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PurposeThis empirical study uses herd behavior model to explore the role of anchor investors in ensuring fundraising success and overfunding of crowdfunded ventures.Design/methodology/approachQualitative comparative analysis (QCA) is applied to find the configurational patterns describing how anchor investors' information disclosure leads to successful financing and overfunding.FindingsEven when the anchor investor's resume is not detailed or the anchor investor has little experience in entrepreneurial investment, success or overfunding can be achieved, provided the anchor investor is a corporation rather than an individual. For individual anchor investors, a detailed resume matters. Overfunding can be achieved even when an individual anchor investor makes a small relative investment, if this small relative investment is compensated for by a detailed resume. Experience in entrepreneurial investment is crucial when individual anchor investors have few previous investments. Regardless of the anchor investor's identity, investment in absolute terms is crucial for crowdfunding success when experience in entrepreneurial investment is low. Such experience must be extensive if the anchor investor's resume is not detailed.Practical implicationsBoth entrepreneurs and crowdfunding platforms can benefit from the findings in relation to the design of campaigns that use anchor investors' informational cues to achieve success and overfunding.Originality/valueThe study examines the importance of anchor investors' information disclosure in digital crowdfunding environments, differentiating between individual and corporate anchor investors.

The prevalence of penetrating complications in Crohn's disease (CD) increases progressively over time, but evidence on the medical treatment in this setting is limited. The aim of this study was to evaluate the effectiveness of biologic agents in CD complicated with internal fistulizing disease.Adult patients with CD-related fistulae who received at least one biologic agent for this condition from the prospectively-maintained ENEIDA registry were included. Exclusion criteria involved those receiving biologics for perianal disease, enterocutaneous, rectovaginal, anastomotic or periostomal fistulae. The primary endpoint was fistula-related surgery. Predictive factors associated with surgery and fistula closure were evaluated by multivariate logistic regression and survival analyses.A total of 760 patients from 53 hospitals (673 receiving anti-TNFs, 69 ustekinumab, and 18 vedolizumab) were included. After a median follow-up of 56 months (IQR, 26-102), 240 patients required surgery, with surgery rates of 32%, 41%, 24% among those under anti-TNF, vedolizumab, or ustekinumab, respectively. Fistula closure was observed in 24% of patients. Older patients, ileocolonic disease, entero-urinary fistulae, or an intestinal stricture distal to the origin of the fistula were associated with a higher risk of surgery, while non-smokers, and combination therapy with an immunomodulator reduced this risk.Biologic therapy is beneficial in approximately three quarters of patients with fistulizing CD, achieving fistula closure in 24%. However, around one third still undergo surgery due to refractory disease. Some patient and lesion-related factors can identify patients who will obtain more benefit from these drugs.

This paper analyzes the drivers of female necessity entrepreneurship using a sample of 59 countries, with data sourced from the 2018–2019 global entrepreneurship monitor (GEM). It develops a theoretical framework describing how post-secondary education, startup skills, fear of failure, knowing another entrepreneur, entrepreneurial intentions, and hiring expectations act as drivers of female necessity entrepreneurship. Using qualitative comparative analysis, two models are tested to explain the presence and absence of female necessity entrepreneurship. This outcome is measured using the GEM indicator of total early-stage entrepreneurial activity.

El emprendimiento ha acaparado cada vez más la atención del legislador debido a la necesidad de promover el desarrollo económico y la creación de empleo. Entre los factores que impulsan el emprendimiento, la educación emprendedora reviste especial importancia. Este artículo aborda la educación emprendedora desde la perspectiva de la investigación y la práctica. En primer lugar, se discute si el talento emprendedor nace o se cultiva. En segundo lugar, se revisan los diferentes enfoques de la educación emprendedora, especificando sus características distintivas. A continuación, se examina la investigación en torno al potencial de la educación emprendedora a la hora de despertar las intenciones emprendedoras de los individuos. Por último, se proponen una serie de consideraciones prácticas destinadas a mejorar los programas de educación emprendedora. En última instancia, este artículo contextualiza la educación emprendedora, defendiendo su relevancia en la promoción de la actividad emprendedora. Entrepreneurship has increasingly captured policymaker's attention due to the need to promote economic development and job creation. Among the drivers of entrepreneurship, entrepreneurial education is of particular significance. This paper reviews entrepreneurship education from a research and practice perspective. Firstly, a discussion is held as to whether entrepreneurial talent is born or bred. Secondly, the different approaches to entrepreneurship education are revised, specifying their distinctive characteristics. This is followed by a review of research on the potential of entrepreneurship education to awaken individuals' entrepreneurial intentions. Finally, a series of practical considerations aimed at improving entrepreneurship education programs are proposed. Ultimately, this paper contextualizes entrepreneurship education, advocating its relevance in the promotion of entrepreneurial activity.

