Home > Awards > 2015 Awards – Winners > Herding and Overfunding in Equity Crowdfunding Coller Institute of Venture 2015 Research Grant, awarded to Prof. Nir Vulkan of the Saïd Business School, University of Oxford

Herding and Overfunding in Equity Crowdfunding Coller Institute of Venture 2015 Research Grant, awarded to Prof. Nir Vulkan of the Saïd Business School, University of Oxford

Nir Vulkan is Associate Professor of Business Economics at Saïd Business School and Fellow of Worcester College, both at the University of Oxford. He is a leading authority on e-commerce and market design, and on applied research and teaching on hedge funds.

Nir is author of one of the leading texts on the microeconomics of e-commerce, The Economics of E-Commerce: A Strategic Guide to Understanding and Designing the Online Marketplace. The book analyses online trading mechanisms and the way in which web-based technologies such as bidding elves, smart agents and shopping bots, influence the behaviour of consumers and retailers.

More recently, Nir has edited, with Al Roth and Zvika Neeman, The Handbook of Market Design.   The handbook contains a selection of the latest research in the growing field of market design, and draws on Vulkan’s interest and expertise in markets, both virtual and those confined to particular geographical locations. He is particularly interested in how lessons from successful and unsuccessful markets can be learned and transferred to different environments. Part of the book examines issues raised by the fact that the internet is now the preferred platform for most markets, and the wide choice this gives consumers. He also examines markets linked to geography where participants have little choice.

Nir was the executive and then Academic Director of the Oxford Centre for Entrepreneurship and Innovation (OxCEI) and the co-founder and Director of OxLab, a laboratory for social science experiments, both at Saїd Business School.

About the project

In this project Nir is looking at equity Crowdfunding. In contrast to reward-based crowdfunding, like most projects on Kickstarter for example, in equity crowdfunding investors get shares in the new venture. In this sense, equity crowdfunding is more like traditional venture capital than it is like reward crowdfunding. This raises many interesting questions both from finance theory perspective and of course from an empirical stand point. The richness of the data however allows researchers to go much deeper and understand phenomena like financial herding which are clearly central and important to the finance profession.

In this project Nir benefits from access to detailed data from SEEDRS a leading equity crowdfunding site funded by two of his former students.