Furthermore, the information cascade may be manipulated. At the extreme, creators may exploit the path-dependent nature of investment by injecting capital in the early stages, thereby inducing an information cascade, and then withdrawing their capital before the fundraising is closed. Obviously, this problem may be minimized by thoughtful rules and features implemented by platforms. Overall, the evidence suggests that information from the crowd reflected in accumulated capital can be an informative, but noisy, signal of quality
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