This paper examines the dynamic role of financial resources-available through rounds of venture capital financing-on the growth strategies of startups. We investigate three different roles and their evolution over time. 1) We examine whether financial resources constrain the growth of startups...

Venture capital firms have unique capabilities in terms of dealing with high uncertainty, high degrees of information asymmetry, and providing access to a strategic network. This study examines the association between the presence of venture capital and the growth of startups. It explores...

This paper reports the results of a research project addressing the current state of e-procurement technologies. It analyzes which companies are moving fast into these technologies, how experimentation is taking place to learn about the business opportunities that may emerge through these...

This paper investigates the role of non-financial performance measures in executive compensation. Using a sample of Internet firms we document that web traffic, an important non-financial measure for firms in the Internet industry, is positively associated with CEO total compensation and total...

We examine how inventory overproduction among high fixed costs firms affects these firms' contemporaneous and future accounting performance, and how financial analysts and the stock market incorporate implications of these relations in their reactions. We find that higher fixed costs firms...

We develop indices of diligence, objectivity, and quality by an analyst-analyst-firm, and relate them to accuracy of its forecasts. Public versus Non-Public Models provides index of diligence, which equals one minus p-value of Hausman Specification Test of Ordinary Least Squares versus Two Stage...

This paper reports the results of a longitudinal study of a beverage distributor who initiated a customer satisfaction program with its entire customer base of different types of retailers. We use a broad-based measure of customer satisfaction tailored to the company's operations, and we compute...

We calculate six separate measures of market efficiency based on event studies using intraday data on equities and fixed income securities, and we calculate diligence, objectivity, quality, and accuracy, of analyst forecasts. The FINRA 2241 Rules (effective September and December, 2015)...

We investigate the impact of FINRA 2241 on market quality. We find that FINRA 2241's impact on each of ten systematic and objective market quality metrics - the analyst behavior indices of diligence, objectivity, quality, and accuracy, based on Bhattacharya and Gupta (2023), and six measures of...

This paper examines changes in executive compensation programs made by firms in response to proxy advisory firm say-on-pay voting policies. Using proprietary models, proxy advisory firms, primarily Institutional Shareholder Services and Glass, Lewis & Co., provide institutional shareholders with...