Suppose absence of agency problems in interactions between a representative angel investor who already is invested in a project (a 'pre-existing' angel investor), and a representative `entering' venture capitalist who provides a new infusion of capital into the same project. This study finds...

We examine the relationship between public firm disclosure and aggregate new business formation. Consistent with the notion that public company disclosures provide information spillovers that reduce the extent of uncertainty about new investment opportunities, we find that increased public firm...

Do equity crowdfunding investors rationally or irrationally herd? We build a model of rational information aggregation where both informed and uninformed investors arrive sequentially and rationally choose whether and how much to invest. We compare the predictions of the model to several...

In the aftermath of the global financial crisis, new financial technology (fintech) start-ups have emerged to challenge the long-established position of financial services incumbents. Drawing on resource-based theory and institutional theory, we investigate how the emergence of fintech start-ups...

Novel early stage ideas face uncertainty on the expertise needed to elaborate them, which creates a need to circulate them widely to find a match. Yet as information is not excludable, shared ideas may be stolen, reducing incentives to innovate. Still, in idea-rich environments inventors may...

This paper proposes a model to investigate the direct effects of Business Intelligence (BI) on performance, and the indirect effects, through network learning (NL) and innovativeness (INNOV). The investigation is based on a sample of 228 startups from different European countries. We explore...