Table 6 Robustness tests (1/3)

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

  Dependent variable:
Investment
(3) (4) (5)
Local 0.006***
(0.001)
0.006***
(0.001)
0.004***
(0.001)
# previous investments 0.00005***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
# investments two days before 0.001***
(0.00001)
# investments one day before 0.002***
(0.00001)
# investments three days before 0.0004***
(0.00001)
Project month count 0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
Early 0.137***
(0.001)
0.125***
(0.001)
0.139***
(0.001)
# updates − 0.0003***
(0.0001)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
Update previous week 0.012***
(0.0003)
# updates * Update previous week − 0.002***
(0.00005)
Update previous day 0.008***
(0.001)
0.009***
(0.001)
# updates * Update previous day − 0.001***
(0.0001)
– 0.001***
(0.0001)
Local * Age − 0.0003***
(0.0001)
− 0.0002***
(0.0001)
− 0.0002***
(0.0001)
Local * # investments two days before 0.0002***
(0.00002)
Local * # investments one day before 0.0002***
(0.00003)
Local * # investments three days before 0.0001***
(0.00001)
Local * # updates − 0.0001
(0.0001)
0.00001
(0.0001)
0.0001**
(0.0001)
Local * Update previous week − 0.002*
(0.001)
Local * # updates * Update previous week 0.0004***
(0.0001)
Local * Update previous day – 0.001
(0.002)
0.002
(0.002)
Local * # updates * Update previous day 0.001***
(0.0002)
0.0003*
(0.0002)
Local * Early − 0.006***
(0.001)
– 0.006***
(0.001)
− 0.004***
(0.001)
Local * Manufacturing − 0.0003
(0.001)
– 0.0003
(0.001)
− 0.001
(0.001)
Local * Wholesale trade − 0.007**
(0.003)
– 0.007**
(0.003)
− 0.007*
(0.003)
Local * Finance − 0.018***
(0.002)
– 0.018***
(0.002)
− 0.018***
(0.002)
Local * Services 0.003***
(0.001)
0.002**
(0.001)
0.002**
(0.001)
Observations 4,838,429 4,838,429 4,838,429
R2 0.239 0.240 0.238
Adjusted R2 0.236 0.238 0.236
Residual Std. Error (df = 4,821,834) 0.169 0.169 0.169
  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 3: Robustness test with Update previous week. Model 4: Robustness test with # investments one day before. Model 5: Robustness test with # investments three days before. In this table, some values have been strongly rounded due to lack of space