Seasoned equity offerings (SEOs) are sales of stock after the initial public offering. They are a means to raise funds through the sale of stock rather than the issuance of additional debt. We propose a method to predict the characteristics of firms that undertake this form of financing. Our procedure is based on logistic regression where firm-specific variables are obtained from the perspectiv...

Driven by the increasing popularity of crowdfunding, academic researchers have examined the impacts of internal social capital accumulated on crowdfunding platforms and external social capital formed through online and offline friend networks on campaign success. However, no research has examined the impacts of social networks from a structural perspective. In the current research, we investiga...

The organizers of this session presumably knew what they were doing in inviting me to discuss these papers, but 1 am dubious. I doubt that it was because I have a reputation for discovering major flaws in the neoclassical model and thus would readily accept the arguments presented in these papers. My Chicago training and published work would suggest that hypothesis to be a little far-fetched, O...

In this paper we carry out a preliminary exploration of a time scales’ conjecture, which postulates that “reasonable” notions of sustainability must include a suitable synchronisation of time scales of both the processes of human development and those of the natural environment. We perform our analysis within a coarse, five variable, model of man-nature interactions expressed as a system of dif...

A significant problem in modern finance theory is how to price assets whose payoffs are outside the span of marketed assets. In practice, prices of assets are often assigned by using the Capital Asset Pricing Model. If the market portfolio is efficient, the price obtained this way is equal to the price of an asset whose payoff, viewed as a vector in a Hilbert space of random variables, is proje...

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We find that past stock market variance forecasts excess stock market returns and that its predictive ability is greatly enhanced if the consumption-wealth ratio is also included in the forecasting equation. While the risk-return tradeoff is found negative if we use the latter as the instrumental variable for the conditional moments, the former suggests a positive one. We argue that the consump...

This study explores the impact of Social Network Sites (SNSs) usage on the formation of online bridging and bonding social capital, and the relationship between online and offline social capital. It is hypothesized that use of SNSs forms online social capital and online and offline social capital are positively correlated. A Chinese SNS, Renren, is studied specifically. Social capital scales an...

We investigate the effects of manager characteristics on capital structure. We first develop a dynamic structural model that incorporates managerial discretion in effort and financing, as well as agency conflicts between managers and outside investors. We derive the manager’s dynamic contract and implement it through financial securities. This leads to a dynamic capital structure for the firm c...