Le financement participatif est-il l’objet d’un biais domestique ? Cas d’une microbrasserie locale

Thibault Cuénoud (), Gilbert Giacomoni (), Rey Dang () and L’hocine Houanti
Additional contact information
Thibault Cuénoud: Excelia Group | La Rochelle Business School, CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers
Gilbert Giacomoni: UMR PSAE - Paris-Saclay Applied Economics - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, AgroParisTech
Rey Dang: ISTEC - Institut supérieur des Sciences, Techniques et Economie Commerciales - ISTEC
L’hocine Houanti: EM Normandie - École de Management de Normandie = EM Normandie Business School

Post-Print from HAL

Abstract: The literature regularly recalls the interest of citizens in financing project promoters. When these contributors finance projects via crowdfunding platforms, they benefit, according to the literature, from reduced information asymmetry, an information cost close to zero and access to a myriad of projects. Financial theory defines a local bias whereby investors prefer to hold securities that are geographically close. The modern portfolio theory of Markowitz (1952) considers this situation as a decision anomaly. Conversely, investors might rationally engage in local firms if they perceived above-average returns, if geographic proximity allowed them to obtain insider information about the firm (and thereby reduce information asymmetry) or made them more able to exercise a right of control. Through our research on a local La Rochelle microbrewery, we are studying the role of local and domestic bias (family and friend circle) in crowdfunding choices.

Keywords: crowdfunding; financial theory; domestic bias; geographic distance (search for similar items in EconPapers)
Date: 2022-06-11
Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-04209192v1
References: Add references at CitEc
Citations:

Published in Innovations - Revue d’économie et de management de l'innovation, 2022, 69, pp.71-101. ⟨10.3917/inno.pr2.0133⟩

Downloads: (external link)
https://hal.inrae.fr/hal-04209192v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04209192

DOI: 10.3917/inno.pr2.0133

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().