Please use this identifier to cite or link to this item: https://doi.org/10.1057/s41599-021-00733-w
Title: Gender and age-based investor affinities in a Ponzi scheme
Authors: Huang, Li
Li, Oliver Zhen 
Lin, Yupeng 
Xu, Chao
Xu, Haoran
Issue Date: 3-Mar-2021
Publisher: Springer Nature
Citation: Huang, Li, Li, Oliver Zhen, Lin, Yupeng, Xu, Chao, Xu, Haoran (2021-03-03). Gender and age-based investor affinities in a Ponzi scheme. Humanities and Social Sciences Communications 8 (1) : 60. ScholarBank@NUS Repository. https://doi.org/10.1057/s41599-021-00733-w
Rights: Attribution 4.0 International
Abstract: Utilizing a police dataset of a fundraising Ponzi scheme in China, we establish referrer-investor links and examine how investor affinity in terms of gender and age affects the way the scheme spreads and the way investors suffer losses. We find that female or older investors are more susceptible to investor affinity. Specifically, female or older investors are more likely to be referred into the scheme by female or older investors. Female or older investors tend to occupy lower layers in the investor hierarchy of the scheme and they are more likely to occupy lower layers if they are referred into the scheme by female or older investors. Consequently, female or older investors suffer more losses if they are referred into the scheme by female or older investors. We conclude that gender and age-based investor affinities are especially pronounced among female or older investors in a Ponzi scheme. © 2021, The Author(s).
Source Title: Humanities and Social Sciences Communications
URI: https://scholarbank.nus.edu.sg/handle/10635/231962
ISSN: 2662-9992
DOI: 10.1057/s41599-021-00733-w
Rights: Attribution 4.0 International
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