Financing 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...
Read moreInformal finance is often believed to be expensive and in limited supply. But most informal investors -- family and friends -- offer funds cheaply; and...
Read moreUS 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 moreIn order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for corporate policies. To that end,...
Read moreThis paper explores the role of investor stewardship against a background of broader efforts to improve the sustainability of financial markets....
Read moreCredit rating actions could discipline management to improve asset allocations, but may also trigger corporate responses to alleviate financial...
Read moreWith a hand-collected set of 545 debtor-in-possession (DIP) loan facilities, 2002-2019, we show that these short-term loans are highly...
Read moreMost research on firm financing studies debt versus equity issuance. We model an alternative source, non-core asset sales, and identify three new...
Read moreWe 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 moreThis article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation. Today’s...
Read moreIn 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 moreEquity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer analysts' preferences for...
Read more