This paper reviews the evidence on financing technology-based small firms (TBSFs) in
Europe. European TBSFs finance new investments by relying primarily on internal funds …

Nowadays equity crowdfunding plays an important role in the entrepreneurial finance
markets. To better understand the functioning of the industry, it is important to consider the …

This paper reviews the relatively more recent literature on equity home bias–the empirical
finding that people overinvest in domestic stocks relative to the optimal investment portfolio …

The way in which securities are traded is very different from the idealized picture of a
frictionless and self-equilibrating market offered by the typical finance textbook. In Market …

We analyze the political determinants of investor and employment protection. Our model
predicts that proportional electoral systems are conducive to weaker investor protection and …

This paper examines the hypothesis that non-US firms cross-list in the United States to
increase protection of their minority shareholders. Cross-listing on the NYSE or Nasdaq …

This paper documents aggregate trends in the foreign listings of companies, and analyzes
their distinctive prelisting characteristics and postlisting performance. In 1986–1997, many …

Financing Africa takes stock of Africa's financial systems in light of recent changes in the
global financial system--including the greater risk aversion of international investors, a shift …

There has long prevailed a conventional wisdom rationalizing why firms pursue overseas
listings. It argues that firms seek such opportunities to benefit from a lower cost of capital that …

We discuss the current state of stockownership among households in major European
countries, drawing parallels and contrasts with the US experience. Our analysis of detailed …