The paper employs a dynamic market-wide herding behavior measure of 117,166 lending-based campaigns in 119 online … platforms in 37 countries that explores whether lenders follow each other in the whole crowdfunding market, within the groups of … show that herding behavior plays an important signaling role in reducing opportunity costs if the auction does not receive …

Purpose This empirical study uses herd behavior model to explore the role of anchor investors in ensuring fundraising … success and overfunding of crowdfunded ventures. Design/methodology/approach Qualitative comparative analysis (QCA) is applied … financing and overfunding. Findings Even when the anchor investor's resume is not detailed or the anchor investor has little …