Daniel Dao, PhD, CFA, MBA


• “Herding Dynamics and Multidimensional Uncertainty in Equity Crowdfunding: The Impact of Information Sources” (with Thang Nguyen &
Panagiotis Andrikopoulos), 2023; Forthcoming at Information and Management (ABS3*, A*, Q1).
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.  



  1. “The Dynamics of Investor Sentiment Impacts in Crowdfunding: Unveiling the When” (with Thang Nguyen, Jiaqi Guo & Thanh Nguyen)
    R&R at British Journal of Management (ABS4*).
  2. “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 (ABS4*).
  3. “Understanding Productivity Growth in A Small Open Economy: The Case of the Dominican Republic” (with Alexis Cruz-Rodriguez & James Sampi)
    R&R at World Bank Policy Working Paper.


  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 (ABS4*).
  2. “Navigating Hype: The Implications of Exaggerated Expectations on Venture Viability and Effective Management Strategies” (with Thang Nguyen & Panagiotis Andrikopoulos)
    Under Review at Journal of Business Venturing (ABS4*).
  3. “Unleashing Innovation under Sanctions: The Catalyst of National Culture” (with Anh Phan & Loan Nguyen)
    Under Review at International Journal of Finance and Economics (ABS3*)


  1. Dominican Republic Country Economic Memorandum – Sustaining Economic Growth“, Associated with The World Bank (Published).
  2. “World Development Report 2024 – Economic Growth in Middle-Income Countries”, Associated with The World Bank (On Progress).
  3. “Policy Reforms, Growth, and Employment”, Associated with The World Bank (On Progress).
  4. “Antitrust Enforcement and Productivity in South America”, Associated with The World Bank (On Progress)


  1. The Impact of Climate Regulations on Firm Performance/ Compliance Costs, Applying Generative AI and Explainable AI (XAI) in Regulation Narratives.
  2. US Climate State Action Plans and Firm Innovation
  3. Sustainability Orientation of Entrepreneurs and Venture ViabilitY: Evidence in Equity Crowdfunding.
  4. Crowd Wisdom and Funding Dynamics