Finance for micro, small, and medium-sized enterprises (MSMEs) has been a concern for all stakeholders including entrepreneurs, financial institutions, and government organizations. The key objective of the study was to identify various challenges faced by MSMEs in sourcing of finance during...

We propose a theory of security design in financing entrepreneurial production, positing that the investor can acquire costly information on the entrepreneur's project before making the financing decision. When the entrepreneur has enough bargaining power in security design, the optimal security...

This article is the first one that considers a model of the choice between the different types of crowdfunding, which contains elements of the asymmetric information approach and behavioral finance (overconfident entrepreneurs). The model provides several implications, most of which have not yet...

This article is the first one that considers a model of the choice between the different types of crowdfunding, which contains elements of the asymmetric information approach and behavioral finance (overconfident entrepreneurs). The model provides several implications, most of which have not yet...

Reward-based crowdfunding has enabled entrepreneurs to interact with consumers even before the product launch. However, this market persistently suffers from a high failure rate—entrepreneurs fail to launch and deliver their products as promised. We model the product launch-decision of an...

We provide evidence that investment horizons of institutional shareholders affect firms' financing decisions. We find that short-term institutional ownership positively affects firms' likelihood of equity relative to debt issues, the size of equity issues, and the likelihood of long-term...