![]() ![]() Keywords: Managerial optimism, perceived financing constraints, distinguishing behavioral and rational predictions, matched survey and financial statement data.Managerial Optimism and the Perception of Financial Constraints, with Tobias Heizer (LMU Munich), September 2015.In bank-based economies, this excess debt is mostly allocated to maintain investments while in market-based economies, inducing higher short-termist pressures, a stock-listing leads to lower investments and excess debt is used to maintain payouts. market based) in our European firm sample, a stock market listing always provides a firm with more long-term debt during the crisis. Independent of a country's financial market structure (bank-based vs. ![]() Thus, a stock market listing relaxes financial constraints but induces managers to cater to shareholders during the crisis. Excess debt financing is, however, not allocated to investments but mostly to payouts to shareholders. Our findings suggest that a stock market listing provides better access to external debt financing during the crisis as public firms, on average, net issue more long-term debt. To understand how a stock market listing influences corporate policies if external financing is restricted, we examine how European public and counterfactual private firms jointly adjust their investment, financing, payout policies during the global financial crisis - when bank lending tightened. Keywords: Stock market access, private firms, financial constraints, short-termist pressures, cash flow allocation, financial crisis, bank-based vs.Semi-finalist FMA (2016) Best Paper Award (Financial Markets and Institutions).Capital Market Access and Cash Flow Allocation During the Financial Crisis, with Vidhan Goyal (HKUST Business School), February 2017.The regulation is a step in the right direction, protects consumers and investors, and allows innovation by preventing token market failure due to a large fraction of fraud token issuers. Due to the relatively high costs of being public, I expect only larger digital platforms to list their tokens. The listing requires continuous mandatory disclosure of insider information, prevention of insider dealing and market manipulation, similar to issuers of financial securities in the EU. The offering requires extensive mandatory disclosure of information in a white paper, resulting in significant financial consulting and legal fees to comply with the regulation, minimize litigation risk, and maximize offering success. Keywords: Utility tokens, regulation, MiCAR, white paper, public token offering, market abuse.ĭigital platforms publicly offering utility tokens to consumers and investors or listing tokens on a trading platform within the EU need to comply with the “Markets in Crypto Assets Regulation” (MiCAR) in 2024, which results in significant direct and indirect costs for issuers. ![]() ![]()
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