What role does the selection of an investor and the timing of financing play in initial coin offerings (ICOs)? We …

-engineer fair-value multiples by comparing the firm value at the time of financing with the firm value at the time of exit. Our … framework produces reliable valuation multiples from observed venture capital transactions per industry and financing round … rather than an M&A. In contrast, later stage financing rounds and larger investment consortia are associated with lower …

We examine the role of a country's institutional framework for investment and financing activities. A country … flow and firms' investment and financing behavior. Firms from countries with a more developed institutional framework … exhibit higher financing cash flow sensitivities. These firms are more likely to substitute a cash flow shortfall with equity …