between the U.S. and China. We document that sentiments expressed in social...

Using 47 weather-related natural disasters as exogenous shocks to investor sentiment, we investigate the influence of investor sentiment on the pricing of initial public offerings. Our empirical evidence suggests that start-ups experiencing natural disasters within a relatively short period...

This paper presents the first evidence of the influence of geographic distance among retail, accredited, and overseas investors and venture location in an equity crowdfunding context. By analyzing investment decisions, we show that geographic distance is negatively correlated with investment...