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 …

In the last three decades, cross-border mergers and acquisitions have been the most
preferred vehicle for unprecedented internationalization and integration of the global …

The valuation of start-up firms is challenging, yet highly relevant for entrepreneurs and
financiers alike. We reverse-engineer fair-value multiples by comparing the firm value at the …

Considering the Italian legal environment, this work aims to shed new light on the behavior
of SMEs under financial constraints, investigating how the inefficiency of courts in enforcing …

The construction of digital courts is a crucial measure to improve the judicial environment
through the deep integration of judicial reform and digital technology. This study examines …

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

This work investigates the Italian judicial system and discusses the designing of a policy
reform to boost the efficiency of courts, considering the human resources available as well …

Using a large dataset of firms from 35 countries, we study the country-level determinants of
institutional investors' investment horizons. We show that an equity investor-friendly …