Despite the central role played by human capital in entrepreneurship, little is known about how employees in entrepreneurial firms are compensated and incentivized. We address this gap in the literature by studying 18,935 non-CEO compensation contracts across 1,809 privately-held venture-backed...

The behavior and determinants of market-to-revenue ratios in public and private capital markets is examined. Three samples are analysed: (1) all publicly traded stocks listed at some time on the New York Stock Exchange/American Stock Exchange/National Association of Securities Dealers Automated...

The behavior and determinants of market to revenue ratios in public and private capital markets is examined. Three samples are analyzed : (1) all publicly traded stocks listed at some time on the NYSE/AMEX/NASDAQ in the 1980 to 2004 period, (2) sample of over 300 so-called “internet...

Financial statements are value relevant in public equity markets; this study explores the value relevance of financial statements in private equity markets, especially venture capital markets. Specifically, it investigates the value relevance of financial statement data and non-financial...

We study the economic importance of accounting information as defined by the value that a sophisticated investor can extract from publicly available financial statements when optimizing a portfolio of U.S. equities. Our approach applies the elegant new parametric portfolio policy method of...