Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States Since 1856.

Why Has IPO Underpricing Changed over Time

Financial literacy: A systematic review and bibliometric analysis

https://www.corelogic.com/downloadable-docs/failure_to_refinance_2014.pdf

Failure to Refinance

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Non Additive Measure And Integral

Human capital, investor trust, and equity crowdfunding

We analyze all Kickstarter projects till December 2013. Their success is driven by the presence of a video, a higher number of rewards, a shorter campaign, and a lower goal. A more extensive description signals higher quality and helps the funding, unless it becomes too prolix. We study the distribution of non-US projects. Categories have different concentrations across countries, but the funding determinants are comparable, as Kickstarter taps the same world crowd. UK and Canada openings increase the number of projects and reduce the probability of success, due to a diminished quality and a lower “collective attention” from worldwide backers.

Crowdfunding Practices In and Outside the US

https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2015-Amsterdam/papers/EFMA2015_0461_fullpaper.pdf

Crowdfunding practices in and outside the US

We analyze the effect of an exogenous shock to the Italian mortgage market, where a reform has abolished prepayment fees and simplified mortgage refinancing, making it a virtually cost-free decision for households. This law, along with the considerable drop in market interest rates, has generated important gains for fixed-rate borrowers, which we quantify at up to 15% of the principal balance. Nevertheless, only about 13% of borrowers have locked in this opportunity. We study the relationship between this sluggish behavior and their level of financial literacy.

https://efmaefm.org/0efmameetings/efma annual meetings/2014-rome/papers/efma2014_0547_fullpaper.pdf

Financial Illiteracy and Mortgage Refinancing Decisions

The recent interest in the valuation of the benefits from debt financing arises from the disagreement in the financial literature about the meaning of ‘value of tax shields’. Although it is accepted that the tax deductibility of interest increases the value of the firm, the correct valuation of this extra-value is controversial. We adopt a risk-neutral approach to derive a general formula for the value of tax shields. This framework clearly shows that this value equals the summation of the discounted future tax savings. Once we specify a leverage policy and a cash flow dynamics, some well-known formulas are obtained.

Massimiliano Barbi

Papers

Human capital, investor trust, and equity crowdfunding

Crowdfunding Practices In and Outside the US

Crowdfunding practices in and outside the US

Financial Illiteracy and Mortgage Refinancing Decisions

On the risk-neutral value of debt tax shields