This paper provides theory and evidence in support of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in terms of the characteristics of the entrepreneurial firm...

We investigate the relationship between the intensity of share pledging activities and the level of financial constraint. Using a sample of Chinese publicly listed firms from 2003 to 2018, our main findings are fourfold. First, we document that the high financial constraint level may motivate...

We investigate the price reaction of listed companies in response to blockchain-related announcements. The average abnormal return based on a global sample of 713 firm announcements is approximately 5% on the announcement day, with significantly higher returns for U.S. firms, smaller firms and...