Table 5 Main model

From: Local preferences and the allocation of attention in equity-based crowdfunding

  Dependent variable:
Investment
(1) (2)
Local 0.0056*** (0.0008) 0.0133*** (0.0009)
# previous investments 0.0001*** (0.000001) 0.0001*** (0.000001)
# investments two days before 0.0006*** (0.00001) 0.0007*** (0.00001)
Project month count 0.0058*** (0.0001) 0.0066*** (0.0001)
Early 0.1326*** (0.0008) 0.1527*** (0.0009)
# updates − 0.0017*** (0.00005) − 0.0021*** (0.0001)
Update previous day 0.0088*** (0.0006) 0.0095*** (0.0007)
# updates * Update previous day − 0.0012*** (0.0001) − 0.0015*** (0.0001)
Local * Age − 0.0002*** (0.0001) − 0.0007*** (0.0001)
Local * # investments two days before 0.0002*** (0.00002) 0.0001*** (0.00002)
Local * # updates 0.0001 (0.0001) 0.00004 (0.0001)
Local * Update previous day 0.0010 (0.0018) − 0.0033* (0.0020)
Local * # updates * Update previous day 0.0004** (0.0002) 0.0014*** (0.0002)
Local * Early − 0.0053*** (0.0014) − 0.0008 (0.0016)
Local * Manufacturing − 0.0007 (0.0008) − 0.0020** (0.0009)
Local * Wholesale trade − 0.0070** (0.0034) − 0.0100*** (0.0038)
Local * Finance − 0.0185*** (0.0021) − 0.0276*** (0.0023)
Local * Services 0.0018** (0.0008) 0.0007 (0.0008)
Observations 4,838,429 4,875,752
R2 0.2386 0.2189
Adjusted R2 0.2360 0.2163
Residual Std. Error 0.1690 (df = 4,821,834) 0.1859 (df = 4,859,083)
  1. Dependent variable: Investment. Regression type: Linear probability model with investor fixed effects and campaign fixed effects. Standard errors in parentheses. *p < 0.1; **p < 0.05; ***p < 0.01. Model 1: Main model excluding Friends and family. Model 2: Main model including Friends and family