[EN] In an ever-changing economic and business environment, it is especially interesting that students learn, and experiment with their own decision-making, about behavioral finance. This experience will provide them with a better understanding of the economic agents’ behavior in different real- life situations (auctions, pricing, negotiations, investing and financing decisions). By experimenting, they acquire solid knowledge about biases, rational and irrational behaviors, and motivations that govern economic life. Controlled economic experiments in the classroom, a gamification learning methodology, allow students to better understand complex economic-financial concepts such as the herding behavior in online markets, credit market failures and possible solutions, or financial price-bubbles. We present the results of applying this gamification experience to the Master in Corporate Finance at the University of Valencia. The results show the students’ deep understanding of concepts and behaviors, and their satisfaction and involvement in the learning process, due to the methodology’s dynamic and ludic nature., [ES] En un entorno económico y empresarial en constante cambio, resulta especialmente interesante que los estudiantes conozcan y experimenten en sus propias decisiones las finanzas conductuales. Ello les permitirá entender mejor el comportamiento de los agentes económicos en distintas situaciones de la vida (subastas, fijación de precios, negociaciones, inversiones y financiación). Experimentando, adquieren conocimientos sólidos sobre los sesgos, los comportamientos racionales e irracionales y las motivaciones que rigen la vida económica. Los experimentos económicos controlados, una metodología de aprendizaje gamificada, permite que los estudiantes aprendan jugando y comprendan mejor conceptos económico-financieros complejos como el comportamiento de manada en los mercados online, los fallos y posibles soluciones del mercado crediticio, o las burbujas financieras de precios. Presentamos los resultados obtenidos al aplicar esta experiencia de innovación docente en el Máster en Finanzas Corporativas de la Universitat de València. Dichos resultados corroboran la profunda comprensión que consiguieron los estudiantes así como su satisfacción e implicación en el proceso de aprendizaje, por su dinamismo y carácter lúdico.

[EN] In September 2015, world leaders agreed on a new sustainable development agenda based on a set of global goals aimed at eradicating poverty, ensuring planet protection and guaranteeing prosperity for future generations (Stafford-Smith et al., 2017). Since then, the education sector has played a fundamental role, not only raising awareness among young people about the importance of Sustainable Development Goals (SDGs) but also promoting innovative ideas around sustainability (Owens, 2017). SDGs implementation needs of business actors rethinking their understanding of economic growth, taking into consideration not only economic aspects but also social and ecological concerns (Crespo et al., 2017). Thus, the traditional paradigm based on continuous economic expansions needs to adopt a triple bottom line perspective (Slaper and Hall, 2011). In this context, it is remarkable to bring economic and business students closer to the importance of SDGs, involving them in the 2030 Agenda for sustainable development. For this purpose, a LEGO Serious Play (LSP) workshop is held to envision a more sustainable tomorrow and collectively reflect on the main challenges of our society from the business perspective (Kristiansen and Rasmussen, 2014). LSP is an unconventional methodology based on brick-building and metaphoric storytelling. It involves kinesthetic learning given that participants are asked to build metaphoric structures with Lego bricks that respond to a challenge raised by the instructor. This hands-on methodology is often accompanied by facilitated reflection, becoming a language for emotional content and promoting discussion around complex issues (Peabody and Noyes, 2017). The workshop started with an introduction to LSP for students to familiarize themselves with its dynamics. Then, a challenge related to the achievement of Sustainable Development Goals (SDGs) was raised by the instructors who accompanied students through the process of strategic thinking. The last part of the workshop was devoted to sharing ideas and reflections among participants, both regarding the designed prototypes and the potential of LSP for developing new ideas. This last phase was developed firstly within the different work groups and, after, with the broader group so that participants could receive the feedback of their fellows before presenting the prototypes to all participants. To analyze the results of this innovative education project, we conducted a survey among participants about LSP methodology, workshop dynamics and skills acquisition using a Likert scale. The results show how LSP is especially suitable to foster ideation around SDGs since it raises awareness and understanding about how these goals might be integrated into daily business initiatives. It also allows participants to significantly improve their communication and problem-solving skills. This suggests LSP methodology is suitable in higher education contexts as it allows students to reflect on complex issues through an ideation process where kinesthetic learning plays a crucial role. LSP speeds up the process of finding sustainable solutions and allows unconscious ideas to take shape in 3D. It also helps students to foster self-confidence as well as network with other students, given its socializing nature. All in all, students develop key skills for their professional development., Norat Roig-Tierno wishes to thank Project GV/2019/063, funded by the Generalitat Valenciana, for supporting this research.

Person-centered approaches, such as latent profile analysis (LPA) and qualitative comparative analysis (QCA), have gained in popularity in organizational scholarship because of their ability to provide insight into how interrelations between a group of conditions can lead to a particular outcome. Despite the growing acceptance of person-centered approaches in social science research, traditional variable-centered approaches continue to prevail, although their dominance is increasingly questioned. This paper offers in-depth analysis of the current state of QCA and LPA from both a conceptual and a bibliometric perspective. This study thus aims to contextualize the role of person-centered methodologies in organizational scholarship. This aim is important, given the significance of exploring novel approaches to advance knowledge in organizational research. This paper provides scholars with quantifiable and readily comparable information on the use of these emerging but promising methods in organizational studies. Ultimately, this scientific contribution sheds light on the current and prospective applications of person-centered methods in research. Moreover, it offers scholars who are considering applying these methods objective analysis of the scientific production in this area thus far.

