Well, I don't know, but I would believe that it is much more valuable if one is doing merit on these days, that one actually has an appreciation for that day, and what it actually means. Then perhaps it can bring 100 fold more benefit. Say, for instance, if it's the one day for celebrating the Buddha's enlightenment, death, and birthday, by actually appreciating and reflecting on this particular situation and what it means, it can bring up a great deal of beneficial qualities in the mind. Then when one does donate, it's like donating to the continuation of the Dhamma and keeping the wheel of the Dhamma moving so, in my opinion, it could have a great deal more merit on these days because people are contemplating what it means.
And if one contemplates what the day means, then maybe a great deal more beneficial qualities will arise in the mind. Therefore it would be more beneficial for you because your generosity would be more pure. But that's just the way I look at it. And that would probably be looking beyond it's just a belief and a ritual to see the real meaning of it. We don't have to take on rituals just through beliefs, but actually investigate and see what this day means, so that we can develop beneficial qualities in the mind and make any giving much more beneficial. Just like when we encourage the bowing, we encourage you to use it as a meditation practice, not just a ritual, then more benefit can come to you. Just like it's encouraged to reflect before you give something. So that you can remember it more, so that you can understand why you're giving, and then a lot of beneficial qualities can arise in the mind, rather than just doing it in an offhanded way.