In Japan's Fundinno equity crowdfunding, same-prefecture users are 6.7 percentage points more likely to invest after viewing a non-Tokyo campaign page, versus a 10% baseline and a 0.9 pp adjacent-prefecture premium.
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Geography in Online Capital Allocation: Evidence from Equity-Based Crowdfunding
In Japan's Fundinno equity crowdfunding, same-prefecture users are 6.7 percentage points more likely to invest after viewing a non-Tokyo campaign page, versus a 10% baseline and a 0.9 pp adjacent-prefecture premium.