Becker and Fuest (forthcoming) provides a new explanation for the important and puzzling link between limited liability and corporate taxation. The authors argue that a corporate tax on all entrepreneurs with limited liability is optimal when entrepreneurs can offset potential losses and when...

Becker and Fuest (forthcoming) provides a new explanation for the important and puzzling link between limited liability and corporate taxation. The authors argue that a corporate tax on all entrepreneurs with limited liability is optimal when entrepreneurs can offset potential losses and when...

Flexibility theory of capital structure, asymmetric information, credit rationing, life cycle theory and market timing are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME) in Canada. Tax theory of capital structure does not seem to play a...

This article provides an overview of sources of finance and some patterns of financing for entrepreneurial firms in Canada. Based on Miglo (2018), we compare the predictions of major theories of entrepreneurial finance (flexibility theory of capital structure, asymmetric information, credit...

Flexibility theory of capital structure, credit rationing, and stage-financing theory are consistent with many patterns of financing of entrepreneurial or small/medium size enterprises (SME). Tax theory of capital structure does not seem to play a significant role for SMEs as opposite to large...

This article provides an overview of literature related to capital structure theories for entrepreneurial firms. It identifies gaps and controversial areas in existing literature and also discusses potential directions for future research. Credit rationing, signalling by risk-bearing, the...

Entrepreneurial, innovative and small- and medium-sized firms experience difficulties with raising funds using traditional debt and equity. Consequently, they are constantly looking for new strategies of financing. Latest inventions are crowdfunding and token issues. In contrast to traditional...

This article analyzes the patterns of Fintech development in Greater Manchester, UK. Manchester is often called a northern capital of Fintech. We analyze different subsectors of FinTech and find that such sectors as payments, fintech loans, debt-based, reward-based and real-estate-based...

We consider a principal-agent relationship, where the agent is subject to a double moral hazardproblem (the choice of production effort and earnings manipulation). Since the agent cannot completely capture the results of his effort, the production effort is socially inefficient. The opportunity...

The literature analyzing games where some players have private information about their "types" is usually based on the duality of "good" and "bad" types (GB approach), where "good" type denotes the type with better quality. In contrast, this paper analyzes a signalling game without types...