@article{MTMT:34505448,
	title = {Factors influencing US equity-crowdfunded companies' ability to survive},
	url = {https://m2.mtmt.hu/api/publication/34505448},
	author = {Kivilo, Samela and Tesliuks, Antons and Lublóy, Ágnes},
	doi = {10.1080/13691066.2023.2300144},
	journal-iso = {VENT CAP},
	journal = {VENTURE CAPITAL},
	volume = {27},
	unique-id = {34505448},
	issn = {1369-1066},
	abstract = {This study investigates the factors being associated with equity-crowdfunded companies' likelihood of survival in the US. We focus on factors observable to crowdinvestors, either being set by entrepreneurs (signals) or being non-alterable (determinants), at least in the short run. Such observable factors at the time of crowdinvesting include company and campaign characteristics, growth potential, and company riskiness. Cox proportional hazards model is used on a sample of 429 US equity-crowdfunded companies. We find that 89% of the companies survived for a minimum of three years after a successfully funded initial equity offering. This survival rate is around ten percentage points higher than in Europe. We document that equity retention, funding goal, and current year revenue estimate are associated with the likelihood of building an enduring business. Higher proportion of equity offered to crowdinvestors signals lower investment quality and thus lower probability of survival. In contrast, companies with higher funding target and current year revenue have better prospects for survival after a successful equity offering. The funding goal affects the probability of survival through the capital intensity channel; if a company in a capital intense industry has been successfully funded, the threat from the competitors is lower given the high entry barriers.},
	keywords = {SURVIVAL; signaling; equity crowdfunding; Cox proportional hazards model},
	year = {2025},
	eissn = {1464-5343},
	pages = {375-402}
}

@article{MTMT:32992473,
	title = {Blowing the whistle on corporate fraud: the role of regulators and journalists in the financial vs non-financial sectors},
	url = {https://m2.mtmt.hu/api/publication/32992473},
	author = {Keresztúri, Judit Lilla and Berlinger, Edina and Lublóy, Ágnes},
	doi = {10.1080/00036846.2022.2096872},
	journal-iso = {APPL ECON},
	journal = {APPLIED ECONOMICS},
	volume = {55},
	unique-id = {32992473},
	issn = {0003-6846},
	year = {2023},
	eissn = {1466-4283},
	pages = {1273-1284},
	orcid-numbers = {Keresztúri, Judit Lilla/0000-0003-1407-242X}
}

@article{MTMT:33067353,
	title = {The riskiness of stock versus money market investment with stochastic rates},
	url = {https://m2.mtmt.hu/api/publication/33067353},
	author = {Szabó, Dávid Zoltán and Bihary, Zsolt},
	doi = {10.1007/s10100-022-00814-4},
	journal-iso = {CEJOR},
	journal = {CENTRAL EUROPEAN JOURNAL OF OPERATIONS RESEARCH},
	volume = {31},
	unique-id = {33067353},
	issn = {1435-246X},
	abstract = {To efficiently assess the performance of investing in stocks rather than in a bank account for the long run, stochastic interest rate modelling is advocated. We introduce a correlated stochastic interest rate model that addresses this problem. We derive analytic formulas for general spectral risk measures in our setting, and apply our results to Value at Risk, Expected Shortfall and GlueVaR. We characterize the short- and long-term behaviour of these risk measures. We fit our model to financial markets, perform an empirical study and evaluate risk numbers for realistic scenarios in the future. Our results reveal sizeable sensitivities on parameter estimation, but we may conclude that holding stocks for less than a few decades bears significant risk.},
	year = {2023},
	eissn = {1613-9178},
	pages = {393-415},
	orcid-numbers = {Szabó, Dávid Zoltán/0000-0002-6836-739X}
}

@article{MTMT:33285481,
	title = {Interpersonal versus interbank lending networks. The role of intermediation in risk-sharing},
	url = {https://m2.mtmt.hu/api/publication/33285481},
	author = {Berlinger, Edina and Gosztonyi, Márton and Havran, Dániel and Pollák, Zoltán},
	doi = {10.1016/j.ememar.2022.100989},
	journal-iso = {EMERG MARKET REV},
	journal = {EMERGING MARKETS REVIEW},
	volume = {54},
	unique-id = {33285481},
	issn = {1566-0141},
	year = {2023},
	eissn = {1873-6173},
	orcid-numbers = {Gosztonyi, Márton/0000-0003-1887-4913}
}

