Corporate boards of directors mediate the agency costs between the corporation's managers and shareholders. For boards to do this well, they must include the right people. At present, most believe that the best kind of director is an independent director. Indeed, it is important that boards have...

Equity crowdfunding is a financial innovation that allows small businesses and startups to access capital through soliciting investment over the Internet. The current literature on crowdfunding has focused on its theoretical background and on the development of crowdfunding exemptions from the...