TY - JOUR AU - Kivilo, Samela AU - Tesliuks, Antons AU - Lublóy, Ágnes TI - Factors influencing US equity-crowdfunded companies' ability to survive JF - VENTURE CAPITAL J2 - VENT CAP VL - 27 PY - 2025 IS - 3 SP - 375 EP - 402 PG - 28 SN - 1369-1066 DO - 10.1080/13691066.2023.2300144 UR - https://m2.mtmt.hu/api/publication/34505448 ID - 34505448 AB - 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. LA - English DB - MTMT ER - TY - JOUR AU - Keresztúri, Judit Lilla AU - Berlinger, Edina AU - Lublóy, Ágnes TI - Blowing the whistle on corporate fraud: the role of regulators and journalists in the financial vs non-financial sectors JF - APPLIED ECONOMICS J2 - APPL ECON VL - 55 PY - 2023 IS - 11 SP - 1273 EP - 1284 PG - 12 SN - 0003-6846 DO - 10.1080/00036846.2022.2096872 UR - https://m2.mtmt.hu/api/publication/32992473 ID - 32992473 LA - English DB - MTMT ER - TY - JOUR AU - Szabó, Dávid Zoltán AU - Bihary, Zsolt TI - The riskiness of stock versus money market investment with stochastic rates JF - CENTRAL EUROPEAN JOURNAL OF OPERATIONS RESEARCH J2 - CEJOR VL - 31 PY - 2023 IS - 2 SP - 393 EP - 415 PG - 23 SN - 1435-246X DO - 10.1007/s10100-022-00814-4 UR - https://m2.mtmt.hu/api/publication/33067353 ID - 33067353 AB - 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. LA - English DB - MTMT ER - TY - JOUR AU - Berlinger, Edina AU - Gosztonyi, Márton AU - Havran, Dániel AU - Pollák, Zoltán TI - Interpersonal versus interbank lending networks. The role of intermediation in risk-sharing TS - The role of intermediation in risk-sharing JF - EMERGING MARKETS REVIEW J2 - EMERG MARKET REV VL - 54 PY - 2023 PG - 22 SN - 1566-0141 DO - 10.1016/j.ememar.2022.100989 UR - https://m2.mtmt.hu/api/publication/33285481 ID - 33285481 LA - English DB - MTMT ER - TY - JOUR AU - Naffa, Helena AU - Fain, Máté TI - A Factor Approach to the Performance of ESG Leaders and Laggards JF - FINANCE RESEARCH LETTERS J2 - FINANC RES LETT VL - 44 PY - 2022 PG - 8 SN - 1544-6123 DO - 10.1016/j.frl.2021.102073 UR - https://m2.mtmt.hu/api/publication/31982260 ID - 31982260 LA - English DB - MTMT ER - TY - JOUR AU - Gosztonyi, Márton AU - Havran, Dániel TI - Highways to Hell? Paths Towards the Formal Financial Exclusion: Empirical Lessons of the Households from Northern Hungary JF - EUROPEAN JOURNAL OF DEVELOPMENT RESEARCH J2 - EUR J DEV RES VL - 34 PY - 2022 IS - 3 SP - 1573 EP - 1606 PG - 34 SN - 0957-8811 DO - 10.1057/s41287-021-00434-9 UR - https://m2.mtmt.hu/api/publication/32123134 ID - 32123134 LA - English DB - MTMT ER - TY - JOUR AU - Csóka, Péter AU - Illés, Ferenc AU - Solymosi, Tamás TI - On the Shapley value of liability games JF - EUROPEAN JOURNAL OF OPERATIONAL RESEARCH J2 - EJOR VL - 300 PY - 2022 IS - 1 SP - 378 EP - 386 PG - 9 SN - 0377-2217 DO - 10.1016/j.ejor.2021.10.012 UR - https://m2.mtmt.hu/api/publication/32469240 ID - 32469240 N1 - Open access LA - English DB - MTMT ER - TY - JOUR AU - Bajai, Mátyás AU - Víg, Attila András AU - Hortay, Olivér TI - Electricity Market Liquidity and Price Spikes. Evidence from Hungary TS - Evidence from Hungary JF - PERIODICA POLYTECHNICA SOCIAL AND MANAGEMENT SCIENCES J2 - PERIOD POLYTECH SOC MANAG SCI VL - 30 PY - 2022 IS - 1 SP - 49 EP - 56 PG - 8 SN - 1416-3837 DO - 10.3311/PPso.16857 UR - https://m2.mtmt.hu/api/publication/32509492 ID - 32509492 LA - English DB - MTMT ER - TY - GEN AU - Berlinger, Edina AU - Khayouti, Sára AU - Kiss, Hubert János TI - Time discounting predicts loan forbearance takeup PY - 2022 PG - 12 UR - https://m2.mtmt.hu/api/publication/32586344 ID - 32586344 LA - English DB - MTMT ER - TY - JOUR AU - Berlinger, Edina AU - Keresztúri, Judit Lilla AU - Lublóy, Ágnes AU - Tamásné Vőneki, Zsuzsanna TI - Press freedom and operational losses: The monitoring role of the media JF - JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY J2 - J INT FINANC MARK I VL - 77 PY - 2022 PG - 20 SN - 1042-4431 DO - 10.1016/j.intfin.2021.101496 UR - https://m2.mtmt.hu/api/publication/32599152 ID - 32599152 N1 - TKP2021-NVA ; NKFIH, K-138826. LA - English DB - MTMT ER -