The goal of this project is to examine the relation between financial contracting and the risks stemming from climate change. …Read More
Climate Change Risks and Financial Contracting
finance
Financing Experimentation
This paper studies the strategy of entrepreneurs to finance their experimentation given the presence of adverse selection in capital markets. …Read More
Does Crowdfunding Benefit Entrepreneurs and Venture Capital Investors?
We study how a new development in entrepreneurship—crowdfunding—interacts with more traditional financing sources, such as venture capital (VC) and bank financing. …Read More
Economics of Leveraged Buyouts: Theory and Evidence from the UK Private Equity Industry
Empirical analysis of a sample of companies with private equity (PE) ownership in the UK shows that PE firms act as deep-pocket investors for their portfolio companies, rescuing them if they fall in financial distress.…Read More
Initial Coin Offerings, Speculators, and Asset Tokenization
Initial Coin Offerings (ICOs) are an emerging form of fundraising for Blockchain-based startups. We propose a simple model of matching supply with demand with ICOs by companies involved in production of physical products.…Read More
How BBVA’s Open Banking Strategies Deepened Customer Relationships
Robert Sears, former CEO of a BBVA subsidiary, discussed how banks can streamline organizational functions and become more customer-centric.…Read More
Financing Local Innovation
What is the impact of financing on innovation, and how do entrepreneurs strategically access credit? Innovative ventures need advance financing, but they face unique obstacles to credit access. …Read More
BNY Mellon’s Pershing Sees Financial Literacy Program as Good for Its Bottom Line
Directors Michael Partnow and Andrea Madden reveal three ways the community engagement program is a smart strategic move for the 80-year-old financial services firm.…Read More
Big Pushes, Little Hollywoods: Local Economic Development Effects of Film Tax Credit Lotteries
The extent to which local incentive policies (such as subsidies and tax credits) are effective at spurring new centers of innovation, and whether these incentives induce overall productivity growth or just a shift of production from one region to another, is the subject of this proposal.…Read More
Riskless Business: The Limits of Impact Measurement and Management in Investing
Gender lens investing (GLI) is part of the broader “ethical capitalism” movement, in which social ills are mitigated through markets, finance, and corporate activity. …Read More
Digitizing the Banking Sector Takes a Step-by-Step Approach
Nathan Snell, Chief Innovation Officer at nCino, discusses how his team works to phase financial institutions into digitization.…Read More
This Firm is Expanding the Menu for Retail Investors
Mike Gerber (C’95) of FS Investments discusses how listening to the market is a critical source of innovation for firms in the finance sector.…Read More
Mastering Innovation in Financial Services: How Fintech is Changing the Game for Wells Fargo
The financial services industry is increasingly seeing new technologies arise, from mobile banking to Bitcoin and blockchain technology. On the debut episode of Mastering Innovation, we asked Ryan Miller to share how Wells Fargo fosters a culture of innovation to keep up with these changes.…Read More
Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners
We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality.…Read More
Getting Beyond the Blockchain Hype
A series of interviews discussing how adoption of Blockchain technology will impact financial services, telecommunications, real estate, and more.…Read More
Corporate Venture Capital and the Returns to Acquiring Portfolio Companies
A prominent motive for corporate venture capital (CVC) is the identification of entrepreneurial-firm acquisition opportunities. Consistent with this view, we find that one of every five startups purchased by 61 top corporate investors from 1987 through 2003 is a venture portfolio company of its acquirer.…Read More