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 PY - 2024 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 - 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 - 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 - 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 - GEN AU - Gunay, Samet AU - Muhammed, Shahnawaz AU - Váradi, Kata TI - Identifying The Role of Investor Sentiment Proxies In NFT Market. Comparison Of Google Trend, Fear-Greed Index and VIX TS - Comparison Of Google Trend, Fear-Greed Index and VIX PY - 2022 PG - 14 UR - https://m2.mtmt.hu/api/publication/34547229 ID - 34547229 LA - English DB - MTMT ER - TY - GEN AU - Illés, Ferenc TI - Linearly representable games and pseudo-polynomial calculation of the Shapley value PY - 2022 PG - 17 UR - https://m2.mtmt.hu/api/publication/33597953 ID - 33597953 LA - English DB - MTMT ER - TY - GEN AU - Illés, Ferenc AU - Kerényi, Péter TI - Estimation of the Shapley value by ergodic sampling PY - 2022 PG - 28 UR - https://m2.mtmt.hu/api/publication/33597936 ID - 33597936 LA - English DB - MTMT ER - TY - CHAP AU - Váradi, Kata AU - Kira, Muratov-Szabó ED - Nedelko, Zlatko TI - Changes in Initial Margin and Market Liquidity During the Covid-19 Pandemic T2 - 6th FEB International Scientific Conference PB - University of Maribor CY - Maribor SN - 9789612866006 PY - 2022 SP - 319 EP - 328 PG - 10 UR - https://m2.mtmt.hu/api/publication/33216383 ID - 33216383 LA - English DB - MTMT ER - TY - JOUR AU - Berlinger, Edina AU - Kiss, Hubert János AU - Khayouti, Sára TI - Loan forbearance takeup in the Covid-era - the role of time preferences and locus of control JF - FINANCE RESEARCH LETTERS J2 - FINANC RES LETT VL - 50 PY - 2022 PG - 9 SN - 1544-6123 DO - 10.1016/j.frl.2022.103250 UR - https://m2.mtmt.hu/api/publication/33056615 ID - 33056615 LA - English DB - MTMT ER - TY - JOUR AU - Walter, György AU - Illés, Ferenc AU - Tóth, Fanni TI - How does the leniency of personal bankruptcy law affect entrepreneurship in EU countries? JF - PLOS ONE J2 - PLOS ONE VL - 17 PY - 2022 IS - 7 PG - 16 SN - 1932-6203 DO - 10.1371/journal.pone.0272025 UR - https://m2.mtmt.hu/api/publication/33050594 ID - 33050594 AB - 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. LA - English DB - MTMT ER -