Venture capital funds (as well as private equity funds and hedge funds) in many countries around the world are facing increasing regulatory scrutiny since the 2007 financial crisis, particularly in respect of calls for increased disclosure requirements. In this paper, we examine whether more...

Because investors generally choose to invest in large firms when investing internationally, it is not immediately obvious whether small listed firms would benefit from foreign portfolio investment. A capital infusion of this form could either serve to alleviate constrained capital markets or...

This paper empirically examines the impact of entrepreneurial firm plaintiff litigation on the ability of entrepreneurial firms to obtain venture capital (VC), and the subsequent effect on VC exit outcomes. This empirical context is important, as both the costs of litigation and potential...

Using issuance data across 50 countries from 1996 through 2009, we examine the role of information asymmetry in market timing globally. We utilize a model that takes into account the possible feedback of security issues to past market returns allowing us to ascertain whether timing of capital...

We examine the influence of both public and private enforcement of securities regulation on securities issuance across firm size and institutional quality. We conjecture that in G10 countries with strong institutional environments, private enforcement benefits large firms more than small firms,...

We introduce the topic of this special issue on the “Role of Financial and Legal Institutions in International Governance”, with a particular emphasis on a notion of “international mobility of corporate governance”. Our discussion places the special issue at the intersection of law,...

Using a framework akin to portfolio theory in asset pricing, we introduce the concept of “political beta” to model firm-level export diversification in response to global political risk. The main implication of our model is that a firm is less responsive to changes in political relations...

Managing the different companies in which they invest and at the same time performing portfolio optimization for themselves, venture capitalists position themselves as a pure-play or diversified conglomerate through their cumulative portfolios. I examine the effects of two investment strategies...

We examine the impact of international venture capital investors on private firm success spanning 69 countries over the years 1995-2010. The data examined indicate that, relative to deals in which the investor base is purely domestic, private firms that have an international venture capital...

We examine the impact of government ownership on venture-backed private firm exits spanning 50 countries over the years 1990-2010. The data examined indicate that, relative to deals in which the investor base is purely nongovernment, private firms that have government ownership have higher...