In early December 2024, the crowdfunding platform Ulule announced the acquisition of its competitor, KissKissBankBank (KKBB). This merger between the two most prominent players in the market marks a significant…
By opening a new market for raising outside funds for individuals and businesses, crowdfunding has the potential to boost entrepreneurship and contribute to growth. Policy support for crowdfunding in various…
Does democracy shape international merger activity? If so, how? The short answer is yes because democratic institutions are conducive to higher-quality corporate governance. In a new paper, we examine 104,425…
On October 1st, the Rotterdam School of Management hosted the 18th edition of the Corporate Finance Day. I greatly enjoyed organizing this conference with my colleagues, Daniel Metzger and Peter…
This post reports on recent work presented at the first edition of the CEPR Conference Series on the Political Economy of Finance, which focused on the politics of regulation and…
Blockchain-based securities: New results, new perspective Security token offerings (STOs) are not initial coin offerings (ICOs) or a subset thereof. In our recent paper, “Security Token Offerings,” we show that…
The years 2017 and 2018 saw an influx of ventures raising substantial amounts of money through initial coin offerings (ICOs). The Ethereum blockchain greatly facilitated the spectacular surge of ICOs,…
In a recent study (available here), we examine the microeconomic underpinnings of the performance and growth of crowdfunding platforms. Our empirical exercises are conducted on Ulule and KissKissBankBank, two platforms…
The advances in FinTech are concomitant with the development of digital platforms, such as Ethereum, LendingClub, or PayPal. The decisions that users make on such platforms are highly interdependent, insofar…
Extending voting rights to broader segments of the population considerably affects the way countries finance their economies. This is the key finding of our new research recently published in the…
In a recent survey of the literature on the political economy of finance (available here), we argue that understanding the evolution and functioning of financial systems cannot be fully appreciated…
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