This study analyses underpricing in a sample of 41 Real Estate Investment Trusts (REITs) from the Spanish market between November 2013 and January 2019. The results show a significant underpricing on the initial-day (either when we compute raw or market-adjusted initial returns) concentrated in...

This paper studies the impact of qualitative business information on mitigating informationasymmetry between equity crowdfunding entrepreneurs and investors. Qualitative businessinformation covers the entrepreneurs' introduction on business model, competitive strategy,product market, drivers and...

We examine the impact on venture capital (VC) involvement and monitoring on their portfolio companies' corporate social responsibility (CSR) performance. Exploiting the timing of VC exit, we find that CSR performance of VC-backed companies improves after the exit of VC. Using the age of VC funds...

This paper studies sovereign ESG ratings from both qualitative and quantitative angles. First, we introduce the landscape for sovereign ESG ratings. Second, we provide a comparison with the history of credit ratings, factoring in that ESG ratings are in an early development stage. The third...

The increasing pace of FinTech development has triggered a worldwide race among policy makers to overhaul their own regulatory landscape in order to be as innovation-friendly as possible. Consequently, a vast array of new tools and regulatory practices have emerged over the last years. The paper...

In this article, we review some recent developments in the field of Financial Technology or “FinTech.” We begin with an overview of what FinTech is and why it has become an important growth industry in the financial services area and therefore an important research topic in finance. In the...

Purpose: This contribution explains how socially responsible investing (SRI) has evolved in the last few decades and sheds light on its latest developments. It describes different forms of SRI in the financial markets; and deliberates on the rationale for the utilization of positive and negative...

Being part of an investment syndicate offers various network benefits, but also exposes risks that someone in the network acts in a manner that violates securities laws. These risks differ depending on the ways in which securities laws are enforced. Public enforcement, with strong investigative...

This paper examines the effect of the Dodd-Frank Act (“Dodd-Frank”) on the profits and risk-taking of the hedge fund industry. Dodd-Frank subjects most hedge funds to government inspections, requires them to register with the Securities and Exchange Commission (“SEC”), and imposes a...

This Article is the first to analyze an unexplored but critical change in how modern banks are governed: the rise of lawyers as bank directors. That rise has been precipitous, raising the question of why lawyer-directors now sit on most bank boards. Using novel empirical evidence, we show that...