This paper provides a description of the crowdfunding sector, considering investment-based
crowdfunding platforms as well as platforms in which funders do not obtain monetary …

Credit rating agencies (CRAs) have long held that reputational concerns discipline their
behavior. The value of reputation, however, depends on economic fundamentals that vary …

Among the new ventures actively seeking funds through equity crowdfunding, only a lucky
few seemingly survive the rigorous selection process imposed by equity crowdfunding …

Platforms that intermediate trades—such as Amazon, Airbnb, and eBay—play a regulatory
role in deciding how to govern the marketplaces they create. We propose a framework to …

This paper studies how directors' reputational concerns affect board structure, corporate
governance, and firm value. In our setting, directors affect their firms' governance, and …

Green bonds allow firms to commit to climate-friendly projects. Equity investors react
positively to their announcement. Based on prior empirical studies, we suggest that green …

We analyze the design of recommendations (available to all shareholders) and research
reports (available only to subscribers) by a proxy advisor, who maximizes profits from selling …

Product quality certifiers may not reveal the identity of unsuccessful applicants/sellers for
three reasons. First, they respond to the desire of individual sellers to avoid the stigma from …

Credit rating agencies have an incentive to maintain a public reputation for credibility among
investors but also have an incentive to develop a second, private reputation for leniency …

We explore through both an economics and regulatory lens the frictions associated with
credit rating agencies in the aftermath of the financial crisis. While ratings and other public …