Publications
Publications
- 2023
- HBS Working Paper Series
Migration Fear and Minority Crowd-Funding Success: Evidence from Kickstarter
By: John (Jianqui) Bai, William R. Kerr, Chi Wan and Alptug Yorulmaz
Abstract
The US Migration Fear Index fluctuated substantially during 2009-2021, especially during the campaign and early administration of President Trump. During quarters of low anxiety, minorities are 2.4% less likely to achieve their crowd-funding goals than white creators on Kickstarter. This funding shortfall triples during quarters with the highest anxiety level, with deteriorations evident among Black, Hispanic, and Asian creators and across projects introduced by repeat creators. The effects are not explained by alternative macro factors like overall policy uncertainty nor reductions in friends and family support. Instead, the declines mostly follow from a generalized retraction of support for minority creators.
Keywords
Citation
Bai, John (Jianqui), William R. Kerr, Chi Wan, and Alptug Yorulmaz. "Migration Fear and Minority Crowd-Funding Success: Evidence from Kickstarter." Harvard Business School Working Paper, No. 23-046, January 2023.