Everyone Steps Back? The Widespread Retraction of Crowd-Funding Support for Minority Creators when Migration Fear is High

Kerr is the corresponding author. We are grateful to Sabrina Howell, Dan Marom, Alicia Robb, and Jun Wong for sharing data for this project. We also thank Peter Blair, Solène Delecourt, Stefano DellaVigna, Michael Ewens, Rob Fairlie, Pauline Grosjean, Bart Hamilton, Sabrina Howell, Hans Hvide, Josh Lerner, Dan Marom, Federico Masera, Matt Marx, Ethan Mollick, Abhishek Nagaraj, Ramana Nanda, David Robinson, Marco Tabellini, Rick Townsend, Emmanuel Yimfor, and seminar participants at Bentley University, Harvard University, National Bureau of Economic Research, Northeastern University, University of California Berkeley, University of Pennsylvania Wharton, and Washington University in St. Louis for insights. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.