The recent surge in use of alternative sources of entrepreneurial finance is viewed as transformative, providing entrepreneurs with an increased variety of resourcing options. Through exploring cognitive heuristics of entrepreneurs' financing decisions, this study examines provision of...

This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...

This paper presents an industry equilibrium model where firms have a choice to engage in corporate social responsibility (CSR) activities. We model CSR as an investment to increase product differentiation that allows firms to benefit from higher profit margins. The model predicts that CSR...

Private equity firms (PE firms) have become common owners of established firms in concentrated markets. We show that the threat of a PE acquisition can trigger incumbent mergers in an otherwise merger-stable industry. This can help antitrust authorities maximize consumer surplus because...

This paper studies how a firm's pricing strategy affects its financial leverage. Retailers vary in pricing strategy, ranging from low markup (i.e., “discount”), no frills retailers to high markup retailers that offer extensive service. The choice of strategy affects the firm's risks and...

Both equity and non-equity crowdfunding has proven to be a productive method of capital formation for start-ups. The equity crowdfunding provisions of The Jumpstart Our Business Startups Act (the “JOBS” Act) offer perhaps the most promising development to facilitate capital formation by...

This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm's CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as...

This is the supplemental material to the paper titled "External Financing and Customer Capital: A Financial Theory of Markups." It includes additional empirical, theoretical, and quantitative results. It also includes illustration for the numerical algorithm for our model solution

Is common ownership the Doomsday Machine for the operation of free markets, competition and capitalism as we know it? An observer of cutting-edge law and economics literature may indeed tend to believe that we are approaching a point of ultimate antitrust apocalypse. This article tries to unfold...