Daniel Dao, PhD, CFA, MBA

Academic Publications

Selected Publications

“The Dynamics of Investor Sentiment Impacts in Crowdfunding: Unveiling the When” – 2024
(with Thang Nguyen, Jiaqi Guo, Thanh Nguyen & Bao To)
British Journal of Management (ABS-4)

Expanding upon the known impact of investor sentiment on crowdfunding contributions, we delve deeper to pinpoint specific conditions under which sentiment influences investor choices. Grounded in psychological theory, we assert that sentiment’s influence thrives at the peak of investor attention, primarily on a campaign’s first day and among projects with greater uncertainty. Our empirical study, based on 447 campaigns with 17,244 daily observations from UK’s Crowdcube platform, substantiates our claim. Our research enhances comprehension of equity crowdfunding investors and provides practical insights for its proponents.  
Research Themes: Fintech; Financial Economics

• “Herding Dynamics and Multidimensional Uncertainty in Equity Crowdfunding: The Impact of Information Sources” – 2024
(with Thang Nguyen & Panagiotis Andrikopoulos)
Information and Management (ABS-3*, ABDC-A*)

This study investigates the temporal dynamics of herding behaviour in equity crowdfunding, and especially when herding momentum is likely to occur during the funding campaign under the influence of different information disclosures. Our results are consistent with the multidimensional uncertainty theory in which herding does not occur in the first stage of funding campaigns but arises in the later stages. We further show that information from investors’ discussions may be noisier than information disclosure from project founders, thus is more likely to bring uncertainty and accentuate herding. Our findings highlight the importance of information resource management in which different information sources may require different information disclosure policies. 
Research Themes: Fintech; Information System

Revised and Resubmitted

• “Perceived Climate Risk and Stock Prices: An Empirical Analysis of Pricing Effects”
(with Zied Ftiti, Wael Louhichi & Hachmi Ben Ameur)
R&R at Risk Analysis (ABS-4)

Increasing awareness of climate change and its potential consequences on financial markets has led to interest in the impact of climate risk on stock returns and portfolio composition, but few studies have focused on perceived climate risk pricing. This study is the first to introduce perceived climate risk as an additional factor in asset pricing models. The perceived climate risk is measured based on the climate change sentiment of Twitter dataset with 16 million unique tweets in the years 2010–2019. One of the main advantages of our proxy is that it allows us to capture both physical and transition climate risks. Our results show that perceived climate risk is priced into S&P 500 Index stock returns and is robust when different asset-pricing models are used. Our findings have implications for market participants, as understanding the relationship between perceived climate risk and asset prices is crucial for investors seeking to navigate the financial implications of climate change, and for policymakers aiming to promote sustainable financing and mitigate the potential damaging effects of climate risk on financial markets, and a pricing model that accurately incorporates perceived climate risk can facilitate this understanding.
Research Themes: Sustainable Finance; Asset Pricing

• “Unleashing Innovation under Sanctions: The Catalyst of National Culture”
(with Anh Phan & Loan Nguyen)
R&R at International Journal of Finance and Economics (ABS-3*)

This paper explores how national culture moderates the impact of economic sanctions on a targeted country’s innovation performance, using a dynamic difference-in-difference approach. Our empirical analysis utilizes a panel dataset spanning 213 nations from 2013 to 2019. We discover that economic sanctions generally have a detrimental effect on the innovation performance of targeted countries. However, not all types of sanctions have the same negative impact on innovation. Specifically, financial, arms, and travel sanctions exhibit this negative influence. Furthermore, we reveal that under the sanction circumstances, countries characterized by high power distance and high uncertainty avoidance cultures tend to experience a higher level of innovation performance. Our findings remain robust after conducting various tests. In our subsequent analyses, we focus on different types of sanctions and find that the favorable impact of power distance and uncertainty avoidance culture on the relationship between sanctions and innovation applies primarily to financial sanctions.
Research Themes: Innovation; Financial Economics

Working Papers

  1. “Lost in The Crowd? Incongruent Signals from Entrepreneurs and The Importance of Herd in Equity Crowdfunding”
    (with Thang Nguyen & Panagiotis Andrikopoulos)
    Under Review at Management Science (ABS-4*)
  2. “You Pay for What You Say: An Investigation on Exaggerated Information in Equity Crowdfunding Campaigns”
    (with Thang Nguyen & Panagiotis Andrikopoulos)
    Under Review at Journal of Business Venturing (ABS-4)
    Best Paper Award at International Conference on Alternative Finance Research, Krems an der Donau, Austria.
  3. “Job Creation, Economic Growth, and Policy Reforms: An Empirical Reassessment”
    (with Marcello Estevao & Jorge Araujo)
    Submitted to World Development (ABS-3*)

Works in Progress

  1. When Every Blessing Comes Along with a Curse: A Study on ”Greenwashing” ESG Claims of Venture Raising Funds in Europe Equity Crowdfunding.  
  2. US Climate State Action Plans and Firm Innovation. 
  3. Banking in the Era of Climate Risk and Sustainability – Aim to Special Issue at European Financial Management (ABS-3*)

Full List of Publications


  • Nguyen, T., Guo, J., Dao, D., Nguyen, T., To, B.  (2024). The Dynamics of Investor Sentiment Impacts in Equity Crowdfunding: Unveiling the When. British Journal of Management.
  • Dao, D., Nguyen, T., & Andrikopoulos, P. (2024). Herding Dynamics and Multidimensional Uncertainty in Equity Crowdfunding: The Impacts of Information Sources. Information & Management61(1), 103889.
  • Beason, R., Tran, T. T. T., Dao, D. P., & Nguyen, H. M. (2022). Insiders, Outsiders and Performance of Vietnamese Firms. Gadjah Mada International Journal of Business24(3), 324-341.
  • Vu, L. T., Vu, L. T., Nguyen, N. T., Do, P. T. T., & Dao, D. (2019). Feature selection methods and sampling techniques to financial distress prediction for Vietnamese listed companies. Investment Management and Financial Innovations16(1), 276-290.
  • Nguyen, D. T. P., Nguyen, L. T. H., Dao, D. P., & Dang, G. H. (2019). The determinants influencing managerial accounting in Vietnamese manufacturing and trading enterprises. Academy of Accounting and Financial Studies Journal23(5), 1-11.