Initial Coin Offerings (ICOs) have recently emerged as a novel source of fund raising for startup entrepreneurs. The ease and flexibility inherent to ICOs are notably significant incentives for founders looking to raise funds. The glaring success of many ICOs over the past few years has further...

This paper analyzes the effects of the 2014-15 Chilean tax reform on firms' incentives to retain earnings and finance their operations with equity versus debt. The analysis comprises a comparison with the situation of the pre-reform period, and draws some conclusions about firms' valuation. The...

This study examines the influence of institutional environment on capital structure and debt maturity choices by examining a cross-section of firms in 39 developed and developing countries. We find that a country's legal and tax system, the level of corruption and the preferences of capital...

We examine security issuance in restated periods by firms that misreport financial statements and find that only a small percent of such firms issues securities in the restated period. Investors are misled by mistakes made by firms issuing equity more so than other restating firms at the initial...