This paper investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other...

We consider comprehensive data on crowdfunding in the U.S., including debt (marketplace lending), rewards, donations, and equity crowdfunding, to formally test for the first time if banks are complements or substitutes to crowdfunding. The data indicate that bank failures in a county are...

Research Summary: When evaluating Internet-based loan project of small and medium size firms (SME), lenders can rely on easy-to-understand risk ratings or more sophisticated financial information. We investigate lenders decisions and its effect on loan funding success on the marketplace lending...

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 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...

We examine the spread of voluntary investor protection mechanisms across countries. In particular, we consider UCITS protection for mutual funds. We explore the spread of 1344 UCITS bond funds and 2784 UCITS equity funds from various countries of origin in Europe initiated in the 2001-2007...

This paper examines institutional investors' propensity to invest in a relatively unknown asset class of listed private equity. Based on data provided by LPEQ, Preqin and Scorpio Partnership covering 171 institutional investors in Europe in 2008-2010, we find allocations are primarily a function...

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...

We document the types of private debt securities used by private firms across 25 countries over 2001-2010. Returns to private debt depend on lender (fund manager) characteristics, particularly portfolio size per manager, highlighting the role of time allocation for due diligence and monitoring....