I present a model of venture capital contracting in which contracts that involve a mixture of both debt and equity are efficient and dominate pure-equity and pure-debt financing. The optimal contract balances the venture capitalist’s incentive to intervene in the project and the entrepreneur’s desire for control. JEL classification: G24, G32

Abstract Certification by analysts on a FinTech platform that harnesses the “wisdom of crowds” is associated with successful initial coin offerings (ICOs). We show favorable ratings group diverse backgrounds positively predict fundraising success and long-run token performance. Analysts’ also help detect potential fraud ex ante. document have career concerns are incentivized to issue informativ...

We study financial intermediation in which sufficient sorting is impossible. We identify a new type of market failure that may occur even when returns of investing entrepreneurs are verifiable. Moreover, we suggest that the nature of competition determines the contracts banks offer. A monopoly bank will offer equity contracts. In any pure strategy equilibrium when lenders compete à la Bertrand,...

We compare a credit rating agency’s incentives to acquire costly information when it is only paid for giving favorable ratings the corresponding agency up-front, i.e., irrespective of assigned. show that, in presence moral hazard, contingent fees provide stronger dynamic than up-front and may induce higher social welfare. When fee structure chosen by agency, arise as an equilibrium outcome, lin...

Genotype-environment interaction (GEI) is very important for breeders. It considered a complicated issue in breeding programs to obtain stable and high-yielding genotypes release new genotypes. This study was conducted achieve genotype that adaptive climatic conditions of potato-producing regions Iran. A total 20 potato lines along with five commercial varieties (Savalan, Agria, Caesar, Luta Sa...

The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms of total production and employment, and appear less exposed to aggregate shocks. We perform a number o...

A noticeable variation is present among the guava (Psidium guajava L.) genotypes available in Bangladesh. Thirty-three (25 indigenous, 5 released, and 3 exotic) of were used ex-situ conditions from different locations Chattagram, Brahmanbaria, Pirojpur, Gazipur districts assessed based on 10 traits to know their genetic diversity. The measured number flowers, fruits, harvested fruits per plant,...

We study a dynamic stopping game between principal and an agent. The gradually learns about the agent's private type from noisy performance measure that can be manipulated by agent via costly hidden action. fully characterize unique Markov equilibrium of this game. find terminations/market crashes are often preceded spike in manipulation intensity (expected) performance. Moreover, due to endoge...