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Calendar effects and crowdfunded projects

Author

Listed:
  • Alexandre Garel

    (Audencia Business School)

  • Benjamin Le pendeven

    (Audencia Business School)

Abstract

In this study, we investigate the calendar effects – days of the week, months, and national holidays – on the success of projects in raising funds during crowdfunding campaigns. We base our results on 18,803 crowdfunded projects on Ulule, the leading reward-based crowdfunding platform in France, from 2010 to 2016, resulting in 671,954 project-day observations. We find that the number of contributions is 22% smaller during the weekend and 9% smaller during summer vacations. Economically, it amounts to 10% and 17% of the median goal.

Suggested Citation

  • Alexandre Garel & Benjamin Le pendeven, 2021. "Calendar effects and crowdfunded projects," Economics Bulletin, AccessEcon, vol. 41(3), pages 1407-1417.
    • Handle: RePEc:ebl:ecbull:eb-21-00866
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    crowdfunding; calendar effects; market sentiment; entrepreneurial finance;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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