题目：Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success?
时间：2023年6月21日（周三）9:30-12:30
地点： 浙江大学紫金港校区管理学院A423
主讲人：单元副教授，澳大利亚西澳大学
主讲人简介：
Dr. George Shan is an Associate Professor in the Accounting and Finance Discipline of the Business School at The University of Western Australia. He holds Bachelor of Commerce, Bachelor of Applied Finance, Master of Commerce (Accounting) and completed his PhD in Accounting and Corporate Governance. George is CA (Australia), CPA (Australia) and CMA (Australia), and has taught at several other Universities including University of South Australia, University of Ballarat, The University of Adelaide and University of Rome Tor Vergata in Financial Accounting, Management Accounting, Corporate Accounting, Accounting Concepts & Practices, Corporate Governance & Accountability, Investment Banking & Project Finance, Portfolio & Fund Management, and Financial Risk Analysis. He is a registered principal supervisor for PhD students, and his current research areas and interests include corporate governance and its related topics within accounting and finance (i.e., firm performance, bad debts control, accounting quality,earnings management, tunneling, related-party transactions, audit quality, risk management, and corporate diversification), state-owned enterprises reform, corporate social and environmental reporting, and carbon accounting.
摘要:
This study examines the relationship between abnormal tone and project performance of reward-based crowdfunding (RBC) using the Kickstarter data from 2009 to 2020. We document a negative relationship between abnormal tone in the RBC campaign section (Story) and project performance, but a positive relationship between abnormal tone in the section of Risks and Challenges (Risk) and funding success. We find that common-law jurisdiction has strong moderation in elevating the success of project with abnormal tone in Risk section, compared to civil-law jurisdiction does. Using the US SEC equity crowdfunding legislation, we find that the exogenous shock reduces the effect of abnormal tone in both Story and Risk sections. Further investigation of the concurrent effect of abnormal tone in the two sections shows that the increase in the discretionary tone given that it is overly optimistic has a negative effect on funding performance. Last, based on a machine learning Sent-latent Dirichlet Allocation model, we explore up to 70 specific risk categories embedded in Kickstarter projects, and we find that eight of them, namely downstream risk, international risk, product introduction risk, cost risk, funding risk, product quality risk, stakeholder risk, and human resource risk, are strongly and negatively associated with project success.
