Table 9 Stepwise inclusion of variables

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

  Dependent variable:
Investment
(8) (9) (10) (11) (12) (13) (14)
Local 0.007***
(0.0003)
0.007***
(0.0004)
0.006***
(0.0004)
0.005***
(0.001)
0.005***
(0.001)
0.005***
(0.001)
0.006***
(0.001)
# previous investments 0.0001***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
0.0001***
(0.000001)
# investments two days before 0.001***
(0.00001)
0.001***
(0.00001)
0.001***
(0.00001)
0.001***
(0.00001)
0.001***
(0.00001)
0.001***
(0.00001)
0.001***
(0.00001)
Project month count 0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
0.006***
(0.0001)
Early 0.132***
(0.001)
0.132***
(0.001)
0.132***
(0.001)
0.132***
(0.001)
0.132***
(0.001)
0.132***
(0.001)
0.133***
(0.001)
# updates − 0.002***
(0.00005)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
− 0.002***
(0.00005)
Update previous day 0.009***
(0.001)
0.009***
(0.001)
0.009***
(0.001)
0.009***
(0.001)
0.008***
(0.001)
0.009***
(0.001)
0.009***
(0.001)
# updates * Update previous day − 0.001***
(0.0001)
− 0.001***
(0.0001)
− 0.001***
(0.0001)
− 0.001***
(0.0001)
− 0.001***
(0.0001)
− 0.001***
(0.0001)
− 0.001***
(0.0001)
Local * Age   − 0.0001
(0.0001)
− 0.0001*
(0.0001)
− 0.0002***
(0.0001)
− 0.0002***
(0.0001)
− 0.0002***
(0.0001)
− 0.0002***
(0.0001)
Local * # investments two days before    0.0001***
(0.00001)
0.0002***
(0.00002)
0.0001***
(0.00002)
0.0001***
(0.00002)
0.0002***
(0.00002)
Local * # updates     0.0002***
(0.0001)
0.0002***
(0.0001)
0.0001**
(0.0001)
0.0001
(0.0001)
Local * Update previous day      0.005***
(0.001)
0.002
(0.002)
0.001
(0.002)
Local * # updates * Update previous day       0.0004**
(0.0002)
0.0004**
(0.0002)
Local * Early        − 0.005***
(0.001)
Local * Manufacturing        − 0.001
(0.001)
Local * Wholesale trade        − 0.007**
(0.003)
Local * Finance        − 0.018***
(0.002)
Local * Services        0.002**
(0.001)
  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 14 is the main model (model 1) as reported in Table 5. In this table, some values have been strongly rounded due to lack of space