Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on...

This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through...

This paper matches the sensitivity analysis of two-stage DCF models to the assumption of Long Term Steady-State. It proposes the definition of ‘Joint Sensitivity’ that measures the effect on the firm’s value of joint variations of more input parameters. The duration of the first stage of...

A number of papers in finance study information cascades among investors, especially in the IPO setting. These studies typically differentiate between institutional vs retail investors, as this is the only information available to potential backers. Life information available in equity...

The aim of this chapter is to discuss entrepreneurial finance in the realm of modern entrepreneurship. We focus in particular on two forms of public entrepreneurial finance: IPOs and crowdfunding. We explain the evolution of IPO research and identify how research on crowdfunding might evolve....

This manuscript positions the study of signals in crowdfunding within the broader literature on signaling in entrepreneurial finance. I deliver a theoretical discussion and definition of signals in crowdfunding, including examples of penalty and handicap signals, differentiating them from...

Despite the growing popularity of investment-based crowdfunding, we know little about what platforms do before the campaign. This is one of the first studies to provide cross-platform evidence on investment-based crowdfunding. First, we describe the regulation and development over time of...

The Internet has long promised the democratization of entrepreneurial finance by disintermediation of the interaction between those who want to invest money and those who need it. Equity crowdfunding platforms are one such mechanism. Using a sample of 58 equity offerings of UK crowdfunding...

This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO stock performance. We argue that affiliation with prestigious universities provides affiliated firms with a...

Policy-makers expect equity crowdfunding to democratize entrepreneurial finance, by providing access to funding to underrepresented groups of potential entrepreneurs. This paper investigates whether gender, age, ethnicity, and geography affect the choice of equity crowdfunding offerings vs...