期刊名称：Humanities and Social Sciences Communications
电子版ISSN：2662-9992
出版年度：2021
卷号：8
期号：1
页码：1-12
DOI：10.1057/s41599-021-00733-w
语种：English
出版社：Springer
摘要：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.
