This paper analyzes the impact of equity market information imperfections on R&D driven growth. The mechanism proposed is built on two premises. First, the R&D-sector relies largely on equity finance, because of its production features. Second, equity can be persistently mispriced. This is due...

We develop a model where reward-based crowdfunding enables firms to obtain a reliable proof of concept early in their production cycle: they learn about total demand from a limited sample of target consumers pre-ordering a new product. Learning from the crowdfunding sample creates a valuable...

While firms have obtained outside financing from large numbers of investors on financial markets for centuries, online crowdfunding platforms have only emerged as a major source of funding for start-ups and new projects for a decade. The information available to backers on crowdfunding platforms...

This paper examines the real impact of quot;booms-and-bustsquot; of technology-intensive firms, such as the late 1990s episode. We emphasize that what makes such episodes different from quot;booms-and-bustsquot; related to other assets is the presence of knowledge spillovers. Such spillovers...

Hash-linked timestamping is the key feature behind blockchain. It enhances trust as it enables contracting parties to have common and reliable records of transactions and of their timing. I develop a model of raising external financing where, due to this new technology, some traditional...

Blockchain technology makes it possible to create immutable smart contracts that are based on reliable and timestamped records of transactions. These new features imply that contracts for raising external financing could now depend on when, and not just on whether, positive cash flows occur....

We consider a setting where firms need to make irreversible investments to exploit a country's comparative advantage. Firms are then susceptible to ex-post rent extraction by a transit country or by other agents that are able to limit access to world markets. We develop a general equilibrium...