ABSTRACT We employ a sharp regression discontinuity design to identify the causal effects of investor-base disclosure (IB DISCLOSE) on funding outcomes and entrepreneurship success. Since February 2016, Kickstarter has disclosed IB information, namely, backer statistics including geographic locations and previous funding experience of the backers, once the number of backers for a project reaches ten. Exploiting this discontinuity, we show the disclosure increases the likelihood of funding success by 10 percent and the amount of funds pledged by 13 percent. The effect is more pronounced when the project quality is high and for projects with less credible creators, high ex ante uncertainty, high information asymmetry between creators and backers, and high financial costs to backers. We also find IB DISCLOSE increases the likelihood of product delivery. Our study highlights the importance of platform-provided disclosure in improving the efficiency of capital allocation. JEL Classifications: M41; G24; L15; O31; D04.

中文翻译：

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平台提供的关于投资者基础和创业成功的披露：来自众筹的证据


摘要我们采用锐回归断点设计来确定基于投资者的披露 (IB DISCLOSE) 对融资结果和创业成功的因果影响。自2016年2月起，Kickstarter开始披露IB信息，即当项目资助者数量达到10人时，资助者的统计信息，包括资助者的地理位置和之前的资助经历。利用这种不连续性，我们发现披露信息使融资成功的可能性增加了 10%，承诺的资金数额增加了 13%。当项目质量较高、创建者可信度较低、事前不确定性较高、创建者与支持者之间信息不对称程度较高、支持者的财务成本较高时，这种效应更为明显。我们还发现 IB DISCLOSE 增加了产品交付的可能性。我们的研究强调了平台提供的披露在提高资本配置效率方面的重要性。 JEL 分类：M41； G24； L15； O31； D04。