We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from CrunchBase indicate that founders are more likely to stick with...

We introduce the topic of this special issue on the “Role of Financial and Legal Institutions in International Governance”, with a particular emphasis on a notion of “international mobility of corporate governance”. Our discussion places the special issue at the intersection of law,...

We examine the spread of UCITS funds around the world, and consider whether such mutual funds that adopt higher standards of voluntary investor protection expand their operations to other countries with higher or lower investor protection regimes. The data indicate equity funds spread to...

We examine the spread of Undertakings for Collective Investment in Transferable Securities (UCITS) funds around the world and consider whether such mutual funds, which voluntarily adopt higher standards of investor protection, expand their operations to other countries with higher or lower...

We examine the spread of UCITS funds around the world, and consider whether such mutual funds that adopt higher standards of voluntary investor protection expand their operations to other countries with higher or lower investor protection regimes. The data indicate equity funds spread to...

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...

This paper examines for the first time dual-class equity crowdfunding as a digital ownership model. Unique to this context, companies can set an investment threshold under which no voting rights are granted, making the issuance of Class A vs. Class B shares, depending on individual investors....

Equity crowdfunding markets have grown exponentially over the last few years. Despite this impressive growth, significant informational asymmetry problems may plague these markets, making them susceptible to difficulties and even market failure. In this paper, we depart from current equity...