Investidores qualificados e crowdfunding de investimento
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UERJ |
Texto Completo: | http://www.bdtd.uerj.br/handle/1/18363 |
Resumo: | In Brazil, nascent and small companies face great difficulties in accessing the credit sources available in the traditional market. These prevent the survival of many of these companies. In such a context, crowdfunding emerges as a viable financing alternative. This dissertation analyzes equity crowdfunding. Such arrangement is more complex because the project to be financed must generate positive results over time for the agents involved. However, investors who take part in this type of initiative frequently care for the project itself, not only for financial rewards. This aspect is particularly relevant in crowdfunding for impact investments. The economic literature points to crowdfunding as an eminently social activity, in which some investors have intrinsic motivation to financially support a specific project. It also points out that “herd behaviour” plays a crucial role in individual investment decisions. In this scenario, the role of a qualified (well-informed) investor becomes essential, as the investor's decision signals to the crowd investor (less informed) the potential of the project to be financed. This dissertation offers an overview of investment crowdfunding in Brazil and proposes a theorical sequential game. In a perfect information benchmarking and only one investor, it is shown that a CFI project is only launched if it meets the minimum requirement of the investor regarding the chances of success of the project and the comparative statics of this variable is made. |
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Morais, Rafael Pinho Senra dehttp://lattes.cnpq.br/7948891961027768Pinheiro, Maurício Canêdohttp://lattes.cnpq.br/2626353634669188Hemsley, Pedro James Friashttp://lattes.cnpq.br/5712583659751675http://lattes.cnpq.br/0578338206690944Bastos, Ane Natalie Pinheiroanenatalie@gmail.com2022-09-13T12:32:22Z2021-05-26BASTOS, Ane Natalie Pinheiro. Investidores qualificados e crowdfunding de investimento. 2021. 60 f. Dissertação (Mestrado em Ciências Econômicas) - Faculdade de Ciências Econômicas, Universidade do Estado do Rio de Janeiro, Rio de Janeiro, 2021.http://www.bdtd.uerj.br/handle/1/18363In Brazil, nascent and small companies face great difficulties in accessing the credit sources available in the traditional market. These prevent the survival of many of these companies. In such a context, crowdfunding emerges as a viable financing alternative. This dissertation analyzes equity crowdfunding. Such arrangement is more complex because the project to be financed must generate positive results over time for the agents involved. However, investors who take part in this type of initiative frequently care for the project itself, not only for financial rewards. This aspect is particularly relevant in crowdfunding for impact investments. The economic literature points to crowdfunding as an eminently social activity, in which some investors have intrinsic motivation to financially support a specific project. It also points out that “herd behaviour” plays a crucial role in individual investment decisions. In this scenario, the role of a qualified (well-informed) investor becomes essential, as the investor's decision signals to the crowd investor (less informed) the potential of the project to be financed. This dissertation offers an overview of investment crowdfunding in Brazil and proposes a theorical sequential game. In a perfect information benchmarking and only one investor, it is shown that a CFI project is only launched if it meets the minimum requirement of the investor regarding the chances of success of the project and the comparative statics of this variable is made.No Brasil, as empresas nascentes e de pequeno porte enfrentam grandes dificuldades para acessar as fontes de crédito disponíveis no mercado tradicional. Isso impede a sobrevivência de muitas dessas empresas. Nesse contexto, o crowdfunding surge como uma forma de financiamento alternativo. Esta dissertação analisa o crowdfunding de investimento. Tal arranjo é mais complexo porque o projeto a ser financiado deve gerar resultados positivos ao longo do tempo para os agentes envolvidos. No entanto, os investidores que participam desse tipo de iniciativa frequentemente se preocupam com o projeto em si, não