In April 2012, the JOBS Act was passed to help revitalize the IPO market, especially for small firms. During the year ending March 2014, IPO volume and proportion of small firm issuers was the largest since 2000. Controlling for market conditions, we estimate that the JOBS Act has led to 21...

Efforts to control bank risk address the wrong problem in the wrong way. They presume that the financial crisis was caused by CEOs who failed to supervise risk-taking employees. The responses focus on executive pay, believing that executives will bring non-executives into line — using...

We study the influence of middle managers (“supervisors”) on financial misconduct at financial advisory firms. Individual supervisor fixed effects explain twice as much variation in branch misconduct as firm fixed effects. Studying supervisors at different branches within the same firm-year,...

The role of certifiers is to test products for quality, and to communicate the test results to the market. We construct a free-entry model of certification, where each certifier chooses a test standard and a price for certification. In equilibrium, certifiers differentiate their test standards,...

Regulation A (Reg A) offerings provide an alternative way for companies to raise capital from the public without undergoing the full registration and reporting requirements of a traditional initial public offering. To ensure that investors are fully informed about the investment opportunity, Reg...

Private equity is a substantial and growing component of institutional investors’ portfolios. Investors rely on manager-reported fund performance when making capital allocation decisions, yet reported performance is subject to significant manager discretion. I examine whether private equity...

The aim of this study is to explore the previously unresearched outcomes of firms funded through equity crowdfunding, a novel type of entrepreneurial finance. We study the outcomes of a sample of 337 firms funded on equity crowdfunding platforms in Europe between 2009 and 2014. By incorporating...

Egenfinansieringen har stor betydelse för om människor ska ta steget till att bli entreprenörer. Det har fastslagits i en rad empiriska studier och ett välkänt forskningsresultat. Det är emellertid inte lika klart hur den teoretiska förklaringen till detta empiriska samband ser ut. De...

We use a sample of U.S. dual-class companies to examine how the divergence between insider control rights and cash-flow rights affects managerial extraction of private benefits of control. We find that as the insider control-cash flow rights divergence becomes larger, dual-class acquirers...

This study adds to the literature on the existence of information asymmetries in financial markets by investigating whether information leakage occurs in the local geographic area surrounding corporate headquarters at the time of nonpublic corporate events. On days when a corporation's...