【本期主题】A friend in need is a friend indeed: Strategic insider investments

This paper studies the information role of financing from family and friends. While a large strand of literature considers insider financing as a positive signal of high-quality project, we show that, based on investment decisions and funding performance data from a crowdfunding platform, the insider financing might be a signal of performance manipulation, and hence negatively correlated with quality of projects. We show that entrepreneurs with mediocre early funding performance strategically allocate contributions from family and friends to encourage unsophisticated investors to herd. The manipulation is non-monotonic. Entrepreneurs choose not to manipulate when project performance is bad and are very unlikely to be successful. Taking strategic moves into account, sophisticated investors view financing from family and friends as a negative signal and are less likely to invest. The manipulation exists even when sophisticated investors have significant market power and projects with manipulation deliver poorer funding performance.

【报告人】肖弋舟

【时间】10月23日(周三)上午10:00

【地点】明德主楼509室

诚邀您参加。

【报告人简介】

肖弋舟博士现任香港中文大学商学院金融系助理教授。他2007年毕业于中国人民大学财政金融学院，2010年取得北京大学中国经济研究中心硕士学位，2016年获得美国斯坦福大学金融学博士学位。他的主要研究方向是信息经济学和金融创新。他一部分研究致力于信息导致的市场交易行为。其他研究涉及VC基金投资回报、众筹融资等领域。他的论文发表在国际顶级金融期刊《金融学杂志》（Journal of Finance）上。他的论文多次在知名国际学术会议宣讲，并担任多家国际学术期刊的审稿人。

中国人民大学金融高端论坛组委会

财政金融学院应用金融系

财政金融学院货币金融系

财政金融学院保险系

商学院财务与金融系

汉青经济与金融高级研究院金融系