This paper studies how donors respond to merit when giving to families facing unaffordable medical expenses. Using data from a leading crowdfunding platform in China, I find that campaigns receive larger donations from repeat donors when recipients report attending more selective colleges. To examine how perceived deservingness shapes donor behavior, I conduct a survey experiment that elicits willingness to donate to fundraising vignettes. Both academic merit and financial need increase donor generosity, but there is substitution between merit-based and need-based considerations. The college selectivity effect is more pronounced for the top 50 institutions and when donors have better knowledge of the rankings.

This paper examines the impact of the rating of equity crowdfunding platforms in China on funding campaign success. We gather information from 2014 to 2021 on 583 fund raising campaigns. Our results suggest that campaign success is positively correlated with the reputation of the platforms but especially for the most reputable one. We also show that the level of technological intensity of the industries and services is positively correlated with the amount raised. Overall, our paper suggests that platform ratings provide a valuable signal to investors, especially when projects are risky and when information asymmetry is high.

This paper examines the impact of the rating of equity crowdfunding platforms in China on funding campaign success. We gather information from 2014 to 2021 on 583 fund raising campaigns. Our results suggest that campaign success is positively correlated with the reputation of the platforms but especially for the most reputable one. We also show that the level of technological intensity of the industries and services is positively correlated with the amount raised. Overall, our paper suggests that platform ratings provide a valuable signal to investors, especially when projects are risky and when information asymmetry is high.