Determinants of success of restaurant crowdfunding

This study explores the determinants of restaurant crowdfunding success, inspired by success determinants found in independent restaurant literature. The results indicate that community orientation, images that show elements of the restaurant concept, and frequent communication with funders are key drivers for success. We conclude that restaurant entrepreneurs who show that their project benefits the community where they operate, provide constant updates that maintain project interest, and are responsive to funders’ comments are more likely to succeed in reward-based crowdfunding.     

Efficient political contributions with conditional Coasian contracts

The externalities associated with political contributions imply agents choose a socially inefficient level. A typical market solution to these externalities would involve Coase bargaining where agents form contracts with payments conditional on the actions of others. These contracts, however, are hard to enforce because political contributions can be unobservable or unmeasurable. In this study, we modify these Coasian contracts, making the payments conditional on the outcome of the political election. We show the agents that form these contracts contribute the socially efficient amount.     

价值共创对众筹项目融资绩效的影响

众筹为小微企业筹集资金提供了一个便捷的渠道。选取国内著名众筹网站——京东众筹2016年11月-2017年5月间731个项目作为研究样本,根据价值共创理论对项目各项指标数据进行梳理,运用logit回归和多元线性回归分析价值共创对项目绩效的影响。实证结果显示,发起者价值创造过程中的共创机会、项目计划和项目执行均正向显著影响项目融资绩效,发起者学习对融资绩效的正向影响较为显著;支持者价值创造过程中的关系体验对融资金额产生较为显著的正向影响,但支持者学习对融资绩效的影响不显著;双方接触过程正向显著影响融资绩效。     

Do interest groups reward politicians for their votes in the legislature? Evidence from the great recession

ABSTRACT

Interest groups lobby politicians in various ways to influence their policy decisions, especially, their voting decisions in the legislature. Most, if not all, of the studies on this issue examine ”pre-vote” lobbying activities of interest groups that occur before politicians vote in the legislature. In this paper, however, I examine ”post-vote” lobbying activities of interest groups that occur after politicians vote in the legislature. By using data on the amount of monetary contributions given by interest groups to the members of the U.S. House of Representatives who have served in the 109th (2005–06) through 111th (2009–10) Congress, I find evidence that voting in favour of the Emergency Economic Stabilization Act (EESA) of 2008, one of the most significant pieces of legislation and possibly the biggest government bailout in U.S. economic history, has increased the amount of monetary contributions that politicians receive from the interest groups in the financial sector after the passage of the EESA. I also discuss two reasons for such post-vote lobbying and find empirical evidence for one of them.     

股权众筹在中国的合法化研究

股权众筹作为一种新型的融资方式在中国迅速崛起,它打破融资渠道限制、降低时间成本,具有传统融资方式难以比拟的优势,有效解决了小微企业及初创企业融资难的问题。同时,这种新型互联网金融模式冲击着现有金融法制,实际运行中存在诸多不适应性,亟需使其合法化并纳入监管。我们需要顺应时代潮流,结合现实状况,准确界定股权众筹的法律地位、特征以及证券的范围,并借鉴域外小额豁免的经验,重新定义公开发行与非公开发行之“特定对象”的概念。与此同时,妥善地协调融资与投资者保护的关系,对股权众筹的监管作出相应的制度回应。     

开辟新领域寻求新发展—地勘单位应积极开展地质旅游资源调查、评价与开发工作

属地化管理后的地勘单位要融入当地的区域经济发展 ,必须找准自己的立足点和切入点。对西部省区的地勘单位来说 ,要调整产业结构 ,旅游业是一个很好的选择。文章分析了地勘单位发展旅游业的必要性和可能性 ,指出地勘单位要进入旅游业 ,可从地质旅游资源的调查、评价入手 ,逐渐介入开发、经营 ,使旅游业成为地勘单位又一个稳定的支柱产业。     

股权众筹投资者决策行为影响因素研究

股权众筹可以有效解决初创企业融资难的问题,具有巨大的发展潜力。研究股权众筹投资者的决策行为,对企业有效发布项目信息、传递有利信号、提高融资绩效具有重要意义,目前国内该领域研究较为缺乏。基于信号传递理论,从不确定性角度研究投资者行为影响因素。通过搜集众筹网上股权类项目融资面板数据,利用混合OLS模型进行分析,发现我国股权众筹市场存在羊群行为,投资者倾向于投资已经获得大量投资的项目,领投人、产品状态成熟及团队人数较多可以降低投资者感知不确定性,有利于吸引投资,而出让股份多会增加项目不确定性,降低投资者投资意愿。     

Office-seeking politicians, interest groups and split contributions in a campaign finance model

The present paper investigates an extended version of Prat's campaign finance models. In this model, interest groups make contributions to politicians to influence policy decisions. Voters are assumed to judge candidates on two aspects: policy promises and nonpolicy personal qualities referred to as valence. There are two types of voters. Among these, uninformed voters only observe campaign contributions that take the role of a signaling medium. We solve the equilibrium of the game between politicians and interest groups. We then specify conditions under which a separating equilibrium exists and study the effect of split contributions on the welfare of the median voter.     

An Alternative to the Impasse

Abstract

The volume of violence portrayed in American mass media has caused concern for decades, but media self-interests, weak governmental policies, and the First Amendment protection for freedom of expression have stymied efforts to improve media content. Grassroots endeavors to alert parents to possible negative effects may be a more effective approach. “Pulling the Plug on Media Violence,” a campaign aimed at escalating consumer awareness, has been implemented by a volunteer group in North Carolina. This study, using the results of a statewide poll, evaluates the campaign's effectiveness and provides useful findings for future efforts devoted to similar issues. The survey shows that although awareness of the campaign was high, the level of concern about media effects was not influenced directly. Religiosity, gender and parenthood were found to be the most important factors linked to higher levels of concern about media violence. Future efforts to mobilize an anti-violence effort may want to target messages to parents (especially mothers) and work with churches in order to increase active involvement.