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Alexandre Garel and Benjamin Le Pendeven
''Calendar effects and crowdfunded projects''
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
JEL: G2 - Financial Institutions and Services: General
G3 - Corporate Finance and Governance: General
Manuscript Received : Sep 28 2020 Manuscript Accepted : Sep 28 2020

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