This paper builds upon and extends Bali and Murray (2013) to investigate skewness preferences when investors with heterogeneous expectations hold long skewness positions. When investors are pessimistic (either pessimistic or optimistic), their overconfidence produces a downward (upward) bias...

Chinese IPOs offer investors two potential lottery-like gains. One is huge first day returns as Chinese issuers leave more money on the table than other issuers and the other is that a particular IPO may go on to become the next Alibaba in the long run. Using a sample of 862 book-built Chinese...

Equity crowdfunding (ECF) provides outside equity to unlisted and mainly early stage entrepreneurial firms and the UK is the leading ECF market. This paper investigates the determinants of first follow-on campaigns and of their probability of success for a sample of 790 firms that conducted an...

Equity crowdfunding (ECF) provides outside equity to unlisted and mainly early stage entrepreneurial firms and the UK is the leading ECF market. This paper investigates the determinants of first follow-on campaigns and of their probability of success for a sample of 790 firms that conducted an...