Douglas J. Cumming

TL;DR: In this article, the authors examine the impact of firms' financial roadmaps (e.g., pre-planned exit strategies such as IPOs or acquisitions), external certification (awards, government grants and patents), internal governance (such as board structure), and risk factors ( such as amount of equity offered and the presence of disclaimers) on fundraising success.

TL;DR: In this paper, the authors examine the impact of venture quality (human capital, social [alliance] capital, and intellectual capital) and uncertainty on fundraising success and highlight that retaining equity and providing more detailed information about risks can be interpreted as effective signals and can therefore strongly impact the probability of funding success.

TL;DR: In this article, the authors show that significant systematic biases exist in the reporting of fund performance, and that these biases depend on the degree of accounting conservatism and the strength of the legal environment in a country, and on proxies for the degreeof information asymmetry between institutional investors and private equity fund managers.

TL;DR: The authors studied the relation between VC contracts and exits and found that ex ante, stronger VC control rights increase the likelihood that an entrepreneurial firm will exit by an acquisition, rather than through a write-off or an IPO.

TL;DR: In this article, the effect of board of director gender diversity on the broad spectrum of securities fraud was studied and it was shown that women are more effective in maledominated industries in reducing both the frequency and severity of fraud.