For many reasons, payment systems are subject to strong network effects; one of those is the necessity of interoperability among participants. This is often accomplished via standard-setting organizations. The goal of the Single European Payments Area (SEPA) is to establish modern cross-boarder...

In April 2018, music streaming giant Spotify disrupted the traditional initial public offering model and became a publicly traded company through a novel process known as a direct listing. Eschewing standard Wall Street practice, Spotify did not raise new money through the offering and instead...

This document describes recent research on European Initial Public Offerings. The first section reviews my studies on valuation of IPOs, while Section 2 describes the papers on ownership and governance and Section 3 on performance of IPOs. The role of the underwriters is reviewed in Section 4....