Initial Coin Offerings (ICOs) are still one of the most fashionable topics in the area of financial markets. For token issuers, they are a continuing to be a success story. In 2019 alone, more than $ 3,3 billion USD have been raised in ICOs. From the investors’ perspective, however, things do...

This paper empirically examines firm owners' gender difference in labor demand. We estimate the average treatment effect (ATE) of female ownership on employment of the firm using the 2007 Survey of Business Owners (SBO) Public Use Micro Sample (PUMS), provided by the U.S. Census Bureau. Because...

Ratio analysis is generally presented as something that has to be calculated after completing other financial statements and is generally viewed, particularly by students, as busy-work with little value. This paper changes the context of ratio analysis in order to demonstrate how a focus on the...

This article studies future equity financing in a continuous-time principal-agent setup whereby career concerns generate moral hazard tension. Our framework admits precise closed-form expressions. The higher firm value leading up to conversion, the fewer equity investors attain and the less risk...

This paper investigates the differences in the return generating process of venture capital-backed firms and their peers that operate without venture capital financing. Using a unique hand-picked database of 990 venture capital-backed Belgian firms and a complete population of Belgian SMEs, we...

We examine the drivers of venture capital financing raised by eSports companies, using the CrunchBase database containing information on private and public companies receiving any type of venture capital funding worldwide. We find that companies located in Asia-Pacific and Americas attract more...

We use machine learning to study how venture capitalists (VCs) make investment decisions. Using a large administrative dataset on French entrepreneurs that covers VC-backed as well as non-VC-backed firms, we use algorithmic predictions of new ventures' success to uncover potential sources of...

This paper investigates venture capitalists' monitoring of managerial behaviour by examining their impact on CEO pay-performance sensitivity across various controlling structures in Chinese firms. We find that the effectiveness of venture capitalists' monitoring depends on different types of...

We construct a model to illustrate the dynamics of cash flow volatility and firm valuation. As a firm progressively invests into its growth opportunities, its book value increases and catches up with its market value, reducing the valuation multiple (Q). Cash flow volatility (CFV) decreases due...