Purpose: The purpose of this paper is to study if actively managed exchange-traded funds (AMETFs) and actively managed mutual funds (AMMFs) are complements or substitutes. It also tests if there are tax or liquidity clientele effects. Design/methodology/approach: The study investigates the...

We analyze an extensive sample of tax-exempt and taxable municipal bonds to better understand how municipals behave without federal tax-exemption. We find taxable municipals are issued at higher yields in high state tax rate jurisdictions, are less likely to be issued in these areas, and more...

Private equity financing is a primary source of funding for new ventures. However, forfeiting ownership and control may deter entrepreneurs. We show how recapitalizations are viable exit strategies allowing founders to maintain control. In a recapitalization, the private equity interest is...

A contentious debate is emerging over the regulatory response to the financial crisis. This paper takes advantage of a rare opportunity to empirically test sweeping short sale constraints. Specifically, I analyze 2008 trading restrictions which prohibited short selling in all U.S. financial...

Private equity shareholder agreements are essential to the successful relationship between venture capital (VC) providers and recipients and are structured to balance the interests and objectives of both parties. However, these contracts are complex and contain a broad range of design options....