The US entrepreneurial finance market has changed dramatically over the last two decades.
Entrepreneurs who raise their first round of venture capital retain 30% more equity in their …

This chapter reviews the recent developments in the bunching literature, both when
bunching appears in the outcome variable and when it appears in the treatment variable …

Abstract From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We
investigate why there are so many unicorns and why founders grant investors privileges to …

The IPO volume in the US significantly declines after 2000, with more entrepreneurial firms
exiting through acquisitions rather than IPOs. Using proprietary US Census data on private …

Chapter 7 is the most popular bankruptcy system for US firms and individuals. Chapter 7
professional fees are substantial. Theoretically, high fees might be an unavoidable cost of …

A common point of differentiation across companies is public versus private status. Many
regulations are conditional on whether a company is publicly traded, and the ability of both …

We quantify firms' compliance costs of regulation from 2002 to 2014 in terms of their labor
input expenditure to comply with government rules, a primary component of regulatory …

Regulators can leave their government position for a job in a regulated firm. Using granular
payroll data on 22 million federal employees, we uncover the first systematic evidence of …

We quantify the cost of pledging collateral for small businesses by exploiting a regulatory
quirk of the SBA disaster lending program in which firms are exempt from posting collateral if …

We examine how firms adapt their organization when they go public. IPO firms transform into
a more hierarchical organization and increase managerial oversight. Organizational …