Christian Goglin - Emotions and Values in Equity Crowdfunding Investment Choices 1

Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27-37 St George’s Road London SW19 4EU UK www.iste.co.uk John Wiley & Sons, Inc. 111 River Street Hoboken, NJ 07030 USA www.wiley.com © ISTE Ltd 2020 The rights of Christian Goglin to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. Library of Congress Control Number: 2020943265 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-633-3 4 Acknowledgments 5 Introduction 6 1 Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1.1. Equity crowdfunding, a new way of financing companies 1.2. A success that raises questions about the rationality of investors 1.3. What role for values and the affect? 1.4. Conclusion 7 2 Transdisciplinary Approach to the Issue of Investor Choice 2.1. Objective and methodology 2.2. Theories that can be used to explain the choice of investors 2.3. Toward a concise theoretical framework 8 References 9 Index 10 End User License Agreement

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3 iv First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc. Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address: ISTE Ltd 27-37 St George’s Road London SW19 4EU UK www.iste.co.uk John Wiley & Sons, Inc. 111 River Street Hoboken, NJ 07030 USA www.wiley.com © ISTE Ltd 2020 The rights of Christian Goglin to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. Library of Congress Control Number: 2020943265 British Library Cataloguing-in-Publication Data A CIP record for this book is available from the British Library ISBN 978-1-78630-633-3

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5 viii I would like to thank the members of Crego for their constructive and kind remarks during laboratory seminars. In particular, I would like to thank Mr. Gérard Charreaux for his always valuable remarks, Mr. Fabrice Hervé for his support and wise recommendations and Mr. Bertrand Belvaux for his suggestions concerning the analysis of the data. Finally, I would like to thank Mrs. Évelyne Poincelot and Miss Kirsten Burkhardt for their pertinent remarks. I will not forget the professors of my research master’s degree in management sciences, some of whom were able to bring abstract concepts or theory to life through their passionate communication. I would like to thank the members of the CRESE research laboratory at the Université de Franche-Comté for their hospitality and the sound advice from their economists, in particular, Mr. François Cochard and Ms. Karine Brisset. Many thanks also to the doctoral students Ms. Gaztelumendi and Ms. Bataillard for their diligent participation in pretesting experiments. I would also like to thank the university staff who collaborated or facilitated the organization of experiments, particularly Ms. Bois-Prinet, Mr. Frédéric Pellerin, Mr. Renaud Aubert, Ms. Chloé Roger, Mr. Guy-Daniel Ligan, Ms. Esla Fachinetti, Ms. Florence Demougeot, Ms. Chittaro and Mr. Millereux. Finally, I would like to thank my wife, who has personally contributed to the experimentation and has supported me unconditionally in this adventure, as well as my daughter, who was born only a few months before this big move and who, for many weekends, had to put up with a studious father. I dedicate this work to them as well as to my late maternal grandmother, my “mamie”, without whom nothing would have been possible.

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Christian Goglin

First published 2020 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc.

Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address:

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