This is the first paper to examine the microstructure of how mispricing is created and resolved. We study dual class-shares with equal cash-flow rights, and show that a simple trading strategy exploiting gaps between their prices appears to create abnormal profits after transactions costs. Trade...

Tax equity investors in renewable power projects, generally large banks, have deep investment experience but little technological expertise. Do they add value commensurate with the premium that they charge? In 405 U.S. solar and wind projects from 2007-2021, tax equity investors are associated...

The aggregate amount of venture capital investments in non-publicly traded firms since 1980 is more than $390 billion. We test two economic hypotheses on the connection between venture capital investment and subsequent firm performance. We find that lagged VC investments scaled by industry...