@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},
	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 = {2024},
	eissn = {1464-5343}
}

@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: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}
}

@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}
}

@misc{MTMT:34547229,
	title = {Identifying The Role of Investor Sentiment Proxies In NFT Market. Comparison Of Google Trend, Fear-Greed Index and VIX},
	url = {https://m2.mtmt.hu/api/publication/34547229},
	author = {Gunay, Samet and Muhammed, Shahnawaz and Váradi, Kata},
	unique-id = {34547229},
	year = {2022}
}

@misc{MTMT:33597953,
	title = {Linearly representable games and pseudo-polynomial calculation of the Shapley value},
	url = {https://m2.mtmt.hu/api/publication/33597953},
	author = {Illés, Ferenc},
	unique-id = {33597953},
	year = {2022}
}

@misc{MTMT:33597936,
	title = {Estimation of the Shapley value by ergodic sampling},
	url = {https://m2.mtmt.hu/api/publication/33597936},
	author = {Illés, Ferenc and Kerényi, Péter},
	unique-id = {33597936},
	year = {2022}
}

@inproceedings{MTMT:33216383,
	title = {Changes in Initial Margin and Market Liquidity During the Covid-19 Pandemic},
	url = {https://m2.mtmt.hu/api/publication/33216383},
	author = {Váradi, Kata and Kira, Muratov-Szabó},
	booktitle = {6th FEB International Scientific Conference},
	unique-id = {33216383},
	year = {2022},
	pages = {319-328}
}

@article{MTMT:33056615,
	title = {Loan forbearance takeup in the Covid-era - the role of time preferences and locus of control},
	url = {https://m2.mtmt.hu/api/publication/33056615},
	author = {Berlinger, Edina and Kiss, Hubert János and Khayouti, Sára},
	doi = {10.1016/j.frl.2022.103250},
	journal-iso = {FINANC RES LETT},
	journal = {FINANCE RESEARCH LETTERS},
	volume = {50},
	unique-id = {33056615},
	issn = {1544-6123},
	year = {2022},
	eissn = {1544-6131},
	orcid-numbers = {Kiss, Hubert János/0000-0003-3666-9331}
}

@article{MTMT:33050594,
	title = {How does the leniency of personal bankruptcy law affect entrepreneurship in EU countries?},
	url = {https://m2.mtmt.hu/api/publication/33050594},
	author = {Walter, György and Illés, Ferenc and Tóth, Fanni},
	doi = {10.1371/journal.pone.0272025},
	journal-iso = {PLOS ONE},
	journal = {PLOS ONE},
	volume = {17},
	unique-id = {33050594},
	issn = {1932-6203},
	abstract = {Several studies examined how some characteristics of personal bankruptcy laws influenced entrepreneurial developments during the last two decades. Our main objective is to analyze the association between self-employment and the leniency of the personal bankruptcy systems in 24 EU countries. Unlike previous studies, we measure differences and changes in the leniency of the regulations with a composite index that incorporates 35 variables. Based on a cross-country database of self-employment ratios and various control variables spanning the years 2000 to 2019, we apply a panel regression model. We find that the implementation of new regulations and reforms in personal bankruptcy legislation in more lenient directions positively correlates with entrepreneurial developments measured by self-employment rates. This is more significant in the group of countries where the eligibility criteria for entrepreneurs are not constrained. We find a one-year negative time-lag effect and conclude that strong anticipation of the law for a more lenient system can immediately change the risk-reward profile, and thereby influence entrepreneurship before implementing the actual reform. An important policy implication is that a major reform in regulation or the first implementation of conservative legislation has the same order of magnitude of effect on promoting entrepreneurship as other public policy reforms of similar purpose.},
	year = {2022},
	eissn = {1932-6203}
}