We consider an optimal contract between an entrepreneur and an investor, where the entrepreneur is subject to a double moral hazard problem (one being the choice of production effort and the other being earnings manipulation). Since the entrepreneur cannot entirely capture the results of his...

This article is the first one that analyzes the choice between crowdfunding and traditional financing as a security design problem. The value of this research comes from several points: 1) the origin of crowdfunding and its features has not been completely explained; 2) crowdfunding regulation is...