The contribution patterns of equity-crowdfunding investors: gender, risk aversion and observational learning
In this paper authors investigate whether there are gender-differences in the behavior of investors in firms seeking equity financing in comparison with other settings (e.g. stock market, pension saving). Using data from Swedish equity crowdfunding platform, they find that only 20% of investors are female. They also find female investors are less likely to invest in the equity of younger firms, high-technology firms, and those firms with higher percentage of equity offerings. This pattern seems consistent with more risk- aversion of female investors compared to male ones. Furthermore, women are more likely to invest in projects in which proportion of male investors is higher. Overall results show that there are not major in pattern of investment between equity crowdfunding and other traditional investment settings.