This paper examines the causes and consequences of hedge fund investments in exchange traded funds (ETFs) using U.S. data from 1998 to 2018. The data indicate that transient hedge funds and quasi-indexer hedge funds are substantially more likely to invest in ETFs. Unexpected hedge fund inflows...

We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with...

Purpose – This paper aims to provide an in-depth examination of the emergent state of financial technology (fintech), particularly emphasizing capital-raising innovations and their implications for international business.Design/methodology/approach – Using the highly influential articles...

This study documents corporate culture at the time of IPO and the relationship between corporate culture at the time of IPO and firm financial performance. Based on a sample of 1,157 US firms that went public between 1996 and 2011 and performance information through 2016, the data provide strong...

This paper examines cross-country evidence on the duration of venture capital (VC) investment. We formulate a theory of VC investment duration based on the idea that venture capitalists exit when the expected marginal cost of maintaining the investment is greater than the expected marginal...

This paper empirically analyzes the impact of hedge fund regulation on fund structure and performance. The data indicate restrictions on the location of key service providers and permissible distributions via wrappers are associated with lower fund alphas, lower average monthly returns, and...

This paper considers the structure, governance and performance of a unique class of mutual funds that receives capital only from individuals, and reinvests this contributed capital in private companies, as opposed to traditional mutual funds that invest in publicly traded companies. It considers...

This paper introduces a cross-country law and finance analysis of the misreporting behavior in the hedge fund industry in terms of smoothing returns so that a fund consistently generates positive returns. We find strong evidence that international differences in hedge fund regulation are...

This paper introduces a cross-country law and finance analysis of the flow-performance relationship for hedge funds. The data indicate that distribution channels in the form of private placements and wrappers mitigate the impact of performance on fund flows. Distribution channels via investment...

Distinguishing between switches, pre-authorized contributions, systematic withdrawal plans, reinvestments, and distributions, we find that different types of fund flow exhibit distinct characteristics to retail fund flow with respect to fund fees and past performance. We argue that the positive...