Table 7 Robustness tests (2/3)

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

  Dependent variable:
Investment
(6)
Local 0.0080*** (0.0010)
# previous investments 0.0001*** (0.000001)
# investments two days before 0.0006*** (0.00001)
Project month count 0.0058*** (0.0001)
Early 0.1281*** (0.0008)
# updates − 0.0017*** (0.00005)
Update previous day 0.0083*** (0.0006)
# updates * Update previous day − 0.0012*** (0.0001)
Local * Age − 0.0008*** (0.0001)
Local * # investments two days before 0.00004** (0.00002)
Local * # updates 0.0003*** (0.0001)
Local * Update previous day 0.0069*** (0.0024)
Local * # updates * Update previous day 0.0005** (0.0002)
Local * Early 0.0483*** (0.0019)
Local * Manufacturing 0.0010 (0.0010)
Local * Wholesale trade − 0.0174*** (0.0042)
Local * Finance − 0.0421*** (0.0029)
Local * Services 0.0001 (0.0009)
Observations 4,838,429
R2 0.2388
Adjusted R2 0.2362
Residual Std. Error 0.1690 (df = 4,821,834)
  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 6: Robustness test with Local (50 km)