We analyze how corporate venture capitalists (CVCs) differ from independent venture capitalists (IVCs) in nurturing innovation in entrepreneurial firms. Using the NBER Patent Citation database, we find that CVCs help their portfolio firms achieve a higher degree of innovation productivity, as...

Models of seasoned equity offerings (SEOs) such as Myers and Majluf (1984) assume that all investors in the economy pay immediate attention to SEO announcements and the pricing of SEOs. In this paper, we analyze, theoretically and empirically, the implications of only a fraction of investors in...

We analyze how employees' online ratings of firms' affect their corporate financing and investment policies. We hypothesize that, while employees are unlikely to have access to inside information, their ratings, being driven by their day-to-day interactions with their employers, are likely to be...

We analyze the relation between the geographical locations of the institutions investing in IPO firms and IPO firm outcomes. Consistent with an information sharing hypothesis, we find that an increase in the geographical dispersion of the institutions investing in IPO firms is associated with...

We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more innovative, as measured by their patenting outcome, although they are younger, riskier, and less profitable than...

In this article, we review some recent developments in the field of Financial Technology or “FinTech.” We begin with an overview of what FinTech is and why it has become an important growth industry in the financial services area and therefore an important research topic in finance. In the...

We use transactional level data on institutional trading around CEO turnovers to analyze the information flows and settings that allow information production and trading to act as an effective corporate governance mechanism. We find that institutional trading prior to a CEO turnover is...

We empirically distinguish between three possible roles of venture backing in IPOs: certification, where venture-backed IPOs are priced closer to intrinsic firm value than non-venture backed IPOs due to venture capitalists' concern for their reputation; screening and monitoring, where VCs are...

We analyze the informational properties of hybrid IPO auctions using a large and unique database of 115,707 bids from institutional investors in 715 auctioned IPOs between 2009 and 2012 in China, where an IPO auction is first conducted among institutions, after which a fixed price offering is...

We hypothesize that VC-backing garners greater “investor attention” (Merton (1987)) for IPOs, allowing IPO underwriters to perform two information-related roles more efficiently during the book-building and road-show process: information dissemination, where the lead underwriter disseminates...