Private equity is a crucial source of financing for start-ups and, therefore, important for innovation and economic growth. The securities laws have an enormous impact on the ability of start-ups to obtain private equity investment. One of the most important of these laws is the SEC's Rule 144....

I examine the determinants and market impact of paid-for coverage using a hand-collected sample of paid-for reports over 1999ndash;2006. More than five hundred publicly listed US companies paid for analyst coverage since 1999. Yet little is known about the informational consequences of this...

We study the pace at which socially responsible investors can induce firms to reduce negative externalities in private capital markets. Investors with broad preferences, who care about firm externalities independent of their ownership in the firm, value acquiring firms with high production...

This paper investigates the effects of acquisitions by “big techs” on venture capital (VC) funding for start-up companies. Because of the strong association between VC investment and innovation, this approach also sheds light on the repercussions of big tech start-up acquisitions on...

The paper models and analyses the dynamics of credit spread curves based on ratings over the period from 2004 to 2021. Using more than 1.5 million data points of individual bonds, instead of using index data, monthly asset swap spread (ASW) curves are constructed for all rating levels. The paper...

Managerial incentives are skewed in non-listed funds under finite horizons. Compensation structures are only indirectly related to shareholder wealth maximization when share prices are unobservable. Liquidity options for investors are limited in the absence of an exchange listing. Using a...

For investment projects with low probabilities of success, long time horizons, and large capital requirements, traditional financing sources such as private and public equity may not be ideal. Nevertheless, such projects may yield attractive risk-adjusted returns when combined into a single...

The valuation of start-up firms is challenging, yet highly relevant for entrepreneurs and financiers alike. We reverse-engineer fair-value multiples by comparing the firm value at the time of financing with the firm value at the time of exit. Our framework produces reliable valuation multiples...

The ‘COVID Crisis' has accelerated the mainstreaming of SDG-driven investment, with pension board members (trustees) playing an increasingly active role across all asset classes, from Sacramento to Sydney: governments (debt) and CEOs (equity) are having to commit more seriously to pressing...

The phrase 'private equity' became widespread in the late 1980s following major buyout fund activity. What has been neglected for some time is the existence of listed private equity - an exposure through a share in a private equity company traded on a stock exchange. While the listed market is...