Financing

Working Paper

ICO Investors

We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4,700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product...Read more

Ruediger Fahlenbrach
Marc Frattaroli
05 August 2019

Startups and Company Law: The Competitive Pressure of Delaware on Italy (and Europe?)

US corporate law and, in particular, Delaware law, which leaves ample room to freedom of contract, has been one of the reasons for the successful creation and financing of startups in Silicon Valley. We analyze the Italian attempt to modernize...Read more

Paolo Giudici
Peter Agstner
27 August 2019

Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding

We use equity crowdfunding data to ask how fundraising amounts can be explained by what entrepreneurs ask for, versus what investors want to invest. The analysis exploits unique features of crowdfunding where entrepreneurs not only set investment...Read more

Thomas Hellmann
Ilona Mostipan
Nir Vulkan
19 September 2019

ESG Performance and Disclosure: A Cross-Country Analysis

We use a unique dataset to examine the link between ESG disclosure and quality through a cross-country comparison of disclosure requirements and stewardship codes. We find a strong relationship between the extent of ESG disclosure and the quality...Read more

Florencio Lopez-de-Silanes
Joseph McCahery
Paul C. Pudschedl
17 December 2019

Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy

We find that corporate giving represents a private benefit of control that distorts corporate investment and financing activity, consistent with free cash flow agency theory. Corporate giving discourages managers from pursuing external financing...Read more

Ronald Masulis
05 April 2019

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