Gender and age-based investor affinities in a Ponzi scheme

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...

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Bibliographic Details
Published in:Humanities & social sciences communications 2021-12, Vol.8 (1), p.1-12, Article 60
Main Authors: Huang, Li, Li, Oliver Zhen, Lin, Yupeng, Xu, Chao, Xu, Haoran
Format: Article
Language:English
Subjects:
Age
Datasets
Gender
Humanities
Investments
Portable computers
Pyramid operations
Securities fraud
Social networks
Social sciences
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Summary: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.
ISSN:2662-9992
2662-9992
DOI:10.1057/s41599-021-00733-w