The Financial Accounting Standards Board (FASB) has long recognized shortcomings in fundamental accounting principles that are exacerbated by the proliferation of increasingly complex financial instruments. The FASB has been engaged since 1986 in a project to align financial reporting with...

Black & Gilson (1998) argued that an IPO-welcoming stock market stimulates venture deals by enabling VCs to give founders a valuable “call option on control”. We study 18,000 startups to investigate the value of this option. Among firms that IPO, 60% of founders are no longer CEO. With...

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received “law and finance” wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in...

The JOBS Act amended Regulation A to increase the maximum offering size of exempt securities from $5 to $50 million per year, eventually rising to $75 million. This study analyzes SEC Regulation A filings from July 2015 to December 2022 and finds a significant increase in qualified filings from...

The Jumpstart Our Business Startups (JOBS) Act of 2012 directed the U.S. Securities and Exchange Commission to amend Regulation A and increase the offering limit for issuances up to $50 million. The SEC implemented changes to Regulation A in 2015, establishing two tiers: Tier 1 for offerings up...

This article explores the methodology of accessing, extracting, and analyzing the textual content within Regulation A Form 1-A Part II filings using Python. Reg A offerings provide companies with a flexible framework to raise capital through public offerings while adhering to relaxed filing...

This article analyzes the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. The paper emphasizes the impact of asymmetric information on the divestment decision. Our model considers the impact of caracteristics of the venture...

Using word content analysis on the time-series of IPO prospectuses, we show that issuers tradeoff underpricing and strategic disclosure as potential hedges against litigation risk. This tradeoff explains a significant fraction of the variation in prospectus revision patterns, IPO underpricing,...

This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received �law and finance� wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted...