In this paper we examine the market reaction to the events that led to the adoption of Regulation Fair Disclosure (FD). The new regulation requires that if and when a firm discloses material nonpublic information to select individuals like analysts and institutional investors, it must make...

What are cryptocurrencies: securities, commodities, or something else? Maybe they are a new form of established currency ― a non-sovereign fiat currency. Like other self-governing bodies, the communities that issue cryptocurrencies should be judged on how well they support their currencies....

While much has been written about the ability of financial analysts to predict periodic earnings, little has been documented on the behavior of analysts around irregular events. Such events can have significant effects on earnings and market capitalization. This study examines the response of...

Decentralised finance (DeFi) represents an extremely interesting and continuously growing area of the financial sector. The present paper analyses varied types of digital platforms, expression of different degrees of decentralisation/disintermediation, focusing on capital raising ones since...

This study examines the response of First Call financial analysts to company restatements and corrective disclosures that lead to an allegation of securities fraud and compares this with the response of three other informed investor groups - insiders, short sellers, and institutions. The sample...

The ECSPR covers only financial-return crowdfunding-FRC. Nonetheless, crowdfunding goes beyond monetary incentives: reward-based and donation-based crowdfunding represent the ‘other side of the moon’ in the crowdfunding universe. The Chapter, after describing the main features of...

Centered on studying the principle of look-through regulation, this article expounds the theoretical basis of look-through regulation and how it is applied in China, with a focus on analyzing the differences in look-through regulation between international and the Chinese bond markets. China’s...

Marketplace lending, enabled by technological innovation, represents a new opportunity for raising capital. It is regarded by the EU as having the potential to expand the financing options of SMEs and improve the integration of the Internal Capital Market. However, applying traditional legal...

This article highlights the rationale of extracting and analyzing information from Parts II and III of Form 1-A of Regulation A filings. This registration form filed with the SEC provides comprehensive information about the issuer, its operations, and financial condition, promoting transparency...

Crowdfunding has been regarded as a useful tool to meet consumers’ and SMEs’ financing needs as well as investors’ need for diversified alternative investments finance and desire for a more ‘democratic’ financial system. It has also been presented as a form of ‘disintermediated’...