Do changes in the IPO regulatory environment affect private firms' exit choices, bargaining abilities, and valuations? Using the JOBS Act as an exogenous shock to the exit decisions among private firms, we observe that their valuations as M&A targets increase by 36% after the Act, negatively...

We use unique and proprietary data from a large Fintech lender to analyze whether alternative data captured from an individual's mobile phone (mobile/social footprint) can substitute for traditional credit bureau scores. Variables that measure a borrowers' digital presence, such as the number...

The JOBS Act directly affects access to public equity for emerging growth companies (EGCs) by lowering regulatory requirements to conduct initial public offerings (IPOs). Indirectly, improved access to equity markets may alter how other capital providers engage with EGC firms, which may further...

In this paper we examine a novel two-stage mechanism for selling government securities, wherein the dealers underwrite in the first stage the sale of securities, which are auctioned in stage 2, via either a Discriminatory Auction (DA) or a Uniform Price Auction (UPA). Using proprietary data on...

This paper examines the impact of the recently passed JOBS Act on the behavior of market participants. Using the JOBS Act - which relaxed mandatory information disclosure requirements - as a natural experiment on firms' choices of the optimal mix of hard, accounting information and textual...

This paper provides a new set of tests on the relationship between product market competition, information processing cost, and production of information by managers. The recent regulation regarding the mandatory adoption of XBRL (eXtensible Business Reporting Language) is a natural experiment...