This paper provides the first evidence of a moral hazard in signaling in an entrepreneurial
finance context, by examining token offerings or Initial Coin Offerings (ICOs). Entrepreneurs' …

Token offerings or initial coin offerings (ICOs) are smart contracts based on blockchain
technology designed to raise external finance without an intermediary. The new technology …

This paper examines the performance of cryptocurrencies issued in initial coin offerings
(ICOs) over a three-year period after the initial exchange listing. Average (median) ICO …

We undertake a meta-analysis of 1296 estimates of the effect of target-country legal
environments on cross-border mergers and acquisitions (CBMAs) compiled from 60 …

Using a comprehensive dataset of firms from 34 countries, we study the effect of institutional
investors' investment horizons on firm valuation around the world. We find a positive relation …

New evidence from acquisition decisions suggests that antitakeover provisions (ATPs) may
increase firm value when internal corporate governance is sufficiently strong. We document …

Background Environmental sustainability may be perceived as conflicting with economic
development. Economic activities such as mergers and acquisitions can contribute to …

Merger control exists to help safeguard effective competition. However, findings from a
natural experiment suggest that regulatory merger control reduces the profitability of …

We examine the association between the degree of continuous disclosure by bidders and
the market reaction to the announcement of 3512 mergers and acquisitions (M&As) by …

This paper examines the impact of takeover law enforcement on corporate acquisitions. We
use the European Takeover Directive as a natural experiment, which harmonizes takeover …