@article{MTMT:31982260,
	title = {A Factor Approach to the Performance of ESG Leaders and Laggards},
	url = {https://m2.mtmt.hu/api/publication/31982260},
	author = {Naffa, Helena and Fain, Máté},
	doi = {10.1016/j.frl.2021.102073},
	journal-iso = {FINANC RES LETT},
	journal = {FINANCE RESEARCH LETTERS},
	volume = {44},
	unique-id = {31982260},
	issn = {1544-6123},
	year = {2022},
	eissn = {1544-6131},
	orcid-numbers = {Fain, Máté/0000-0002-4828-5880}
}

@article{MTMT:32123134,
	title = {Highways to Hell? Paths Towards the Formal Financial Exclusion: Empirical Lessons of the Households from Northern Hungary},
	url = {https://m2.mtmt.hu/api/publication/32123134},
	author = {Gosztonyi, Márton and Havran, Dániel},
	doi = {10.1057/s41287-021-00434-9},
	journal-iso = {EUR J DEV RES},
	journal = {EUROPEAN JOURNAL OF DEVELOPMENT RESEARCH},
	volume = {34},
	unique-id = {32123134},
	issn = {0957-8811},
	year = {2022},
	eissn = {1743-9728},
	pages = {1573-1606},
	orcid-numbers = {Gosztonyi, Márton/0000-0003-1887-4913}
}

@article{MTMT:32469240,
	title = {On the Shapley value of liability games},
	url = {https://m2.mtmt.hu/api/publication/32469240},
	author = {Csóka, Péter and Illés, Ferenc and Solymosi, Tamás},
	doi = {10.1016/j.ejor.2021.10.012},
	journal-iso = {EJOR},
	journal = {EUROPEAN JOURNAL OF OPERATIONAL RESEARCH},
	volume = {300},
	unique-id = {32469240},
	issn = {0377-2217},
	year = {2022},
	eissn = {1872-6860},
	pages = {378-386},
	orcid-numbers = {Csóka, Péter/0000-0003-1703-5835; Solymosi, Tamás/0000-0003-2447-3219}
}

@article{MTMT:32509492,
	title = {Electricity Market Liquidity and Price Spikes. Evidence from Hungary},
	url = {https://m2.mtmt.hu/api/publication/32509492},
	author = {Bajai, Mátyás and Víg, Attila András and Hortay, Olivér},
	doi = {10.3311/PPso.16857},
	journal-iso = {PERIOD POLYTECH SOC MANAG SCI},
	journal = {PERIODICA POLYTECHNICA SOCIAL AND MANAGEMENT SCIENCES},
	volume = {30},
	unique-id = {32509492},
	issn = {1416-3837},
	year = {2022},
	eissn = {1587-3803},
	pages = {49-56}
}

@techreport{MTMT:32586344,
	title = {Time discounting predicts loan forbearance takeup},
	url = {https://m2.mtmt.hu/api/publication/32586344},
	author = {Berlinger, Edina and Khayouti, Sára and Kiss, Hubert János},
	unique-id = {32586344},
	year = {2022},
	orcid-numbers = {Kiss, Hubert János/0000-0003-3666-9331}
}

@article{MTMT:32599152,
	title = {Press freedom and operational losses: The monitoring role of the media},
	url = {https://m2.mtmt.hu/api/publication/32599152},
	author = {Berlinger, Edina and Keresztúri, Judit Lilla and Lublóy, Ágnes and Tamásné Vőneki, Zsuzsanna},
	doi = {10.1016/j.intfin.2021.101496},
	journal-iso = {J INT FINANC MARK I},
	journal = {JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY},
	volume = {77},
	unique-id = {32599152},
	issn = {1042-4431},
	year = {2022},
	eissn = {1873-0612},
	orcid-numbers = {Keresztúri, Judit Lilla/0000-0003-1407-242X}
}