Crowdfunding as gambling: evidence from repeated natural experiments

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buir.contributor.authorDemir, Tolga
buir.contributor.orcidDemir, Tolga|0000-0002-9567-0255
dc.citation.epage27en_US
dc.citation.spage1en_US
dc.citation.volumeNumber77en_US
dc.contributor.authorDemir, Tolga
dc.contributor.authorMohammadi, A.
dc.contributor.authorShafi, K.
dc.date.accessioned2023-02-24T07:47:47Z
dc.date.available2023-02-24T07:47:47Z
dc.date.issued2021-02-26
dc.departmentDepartment of Managementen_US
dc.description.abstractLenders in Prosper, one of the largest lending markets in the U.S., reduce their activity when playing multistate Powerball or Mega Millions lottery jackpot becomes attractive. This finding suggests that the desire for sensation seeking is an underlying motivation for participating in peer-to-peer crowdfunding markets; the thrill of winning a large lottery jackpot fulfills some lenders' desire for novelty and sensation seeking, thus decreasing their lending activity. We discuss our findings' implications for lenders, borrowers, platform organizers, and policymakers. © 2021 Elsevier B.V.en_US
dc.identifier.doi10.1016/j.jcorpfin.2021.101905en_US
dc.identifier.eissn1872-6313
dc.identifier.issn0929-1199
dc.identifier.urihttp://hdl.handle.net/11693/111674
dc.language.isoEnglishen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttps://dx.doi.org/10.1016/j.jcorpfin.2021.101905en_US
dc.source.titleJournal of Corporate Financeen_US
dc.subjectCrowdfundingen_US
dc.subjectFin-techen_US
dc.subjectGamblingen_US
dc.subjectLotteryen_US
dc.subjectPeer-to-peer lendingen_US
dc.titleCrowdfunding as gambling: evidence from repeated natural experimentsen_US
dc.typeArticleen_US
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