Firm managers make ethical decisions regarding the form and quality of disclosure. Disclosure can have long-term implications for performance, earnings manipulation, and even fraud. We investigate the impact of venture capital (VC) backing on the quality and informativeness of disclosure...

This paper shows stock exchange trading rules are of central importance for the trading location of cross-listed stocks. We consider various measures of sovereign governance and shareholder rights across both developed and emerging countries to assess the complementary effects of other legal and...

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...

This paper examines institutional investors' propensity to invest in a relatively unknown asset class of listed private equity. Based on data provided by LPEQ, Preqin and Scorpio Partnership covering 171 institutional investors in Europe in 2008-2010, we find allocations are primarily a function...

Recent work by Da Rin et al. (2006, 2011) and Lerner (2009) base their analysis of the effect of public policy towards venture capital on variables like the ratio of early stage to late stage investment. This paper provides an explanation as to why such measures are incorrect for studying the...

Acquisition announcements generate predictable movements in the price of the acquirer's stock. For example, post-announcement returns are typically negative for high Tobin's q acquirers, stock transactions, and foreign targets, but positive for private equity-backed private targets....

We analyze the impact of expected (targeted) capital structure decisions on information asymmetries. We measure information asymmetry from equity liquidity through the use of an information asymmetry index that is based on six measures that capture trading activity, trading costs, and the price...