Calendar effects and crowdfunded projects

Alexandre Garel () and Benjamin Le pendeven ()
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Alexandre Garel: Audencia Business School
Benjamin Le pendeven: Audencia Business School

Economics Bulletin, 2021, vol. 41, issue 3, 1407-1417

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.

Keywords: crowdfunding; calendar effects; market sentiment; entrepreneurial finance (search for similar items in EconPapers)
JEL-codes: G2 G3 (search for similar items in EconPapers)
Date: 2021-09-17
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