We document a notable change in the pattern of fintech VC investments around the world relative to other types of investments after the global financial crisis. We argue that the spike in fintech VC in certain countries is attributable to differential enforcement of financial institution rules...

This article analyzes how early-stage financing decisions may affect how entrepreneurial firms ultimately grow. This theoretical study considers an entrepreneur seeking early-stage financing from either a specialist or a generalist investor in the context of stage financing. It is assumed that...

This paper investigates sources of risk-taking in "reward-based" ("pre-purchase") crowdfunding campaigns. While crowdfunding helps entrepreneurs to obtain feedback on market demand (next to raising money), it may lead to project discontinuation if not enough money is raised during the campaign....

It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd...

This paper explores whether private equity firms that are new to the industry take excessive risks relative to funds from established firms. We use differences between the implicit incentives of managers of experienced and of novice funds as an identification strategy. We find that novice funds...