Publications

Financial Crime Spillovers: Evidence from Cum-Ex and Cum-Cum Trading

Published in Working Paper, 2023

This study focuses on a particular type of dividend stripping strategy employed by institutional investors to exploit regulatory tax loopholes in the European system. By examining the impact of national legal reforms, we demonstrate their effectiveness in curtailing these practices. However, an unintended consequence emerged as neighboring countries without similar legal protections experienced significant spillovers, leading to continued instances of cum-ex and cum-cum trading.

Download here

Conflicted Analysts and Initial Coin Offerings

Published in Management Science, Forthcoming, 2023

The study focuses on ICO ratings and demonstrates how conflicts of interest drive affiliated analysts to provide optimistically biased ratings for low-quality projects. Although the ratings, on average, are considered credible, the inflated ratings from conflicted analysts fail to generate higher funding volumes in the short term. Conversely, this discrepancy creates market disagreement, highlighting that less biased ratings possess long-term predictive power for successful ICO ventures.

Download here

The Economics of Decentralized Autonomous Organizations

Published in Working Paper, 2023

Within Decentralized Autonomous Organizations (DAOs), founders extend ownership stakes with decision-making rights to numerous new investors. In this equity partnership model, investors assume dual roles as owners and managers of the start-up, empowering them to democratically determine corporate actions, incentives, and responsibilities. This chapter explores the economic dynamics within these democratic organizations and highlights the significant impact of investor activism and voting participation on performance, even across varying degrees of ownership structures.

Download here