In this paper, we show that too strong investor protection may harm small firms and, thus, entrepreneurial initiatives. This situation is particularly relevant in crowdinvesting, which refers to a recent financial innovation originating on the Internet. In general, securities regulation offers...

We consider whether traders are more likely to commit securities violations when trading at home, a new form of working induced by the Covid pandemic. We examine data pre- and post-Covid, during which some traders were unexpectedly forced to work at home. The data indicate the presence of both a...

Financial markets are in constant flux. New players and services, often leveraging new technology, emerge and challenge the status quo. Changes in markets, regulation, the environment, and global politics affect the business and risk profiles of financial market participants. The central...