We evaluate the process of financial and trade integration in 26 European Union (EU) countries over the period 1993 – 2012. We distinguish between “new” and “old” EU countries to compare the processes of financial and trade integration in the developed countries and formerly central-planned economies. We use classical and moving correlation, dynamic correlation and wavelet co-spectrum. The classical and moving correlation shows the strong relation until 2008. The dynamic correlation confirms strong relation for long and business cycle frequencies. Specification via wavelet co-spectrum reveals that long frequencies are correlated in the period 200 – 2009, business cycle frequencies in the period 1993 – 1994 and 2003 – 2004 and middle frequencies generally in the period 2008 – 201. The process of financial integration was stronger in the old EU member countries while the process of trade integration in the new member countries.
The aim of this paper is to identify the factors that contribute to the successful funding of crowdfunding projects, with a focus on conventional, social media and affective factors. Our unique dataset contains 267,830 Kickstarter projects from the U.S., Australia, Canada, the U.K., and Europe. In addition to determinants based on conventional factors, we study the textual characteristics of a project’s description and comments, including sentiment and emotional cues, extracted using a web scraper. We find that social media factors (such as social networks, comments on projects, the experience and social media capital of the project founder) as well as affective factors (emotional cues and sentiment related to project description) influence the success of projects in addition to the conventional determinants such as the funding goal, funding project duration, and project category. Our results are stable when we control for partial time periods, the geographic origin of the founder, and the founder’s social media capital and experience.
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