apenas com a recompensa financeira. Esse aspecto é particularmente relevante no crowdfunding para investimentos de impacto. A literatura econômica aponta o crowdfunding como uma atividade eminentemente social, na qual alguns investidores possuem motivação intrínseca para apoiar financeiramente um projeto específico. Também aponta que o “comportamento de rebanho” desempenha papel crucial nas decisões individuais de investimento. Nesse cenário, o papel de um investidor qualificado (bem informado) torna-se fundamental, pois a decisão desse investidor sinaliza para o investidor da multidão (menos informado) o potencial do projeto a ser financiado. Esta dissertação oferece um panorama do crowdfunding de investimento no Brasil e propõe uma modelagem teórica através de um jogo sequencial. Em um benchmarking de informação perfeita e apenas um investidor, demonstra-se que um projeto de CFI somente é lançado se atender à exigência mínima de chance de sucesso do investidor e faz-se a estática comparativa desta variável.Submitted by Luciana CCS/B (luciana.zohrer@uerj.br) on 2022-09-13T12:32:22Z No. of bitstreams: 1 Dissertação - Ane Natalie Pinheiro Bastos - 2021 - completa.pdf: 1639755 bytes, checksum: 9369497b533bf5b493201652789043e5 (MD5)Made available in DSpace on 2022-09-13T12:32:22Z (GMT). No. of bitstreams: 1 Dissertação - Ane Natalie Pinheiro Bastos - 2021 - completa.pdf: 1639755 bytes, checksum: 9369497b533bf5b493201652789043e5 (MD5) Previous issue date: 2021-05-26application/pdfporUniversidade do Estado do Rio de JaneiroPrograma de Pós-Graduação em Ciências EconômicasUERJBrasilCentro de Ciências Sociais::Faculdade de Ciências EconômicasAlternative financeEquity crowdfundingIntrinsic motivationHerd behaviourImpact InvestmentFinanciamento alternativoCrowdfunding de investimentoMotivação intrínsecaComportamento de rebanhoInvestimento de impactoFinanciamento coletivo – BrasilPequenas e médias empresas – Finanças – BrasilInvestidores (Finanças) – BrasilEmpreendedores – BrasilCIENCIAS SOCIAIS APLICADAS::ECONOMIAInvestidores qualificados e crowdfunding de investimentoQualified investors and investment crowdfundinginfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da UERJinstname:Universidade do Estado do Rio de Janeiro (UERJ)instacron:UERJORIGINALDissertação - Ane Natalie Pinheiro Bastos - 2021 - completa.pdfDissertação - Ane Natalie Pinheiro Bastos - 2021 - completa.pdfapplication/pdf1639755http://www.bdtd.uerj.br/bitstream/1/18363/2/Disserta%C3%A7%C3%A3o+-+Ane+Natalie+Pinheiro+Bastos+-+2021+-+completa.pdf9369497b533bf5b493201652789043e5MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-82123http://www.bdtd.uerj.br/bitstream/1/18363/1/license.txte5502652da718045d7fcd832b79fca29MD511/183632024-02-26 13:14:10.484oai:www.bdtd.uerj.br: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Biblioteca Digital de Teses e Dissertaçõeshttp://www.bdtd.uerj.br/PUBhttps://www.bdtd.uerj.br:8443/oai/requestbdtd.suporte@uerj.bropendoar:29032024-02-26T16:14:10Biblioteca Digital de Teses e Dissertações da UERJ - Universidade do Estado do Rio de Janeiro (UERJ)false |
dc.title.por.fl_str_mv |
Investidores qualificados e crowdfunding de investimento |
dc.title.alternative.eng.fl_str_mv |
Qualified investors and investment crowdfunding |
title |
Investidores qualificados e crowdfunding de investimento |
spellingShingle |
Investidores qualificados e crowdfunding de investimento Bastos, Ane Natalie Pinheiro Alternative finance Equity crowdfunding Intrinsic motivation Herd behaviour Impact Investment Financiamento alternativo Crowdfunding de investimento Motivação intrínseca Comportamento de rebanho Investimento de impacto Financiamento coletivo – Brasil Pequenas e médias empresas – Finanças – Brasil Investidores (Finanças) – Brasil Empreendedores – Brasil CIENCIAS SOCIAIS APLICADAS::ECONOMIA |
title_short |
Investidores qualificados e crowdfunding de investimento |
title_full |
Investidores qualificados e crowdfunding de investimento |
title_fullStr |
Investidores qualificados e crowdfunding de investimento |
title_full_unstemmed |
Investidores qualificados e crowdfunding de investimento |
title_sort |
Investidores qualificados e crowdfunding de investimento |
author |
Bastos, Ane Natalie Pinheiro |
author_facet |
Bastos, Ane Natalie Pinheiro anenatalie@gmail.com |
author_role |
author |
author2 |
anenatalie@gmail.com |
author2_role |
author |
dc.contributor.advisor1.fl_str_mv |
