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Syndication Networks and Legal Enforcement
Cumming, Douglas J. - 2019
This study investigates whether international differences in legal enforcement are associated with venture capital (VC) syndication networks, and whether culture moderates this relationship. We conjecture that public enforcement, with strong investigative powers against any syndicate member and...
Persistent link: https://www.econbiz.de/10012894608
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Entrepreneurial Finance : Unifying Themes and Future Directions
Cumming, Douglas J. - 2018
We overview the papers of this special issue of the Journal of Corporate Finance and explain how they fit within the different segments of the entrepreneurial finance literature, including equity crowdfunding, angel investors, debt, venture capital, and private equity. We point to the growing...
Persistent link: https://www.econbiz.de/10012930230
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The Fast Track IPO – Success Factors for Taking Firms Public with SPACs
Cumming, Douglas J. - 2014
Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more...
Persistent link: https://www.econbiz.de/10013065482
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Do markets anticipate capital structure decisions? : feedback effects in equity liquidity
Andres, Christian; Cumming, Douglas J.; Karabiber, Timur; … - In: The journal of corporate finance : contracting, … 27 (2014), pp. 133-156
Persistent link: https://www.econbiz.de/10010410164
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Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity
Andres, Christian - 2014
information asymmetries. We measure the latter by using equity liquidity. The effect is based on the assumption that one of the … main drivers of liquidity is the information asymmetry that exists between managers (insiders) and owners (outsiders). For … costs, and the price impact of order flow. Under the assumption of joint determination of leverage and liquidity, we find …
Persistent link: https://www.econbiz.de/10013067778
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Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity
Andres, Christian - 2013
information asymmetry from equity liquidity through the use of an information asymmetry index that is based on six measures that … liquidity, the data indicate that expected increases in leverage (target leverage changes) decrease the information asymmetry … index. This is consistent with the signalling hypothesis of Ross (1977), and is equivalent to increases in equity liquidity …
Persistent link: https://www.econbiz.de/10013083176
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Embracing responsible innovation and empowering consumers in the digital age
Cumming, Douglas J.; Johan, Sofia Atiqah - 2020
We examine the intersection between financial inclusion, financial literacy, and financial technology. Using worldwide data, we find a significant positive relation between the World Bank's "Findex" measures and various measures of financial literacy, as well as Google Trends. We show that...
Persistent link: https://www.econbiz.de/10012610031
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Embracing responsible innovation and empowering consumers in the digital age
Cumming, Douglas J.; Johan, Sofia Atiqah - 2020
We examine the intersection between financial inclusion, financial literacy, and financial technology. Using worldwide data, we find a significant positive relation between the World Bank's "Findex" measures and various measures of financial literacy, as well as Google Trends. We show that...
Persistent link: https://www.econbiz.de/10012219718
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Socially Responsible Institutional Investment in Private Equity
Johan, Sofia - 2008
This paper studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments...
Persistent link: https://www.econbiz.de/10012774368
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Publicly funded business advisory services and entrepreneurial outcomes
Cumming, Douglas J.; Fischer, Eileen - In: Research Policy 41 (2012) 2, pp. 467-481
Given the mixed evidence for the impact of various publicly funded initiatives that aim to foster entrepreneurial activity, this paper empirically examines the efficacy of publicly funded business advisory services in relation to entrepreneurial outcomes. Based on a sample of 228 early-stage...
Persistent link: https://www.econbiz.de/10010576715