Scholars working in the ‘law and finance’ field have investigated empirically the links between various types of law and the incidence of venture capital finance. However, no study to date has systematically investigated the relationship between insolvency law— both personal and corporate—and venture capital finance. This paper argues that a nation’s personal insolvency law may have an importan...

The collapse of so many AAA-rated structured ...nance products in 2007-2008 has brought renewed attention to the causes of ratings failures and the con‡icts of interest in the Credit Ratings Industry. We provide a model of competition among Credit Ratings Agencies (CRAs) in which there are three possible sources of con‡icts: 1) the CRA con‡ict of interest of understating credit risk to attract ...

We examine the determinants of institutional investors when deciding about international capital allocation in Venture Capital and Private Equity Limited Partnerships through a questionnaire addressed to (potential) Limited Partners world-wide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, ...

We consider a model of securities issues where the quality of securities is private information to the issuer, and firms of higher quality are more reluctant to issue securities than low quality firms. We show that, when the issuer directly trades with investors, market breakdown may occur. This is caused by the issuer’s attempts to signal his type through the offering price. Things change if w...

Using the CTIO 4-m telescope, we have obtained optical spectra of HII regions in five Sculptor Group dwarf irregular galaxies. We derive oxygen, nitrogen, and sulfur abundances from the HII region spectra. Oxygen abundances are derived via three different methods (the “direct” method, the empirical method guided by photoionization modeling of McGaugh (1991), and the purely empirical method of P...

We find all the inequivalent simple root systems for the complex reflection groups G12, G24, G25 and G26. Then we give all the non-congruent essential presentations of these groups by generators and relations. The methed used in the paper is applicable to any finite (complex) reflection groups. Introduction. Shephard and Todd classified all the finite complex reflection groups in paper [5]. Lat...

Article history: Received 22 January 2014 Received in revised form 25 May 2015 Accepted 26 May 2015 Available online 29 May 2015 This paper investigates VC investment stage drifts as explained by the outcomes of managerial incentive schemes under different financial market conditions and past return performances. We exploit a unique dataset containing data for all of the venture capital funds i...

Sell-side analysts employ different benchmarks when defining their stock recommendations. For example, a ‘buy’ for some brokers means the stock is expected to outperform its peers in the same sector (“industry benchmarkers”), while for other brokers it means the stock is expected to outperform the market (“market benchmarkers”), or just some absolute return (“total benchmarkers”). We use these ...

The Advantage of Experienced Start-Up Founders in Venture Capital Acquisition: Evidence from Serial Entrepreneurs Existing literature suggests that entrepreneurs with prior firm-founding experience have more skills and social connections than novice entrepreneurs. Such skills and social connections could give experienced founders some advantage in the process of raising venture capital. This pa...

While herding has long been suspected to play a role in financial market booms and busts, theoretical analyses have struggled to identify conclusive causes for the effect. Recent theoretical work shows that informational herding is possible in a market with efficient asset prices if information is bi-polar, and contrarianism is possible with single-polar information. We present an experimental ...