HIGHLIGHTS
SUMMARY
In recent years, the crowdfunding market has grown rapidly, and its market size has surpassed that of venture capital, becoming one of the mainstream financing methods today (Belleflamme et_al, 2015; Capizzi and Carluccio, 2016; Kim et_al, 2022). In a crowdfunding market with information asymmetry, backers tend to combine multiple information to judge the quality of projects to make investment decisions (Burtch et_al, 2013; Courtney et_al, 2017; Wang et_al, 2021). Pre-order Pre-order is the sale model in which the seller accepts orders from customers and guarantees the availability of the product before the . . .
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