This paper examines strategic interactions between venture capitalists (VCs) and top underwriters in the IPO process. We test two contrasting hypotheses: certification and rent extraction. On the one hand, the joint involvement of VCs and top underwriters can amplify their certification effect,...

This paper examines the effects of underwriter networks in the market of securitized products. The complexity and opacity of securitized products increase the value of information gathered and disseminated to the market by central underwriters. However, securitized deals have long performance...

The prominence of foreign issuers in the US market has grown significantly over time. In this paper we examine the IPOs of foreign issuers around the 2012 JOBS Act, which provided emerging growth companies (EGCs) with disclosure and offering process accommodations. We find systematic differences...

This paper examines external financing of small and growth firms using a regulatory experiment in the US microcap market. The paper focuses on a new financing method for entrepreneurial firms – small public offerings under Regulation A, which was significantly expanded by 2015 amendments....