BISWorkingPapersNo1162Regulation,informationasymmetriesandthefundingofnewventuresbyMatteoAquilina,GiulioCornelliandMarinaSanchezdelVillarMonetaryandEconomicDepartmentJanuary2024JELclassification:D82,G24,G28,O16.Keywords:corporatefinance,venturecapital,asymmetricinformation,cryptocurrency.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)Regulation,informationasymmetriesandthefundingofnewventures∗MatteoAquilinaGiulioCornelliMarinaSanchezdelVillarJanuary2024AbstractCanregulationeaseproblemsofasymmetricinformationforyoungandinnovativefirms?Thenewandlargelyunregulatedcryptocurrencyecosystemoffersauniquesettingtotestthishypothesis.Weconstructacomprehensivemeasureofregulatorystringencyatthestate-monthlevelfortheUnitedStatesandfindthatmorestringentregulationisconducivetomoreprivatecapital,butonlyinstateswithamoredevelopedfinancialsector.Lookinga...
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