Morais, Rafael Pinho Senra de |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/7948891961027768 |
dc.contributor.referee1.fl_str_mv |
Pinheiro, Maurício Canêdo |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/2626353634669188 |
dc.contributor.referee2.fl_str_mv |
Hemsley, Pedro James Frias |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/5712583659751675 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/0578338206690944 |
dc.contributor.author.fl_str_mv |
Bastos, Ane Natalie Pinheiro anenatalie@gmail.com |
contributor_str_mv |
Morais, Rafael Pinho Senra de Pinheiro, Maurício Canêdo Hemsley, Pedro James Frias |
dc.subject.eng.fl_str_mv |
Alternative finance Equity crowdfunding Intrinsic motivation Herd behaviour Impact Investment |
topic |
Alternative finance Equity crowdfunding Intrinsic motivation Herd behaviour Impact Investment Financiamento alternativo Crowdfunding de investimento Motivação intrínseca Comportamento de rebanho Investimento de impacto Financiamento coletivo – Brasil Pequenas e médias empresas – Finanças – Brasil Investidores (Finanças) – Brasil Empreendedores – Brasil CIENCIAS SOCIAIS APLICADAS::ECONOMIA |
dc.subject.por.fl_str_mv |
Financiamento alternativo Crowdfunding de investimento Motivação intrínseca Comportamento de rebanho Investimento de impacto Financiamento coletivo – Brasil Pequenas e médias empresas – Finanças – Brasil Investidores (Finanças) – Brasil Empreendedores – Brasil |
dc.subject.cnpq.fl_str_mv |
CIENCIAS SOCIAIS APLICADAS::ECONOMIA |
description |
In Brazil, nascent and small companies face great difficulties in accessing the credit sources available in the traditional market. These prevent the survival of many of these companies. In such a context, crowdfunding emerges as a viable financing alternative. This dissertation analyzes equity crowdfunding. Such arrangement is more complex because the project to be financed must generate positive results over time for the agents involved. However, investors who take part in this type of initiative frequently care for the project itself, not only for financial rewards. This aspect is particularly relevant in crowdfunding for impact investments. The economic literature points to crowdfunding as an eminently social activity, in which some investors have intrinsic motivation to financially support a specific project. It also points out that “herd behaviour” plays a crucial role in individual investment decisions. In this scenario, the role of a qualified (well-informed) investor becomes essential, as the investor's decision signals to the crowd investor (less informed) the potential of the project to be financed. This dissertation offers an overview of investment crowdfunding in Brazil and proposes a theorical sequential game. In a perfect information benchmarking and only one investor, it is shown that a CFI project is only launched if it meets the minimum requirement of the investor regarding the chances of success of the project and the comparative statics of this variable is made. |
publishDate |
2021 |
dc.date.issued.fl_str_mv |
2021-05-26 |
dc.date.accessioned.fl_str_mv |
2022-09-13T12:32:22Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
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publishedVersion |
dc.identifier.citation.fl_str_mv |
BASTOS, Ane Natalie Pinheiro. Investidores qualificados e crowdfunding de investimento. 2021. 60 f. Dissertação (Mestrado em Ciências Econômicas) - Faculdade de Ciências Econômicas, Universidade do Estado do Rio de Janeiro, Rio de Janeiro, 2021. |
dc.identifier.uri.fl_str_mv |
http://www.bdtd.uerj.br/handle/1/18363 |
identifier_str_mv |
BASTOS, Ane Natalie Pinheiro. Investidores qualificados e crowdfunding de investimento. 2021. 60 f. Dissertação (Mestrado em Ciências Econômicas) - Faculdade de Ciências Econômicas, Universidade do Estado do Rio de Janeiro, Rio de Janeiro, 2021. |
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http://www.bdtd.uerj.br/handle/1/18363 |
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Universidade do Estado do Rio de Janeiro |
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UERJ |
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Brasil |
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Centro de Ciências Sociais::Faculdade de Ciências Econômicas |
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Universidade do Estado do Rio de Janeiro |
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