Imperial College London
Alternate

ProfessorGillesChemla

Business School

Professor of Finance
 
 
 
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Contact

 

+44 (0)20 7594 9161g.chemla Website

 
 
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Assistant

 

Ms Moira Rankin +44 (0)20 7594 9113

 
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Location

 

3.0453 Prince's GateSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@inbook{Chemla:2021:10.1007/978-3-030-65117-6_16,
author = {Chemla, G and Tinn, K},
booktitle = {The Palgrave Handbook of Technological Finance},
doi = {10.1007/978-3-030-65117-6_16},
editor = {Rau and Waldrop and Zingales},
pages = {397--406},
title = {How wise are crowds on crowdfunding platforms?},
url = {http://dx.doi.org/10.1007/978-3-030-65117-6_16},
year = {2021}
}
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RIS format (EndNote, RefMan)

TY  - CHAP
AB  - While firms have obtained outside financing from large numbers of investors on financialmarkets for centuries, online crowdfunding platforms have only emerged as a major sourceof funding for start-ups and new projects for a decade. The information available to backerson crowdfunding platforms is generally coarse. This paper surveys the existing literature on theextent to which crowdfunding harnesses the wisdom of crowds. We discuss two broad categories ofcrowdfunding. Reward-based crowdfunding platforms such as Kickstarter, where backers typicallyhave private and independent valuations, appear to offer environments that may harness thewisdom of crowds. In contrast, initial coin offerings (ICOs) offering services with networkexternalities and security-based platforms with common values appear to exhibit some resultseliciting valuable information, but several results appear to point to informational cascades.
AU  - Chemla,G
AU  - Tinn,K
DO  - 10.1007/978-3-030-65117-6_16
EP  - 406
PY  - 2021///
SN  - 978-3-030-65116-9
SP  - 397
TI  - How wise are crowds on crowdfunding platforms?
T1  - The Palgrave Handbook of Technological Finance
UR  - http://dx.doi.org/10.1007/978-3-030-65117-6_16
UR  - http://hdl.handle.net/10044/1/89309
ER  -
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