We examine fees on bonds issued by Japanese corporations during the 1994-2002 period. We relate fees to firms' membership of bank-led (financial) keiretsu. For the full sample of firms, we establish a positive relation between fees and risk factors. Over time, we find that fees have increased...

Security token offerings (STOs) are not initial coin offerings (ICOs) or a subset of it. This paper shows that distinguishing STOs from ICOs is crucial for the study of entrepreneurial finance. We first provide a working definition of a security token and uncover key facts about the primary STO...

In 2000 more companies listed in Europe than in the US. This is mainly due to the success of quot;newquot; stock markets designed for high-growth companies. In this paper we analyse a sample of 482 Initial Public Offerings (IPOs), listed on five quot;newquot; European stock markets up to March...

Using a comprehensive database of European firms, we study how the volume of private equity investment affects the rate of creation of new firms. Applying cross-country cross-industry analysis, we find that private equity investment in general benefits new business incorporation, especially in...