Using a panel of survey-based annual investor relations (IR) rankings of European companies, we provide evidence suggesting that the marginal benefit of IR is greater in countries with capital markets that are less outside-shareholder oriented. For firms located in these countries, we find that...

I consider an environment in which the entrepreneur generates information about the quality of the projects prior to contracting with the investor. The investor faces a moral hazard problem, since the entrepreneur may divert the funding for private consumption. When the investor bargains with...

In a game theoretical setting, this paper studies the entrepreneur's decision making by using a new financing opportunity referred to as crowdinvesting. In this model, the entrepreneur can collect money and advertise his innovative idea. However, crowdinvesting carries the risk of being copied...

We test the hypothesis that the marginal benefit of investment in investor relations (IR) is greater in countries where capital market institutions are generally less developed and tailored to a more concentrated ownership structure. We use a large panel of survey-based annual IR rankings of...

We study optimal security design when the issuer and market participants agree to disagree about the characteristics of the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement between issuer and investors, whereas tranching a...

Using a panel of survey-based annual investor relations (IR) rankings of European companies, we provide evidence suggesting that the marginal benefit of IR is greater in countries with capital markets that are less outside-shareholder oriented. For firms located in these countries, we find that...

I consider an environment in which the entrepreneur generates information about the quality of the projects prior to contracting with the investor. The investor faces a moral hazard problem, since the entrepreneur may divert the funding for private consumption. When the investor bargains with...

Due to investor relations sections placed on corporate websites shareholders have an access to current information on stock issuers’ activities. This enables investors to participate in discussions on decisions met by a board of a company. Transparent and comprehensible information should...