Working Paper

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets. Since 2014 ICOs have emerged as a new financing instrument, with some parallels to IPOs, venture capital, and pre-sale...Read more

Sabrina T. Howell
Marina Niessner
David Yermack
19 July 2018

Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets

We document a new channel through which a family business group's internal capital market supports its members. Using data from 44 countries, we provide evidence that groups use internal capital to incubate difficult-to-finance investment...Read more

Ronald Masulis
16 August 2017