Emotions and Values in Equity Crowdfunding Investment Choices 1

Acknowledgments vii

Introduction ix

Chapter 1. Equity Crowdfunding, a New Form of Financing that Raises a Number of Questions 1

1.1. Equity crowdfunding, a new way of financing companies 1

1.1.1. Definition, emergence and state of play on crowdfunding 1

1.1.2. Equity crowdfunding within the crowdfunding family 10

1.1.3. The regulatory framework for equity crowdfunding 16

1.1.4. The crowd of investors 22

1.1.5. The risks of equity crowdfunding for the individual investor 26

1.1.6. In conclusion 29

1.2. A success that raises questions about the rationality of investors 29

1.2.1. Elements of explanation for a surprising success 30

1.2.2. An emotional dimension not very present in the explanations of the investor's choice 41

1.2.3. In conclusion 50

1.3. What role for values and the affect? 51

1.3.1. Issue 51

1.3.2. To summarize 61

1.4. Conclusion 62

Chapter 2. Transdisciplinary Approach to the Issue of Investor Choice 63

2.1. Objective and methodology 63

2.1.1. Objective 63

2.1.2. Methodology 64

2.2. Theories that can be used to explain the choice of investors 65

2.2.1. Choice as a rational decision: expected utility theory 66

2.2.2. Emotions, affective reactions and other affective experiences 72

2.2.3. Affect in the models of the judgment and decision-making field 77

2.2.4. Affects in finance 101

2.2.5. Emotional aspects of consumer purchasing behavior 111

2.2.6. Organizational attractiveness and PO-fit: a pull effect 121

2.2.7. Psychology, emotions and values 126

2.3. Toward a concise theoretical framework 143

2.3.1. Theoretical framework 143

2.3.2. Articulation of concepts and theories 145

2.3.3. Disciplinary breakdown of concepts and theories 145

2.3.4. Conclusion 146

References 149

Index 181