This paper examines the impact of cyber risks on ventures' initial coin offerings (ICOs) results. We match novel data on national cyber-security with hand collected characteristics of 1,654 ICO projects and discover that cyber risks are negatively associated ICO success. We further find that...

Firm emission accounts for a large share of pollution. Based on the sample of 44 countries, this paper studies whether and how firms’ legal environment influences their environmental performance. After presenting new evidence on the positive link between civil law origin and firm environment...

This paper studies the impact of bureaucratic checks on firm value using the revision of the regulations on disciplinary actions of the Communist Party of China (CPC) in 2015 as a natural experiment. We document a positive and substantial market reaction following this unexpected policy change...

This introduction reviews the growing literature on initial coin offerings (ICOs), summaries the articles included this special issue and also provides original evidence of the investor protection on ICOs from 37 countries. We show that the anti-director rights and anti-self-dealing index are...

China's financial development and economic growth is achieved under weak legal institutions. The literature attributes this counterexample of law–finance–growth nexus to (a) alternative mechanisms in China such as incentives, reputation and relationships and (b) a well-functioning xinfang...

This paper examines the impact of historical endowment on the function of Initial Coin Offering (ICO) market. We find that a country's legal origin, disease environment, exposure to slave trade, and proximity to ancient trade routes are important determinants of the total amount of capital...