Higher first-year post-issue returns are associated with a significantly higher probability of follow-on equity issuance over the next 5 years. This result holds when we control for pre-issue returns and other factors known to affect the probability of equity issuance. The result is most...

In this paper, we find support for IPOs motivated by subsequent acquisition activity. Over a third of newly public firms enter the market for corporate control as acquirers within three years of the IPO. We find that IPOs facilitate acquisitions in a number of ways. Newly public firms benefit...

In 2022, the White House released a regulatory framework calling for a whole-of-government approach to digital asset innovations. Although justified and necessary, this systems-based strategy discounts the reality that U.S. financial regulation is fundamentally fragmented. There are signs of a...