Banks and other financial institutions raise hybrid capital as part of their risk capital. Hybrid capital has no maturity, but, similarily to most corporate debt, includes an embedded issuer's call option. To obtain acceptance as risk capital, the first possible exercise date of the embedded...

This paper uses highly detailed administrative records from the Norwegian Tax Authority to provide direct measures of the returns from investing in newly established, innovative companies. We trace out the entire funding and pricing histories of each firm and study performance measures at the...