Annual Conference

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Corporate Finance

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May 2019

Crowdfunding Dynamics

Thomas LAMBERT, Paul BELLEFLAMME, Armin SCHWIENBACHER
We study the various network effects that are at work on crowdfunding platforms. From a theoretical perspective, we distinguish between network effects that relate to participation or to usage decisions. We use novel entrepreneur-backer data to identify their relative importance on project funding d...
Keywords: Crowdfunding, digital platforms, FinTech, network effects, multisided platforms
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Annual Conference

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Corporate Finance

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May 2019

Management (of) Proposals

Ilona BABENKO, Goeun CHOI, Rik SEN
Using shareholder voting records on management proposals for the period 2003–2015, we study whether the voting process is unbiased. We find evidence of votemanipulation by management. Specifically, the frequency of proposals that receive votes just above the threshold for passage is significantly ...
Keywords: Corporate Voting, Management Proposals, Shareholder Proposals, Manipulation
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Annual Conference

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Corporate Finance

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May 2019

Organized Crime and Firms - Evidence from Italy

Stefan ZEUME, Pablo SLUTZKY
We exploit staggered municipality-level anti-mafia enforcement actions over the1995-2015 period to study the effect of organized crime on firms. At the municipalitylevel, we find that as the influence of organized crime weakens, competition andinnovative activity increase. At the firm level, existin...
Keywords: Organized Crime, Corruption, Competition, Cartel enforcement, Collusion, Money laundering
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Annual Conference

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Corporate Finance

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May 2019

Free-riders and Underdogs: Participation in Corporate Voting

Moqi GROEN-XU, Konstantinos E. ZACHARIADIS, Dragana CVIJANOVIC
Voting outcomes can differ from underlying preferences due to selection into voting. One source of such selection is lower participation of shareholders with popular preferences (free-rider effect) relative to that of those with unpopular preferences (underdog effect). We illustrate these strategic ...
Keywords: voting participation, Corporate governance, Shareholder Proposals, shareholder democracy, structural estimation
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Annual Conference

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Corporate Finance

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May 2019

Are Tokens Securities? An Anatomy of Initial Coin Offerings

Evgeny LYANDRES, Daniel RABETTI, Berardino PALAZZO
We construct a comprehensive dataset of initial coin offerings (ICOs) to study the determinants of ICO success, post-ICO returns, volatility and liquidity, and evolution of ICO-backed-ventures’ social media activity and productivity. Most of our results for ICOs are consistent with empirical regul...
Keywords: Token, initial coin offerings, volatility, liquidity
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