报告题目：Infectious Confidence: Unravelling the Effects of Confidence Contagion on Overfunding in Equity Crowdfunding
报告时间：2025年4月18日（星期五）9:30-11:00
报告地点：科教楼B座1005会议室
报告人：Chee-Wee Tan 教授
工作单位：香港理工大学
举办单位：经济学院
报告简介：
Overfunding was touted as extraordinary success in equity crowdfunding since fundraisers receive more funds than the intended funding goal. A novel theoretical lens is in demand for comprehending why funders show an exceptional level of enthusiasm in supporting certain equity crowdfunding campaigns that far exceeds their fundraisers’ original expectations. Building on extant literature on contagion effect, we construct a research model that posits confidence contagion enacted by confidence cues embedded in campaign materials as a key driver of overfunding. Our hypotheses were validated in two complementary empirical studies. In Study 1, we manipulated confidence cues in a controlled experiment to verify the enactment of confidence contagion at the individual level. Analytical results indicate that individual funders can perceive self-confidence traits from confidence cues embedded in campaign materials and assimilate fundraisers’ confidence via a spontaneous social appraisal mechanism. In turn, confidence contagion can drive funders to congregate and invest in a campaign. In Study 2, we analyzed a secondary dataset collected from a leading equity crowdfunding platform to discern how confidence contagion drives overfunding at the collective level. By modeling funding activities as a Hawkes process, we derived three key metrics that govern the emergence and magnitude of funding surges. We demonstrated that these metrics of funding surges mediate the impact of confidence cues on the level of overfunding for each equity crowdfunding campaign. Findings from this study can inform future research that seeks to untangle the interdependencies between individual and collective mechanisms underlying crowd phenomena. Fundraisers who could benefit from excessive funds can harness insights from this study to strategize their campaigns. Likewise, crowdfunding platforms can leverage on our findings to predict the extent of overfunding and advise fundraisers accordingly.
报告人简介：
Chee-Wee Tan is a Professor at the Department of Management and Marketing in the Hong Kong Polytechnic University (PolyU). Before joining PolyU, Chee-Wee is a Professor w/ Special Responsibilities in Research Excellence at Copenhagen Business School (CBS). Chee-Wee received his PhD in Management Information Systems from the University of British Columbia. His research interests focus on design and innovation issues related to digital platforms. His work has been published in leading peer-reviewed journals such as MIS Quarterly (MISQ), Journal of Operations Management (JOM), Information Systems Research (ISR), Journal of Management Information Systems (JMIS), and the Journal of the Association for Information Systems (JAIS), among others. Chee-Wee is holding or has held Honorary and Guest Professorship positions at Lingnan University (LNU), Monash University Malaysia (MUM), the University of New South Wales (UNSW), the University of Nottingham Ningbo China (UNNC), the University of Science and Technology of China (USTC), and the Weizenbaum Institute for the Networked Society. Apart from being a Senior Editor for MISQ, Chee-Wee has served or is currently serving on the editorial boards for ACM Distributed Ledger Technologies: Research and Practice (DLT), DSS, EJIS, Industrial Management & Data Systems (IMDS), IEEE Transactions on Engineering Management (IEEE-TEM), Information & Management (I&M), Information Systems Journal (ISJ), Internet Research (IntR), JAIS, Journal of Computer Information Systems (JCIS), Journal of Management Analytics (JMA), JMIS, and MISQ. Finally, Chee-Wee is the Vice President of Publications for the Association for Information Systems.
