This paper estimates the readiness of the Accession Countries of Central and East Europe for EMU or for unilateral euroisation using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal...

This Article analyzes market reaction to the introduction into Italian legislation of a statutory system of (IPO) prospectus civil liability enacted in April 2007 on the basis of Directive 2003/71/EC. In particular, we study the effects of the new regulation on gatekeepers, such as underwriters...

The current paper is the holistic study on ICOs and token sales and presenting key stages of the industry evolution from 2013 to date. We argue that blockchain technology has created a new viable vehicle for early stage capital raising. We trace the evolution of ICOs and token sales using a...

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...

Commission Regulation (EC) No 2273/2003 regulates the price stabilization activities for equity initial public offerings (IPOs) in Europe as a form of permitted market manipulation. To test the actual practices and effects of stabilization we empirically analyze the support provided by the...

This study is the first to provide systematic evidence regarding investor behaviour in Initial Coin Offerings (ICOs), their investment patterns and their role in the success of campaigns. Using hand-collected data on 472 public token sales over the period of 2013-2017, we advance the ICO...

Fintech revolution, crowdfunding and blockchain financing have dramatically reduced borrowing and lending transaction costs. Many argued that, ultimately, it would lead to complete disintermediation of start‐ups and SMEs financing. However, persistent asymmetric information and moral hazard...