Working Paper
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...
Read moreThe Sources of Financing Constraints
In order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for corporate policies. To that end,...
Read moreInsider Trading and Financing Constraints
Insider trading may alleviate financing constraints by conveying value-relevant information to the market (the information effect) or may...
Read moreSustainable Finance and Stewardship: Unlocking Stewardship's Sustainability Potential
This paper explores the role of investor stewardship against a background of broader efforts to improve the sustainability of financial markets....
Read moreThe real effects of rating actions: Evidence from corporate asset sales
Credit rating actions could discipline management to improve asset allocations, but may also trigger corporate responses to alleviate financial...
Read moreLoans to Chapter 11 Firms: Contract Design and Pricing
With a hand-collected set of 545 debtor-in-possession (DIP) loan facilities, 2002-2019, we show that these short-term loans are highly...
Read moreFinancing Through Asset Sales
Most research on firm financing studies debt versus equity issuance. We model an alternative source, non-core asset sales, and identify three new...
Read moreBe 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...
Read moreWhy Financial Regulation Keeps Falling Short
This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation. Today’s...
Read moreThe EU Sustainable Governance Consultation and the Missing Link to Soft Law
In this paper, we investigate whether reform of EU company law is needed to make corporate governance more sustainable through an analysis of some of the...
Read moreFinancing from Family and Friends
Informal finance is often believed to be expensive and in limited supply. But most informal investors -- family and friends -- offer funds cheaply; and...
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