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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Thibault Cuénoud & Gilbert Giacomoni & Rey Dang & L’hocine Houanti, 2022. "Le financement participatif est-il l’objet d’un biais domestique ? Cas d’une microbrasserie locale," Post-Print hal-04209192, HAL.
    • Handle: RePEc:hal:journl:hal-04209192
    DOI: 10.3917/inno.pr2.0133
    Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-04209192
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