This current innovative education project has the main goal of introducing students to experimental economics to help them better understand complex macroeconomic concepts. For this purpose, it is used an online experimental platform to develop a role-playing dynamic with which students become real economic agents. This gamified technique allows students to interact with each other in the goods and production factors markets and, thus, generate a circular flow studied as one of the main macroeconomic principles. The online platform is conceived as a two-sided website: on one hand, students are assigned a role and asked to make decisions; and, on the other, professors can instantaneously access results in order to explain participants the consequences of their choices. This innovation had a three-step approach. In the first place, students participated in the internet-based experiment according to the instructions provided by the teaching team. Subsequently, there was a discussion around the main results and their connection with macroeconomic theory. Secondly, students were asked to analyze both the experience and the learning outcomes through a report following well-defined guidelines. Lastly, students evaluated themselves as a co-evaluation practice. This horizontal evaluation promotes students’ understanding of the topic due to empathy development and raising awareness of other fellows’ efforts. To evaluate the effectiveness of the activity, a survey using a Likert scale was conducted as well as an examination of co-evaluation procedures. Results show high levels of engagement, enhanced motivation due to role-playing and satisfaction due to this gamified experience that raises students’ levels of attention by incorporating competition and reward-based mechanisms.

Crowdfunding is gaining popularity as a way of financing social sustainable initiatives. We performed a controlled economic experiment in MTurk by simulating a crowdfunding platform and developed a theoretical model that rationalizes herding behavior. The experiment was designed to test and quantify the causal effects of revealing specific information to prospective backers: (i) the number of early contributors already financing the project and (ii) positive opinions of other backers versus those of experts. The results show that early contributions to the campaign and positive opinions of peers act as a reinforcing signal to potential backers and affect backers&rsquo, beliefs about the probability of success, increasing contributions to the campaign. Furthermore, we show that herding is rational and set expectations on when we should observe rational herding and when not. The theoretical model captures the rational herding, which may be the main information aggregation path in reward-based crowdfunding platforms, and can help managers increase the likelihood of success in crowdfunding campaigns.

Background The relationship between interstitial lung disease (ILD) and rheumatic diseases is well known. Recently, a new clinical entity has been described that relates ILD with autoimmune findings, IPAF (Interstitial Pneumonia with Autoimmune Features), which allows identifying and condensing non-cataloged diseases with pulmonary and rheumatic involvement. Objectives Our aim is to establish which patients with ILD have a rheumatic disease, and which of them meet the IPAF criteria. We analyzed the role of nailfold capillaroscopy in these patients. Methods This is a prospective descriptive observational study. The observation period was 2 years (2016-2018), in a county university hospital. Patients diagnosed with ILD of unknown etiology, derived from Pneumology Service, were included. A medical history was obtained focused on autoimmune disease, rheumatological evaluation, rheumatological blood markers and nailfold capillaroscopy, in order to establish whether they had a concomitant rheumatic disease. Results Thirty patients with ILD were evaluated, with a mean age of 70,5 years (53 - 88). Of the 30 subjects, 12 (40%) had usual interstitial pneumonia (UIP), 11 (36.67%) had organizing pneumonia (OP) and 7 (23.33%) had nonspecific interstitial pneumonia (NSIP). Eleven (36,67%) of the 30 patients had an altered capillaroscopy, 6 of them (54,5%) had a rheumatic disease. In our sample, 5 cases meet diagnostic IPAF criteria, 4 OP and 1 UIP, three of them with altered capillaroscopy. Conclusion In our serie, one third of the patients were diagnosed with rheumatic disease associated with interstitial lung disease. Of the thirty evaluated patients, 36.67% had altered capillaroscopy, 54.5% presenting concomitant rheumatic disease. Following the IPAF classification criteria, we obtained 5 cases in our sample: four OP and one UIP, 3 of them with altered capillaroscopy. It is important to be aware of this association with a multidisciplinary approach for the adequate diagnosis and follow-up of these patients. Disclosure of Interests Vera Ortiz-Santamaria Speakers bureau: GSK, Roche, Pfizer, MSD, Noeli Reguart Oto: None declared, Pau Sendra de Dios: None declared, Noemi Busquets: None declared, Maria Pascual: None declared, Andres Ponce Speakers bureau: Abbie, Roche, Pfizer, MSD, Xavier Suris Speakers bureau: Lilly, Pfizer, MSD, Yolanda Galea: None declared, Anna Mola: None declared, Marta Torrella: None declared, Julia Tarrega: None declared, Enric Barbeta Speakers bureau: GSK, Boehringer Ingelheim, Roche