We obtain and analyse non-public data on fundraising records for equity crowdfunding (ECF) in Japan. We are the first to sketch its modality in relation to small and nascent companies' demand for equity and their popularity amongst capital providers (backers). We find that backers' financial...

This paper proposes one measure for the productivity of banks and studies how it affects the sensitivity of a client firm's capital investment with respect to investment opportunity. As a direct measure for the productivity of banks, we employ the risk-adjusted profit of an individual bank,...