Paul Momtaz

Ph.D., Entrepreneurial Finance & Innovation, UCLA Ph.D., Economics (Dr. rer. oec.) and Habilitation, University of Hamburg M.Phil., Innovation, Strategy, and Organization, University of Cambridge Diplôme (M.Sc.), Applied Mathematics, University of Paris I

Publications

• Market Reactions to Cryptocurrency Regulation: Risk, Return and the Role of Enforcement Quality

  2025 British Journal of Management,36,4,1709-1745, Cumming, D., Fuchs, J.

• Voting governance and value creation in decentralized autonomous organizations (DAOs)

  2025 Journal of Business Venturing Insights,23,e00537, Bellavitis, C.

• Cybercrime on the Ethereum Blockchain

  2025 Journal of Banking and Finance,175,107419, Hornuf, L., Nam, R., Yuan, Y.

• Is sustainable entrepreneurship profitable? ESG disclosure and the financial performance of SMEs

  2025 Small Business Economics,64,4,1535-1564, Parra, I.

• Establishing a Contribution: Calibration, Contextualization, Construction and Creation

  2025 British Journal of Management,36,2,481-499, Aharonson, B., Arndt, F., Budhwar, P., Chang, Y., Chowdhury, S., Costa, A., Cullen, J., Daniels, K., Rigg, C., Śliwa, M., Vismara, S., Sarala, R., Ren, S., Hibbert, P.

• Distributed Governance and Value Creation in Decentralized Autonomous Organizations: Evidence from a Regression Discontinuity Design

  2025 Economics Letters,248, Lo Monaco, V., Vismara, S.

• Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success

  2025 Small Business Economics,64,3,1321-1359, Fuchs, J.

• Token-Based Crowdfunding: Investor Choice and the Optimal Timing of Initial Coin Offerings

  2025 Entrepreneurship Theory and Practice,49,1,232-282, Drobetz, W., Hornuf, L., Schermann, N.

• Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups

  2025 Journal of Business Venturing,40,1,106450, Cumming, D., Drobetz, W., Schermann, N.

• Decentralized finance (DeFi) markets for startups: search frictions, intermediation, and the efficiency of the ICO market

  2024 Small Business Economics,63,4,1415-1447,

• Entrepreneurial finance and sustainability: Do institutional investors impact the ESG performance of SMEs?

  2024 Journal of Business Venturing Insights,22,e00498, Drobetz, W., El Ghoul, S., Guedhami, O., Hackmann, J.

• Academic freedom and innovation

  2024 PLOS ONE,19,6,e0304560, Audretsch, D., Fisch, C., Franzoni, C., Vismara, S., Rake, B.

• Performance measurement of crypto funds

  2023 Economics Letters,228,111118, Dombrowski, N., Drobetz, W.

• The economics of banking regulation in Europe: does the post-GFC bail-in regime effectively eliminate implicit government guarantees?

  2023 The European Journal of Finance,29,7,700-725, Hahn, S., Wieandt, A.

• The rise of decentralized autonomous organizations (DAOs): a first empirical glimpse

  2023 Venture Capital,25,2,187-203, Bellavitis, C., Fisch, C.

• The Hurdle-Rate Effect on Patents: Equity Risk Premium and Corporate Innovation by Public Firms in the U.S., 1977-2018

  2023 SSRN Electronic Journal, Audretsch, D., Drobetz, W., Ernst, E., Vismara, S.

• The economics of PIPEs, revisited

  2023 Small Business Economics,60,1,59-83,

• Financing sustainable entrepreneurship: ESG measurement, valuation, and performance

  2022 Journal of Business Venturing,37,6,106258, Mansouri, S.

• Why do video pitches matter in crowdfunding?

  2022 Journal of Economics and Business,122,106081, Kolbe, M., Mansouri, S.

• Emotions in New Venture teams (NVTs): The Valuation Effects of NVTs‘ Affects in Crowdfunded Projects

  2022 Academy of Management Proceedings,2022,1,

• Scaling up the FinTech business: Competition, regulation & data management

  2022 Journal of Economics and Business,121,106085, Giudici, G., Grassi, L.

• The Crowdfunding of Altruism

  2022 Journal of Risk and Financial Management,15,3,138, Faust, L., Kolbe, M., Mansouri, S.

• The CEO Beauty Premium: Founder CEO Attractiveness and Firm Valuation in Initial Coin Offerings

  2022 SSRN Electronic Journal, Colombo, M., Fisch, C., Vismara, S.

• Econometric models of duration data in entrepreneurship with an application to start-ups' time-to-funding by venture capitalists (VCs)

  2021 Journal of Applied Statistics,48,13-15,2673-2694,

• Valuing start-up firms: A reverse-engineering approach for fair-value multiples from venture capital transactions

  2021 Finance Research Letters,43,102008, Barg, J., Drobetz, W.

• Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings

  2021 Journal of Business Venturing,36,5,106001,

• Initial coin offerings, asymmetric information, and loyal CEOs

  2021 Small Business Economics,57,2,975-997,

• The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law

  2021 Journal of Corporate Finance,67,101849, Dissanaike, G., Drobetz, W., Rocholl, J.

• The Pricing and Performance of Cryptocurrency

  2021 The European Journal of Finance,27,4-5,367-380,

• emotions and firm valuation in initial coin offerings: An artificial emotional intelligence approach

  2021 Strategic Management Journal,42,3,558-578,

• CEO Emotions and Underpricing in Initial Coin Offerings

  2021 SSRN Electronic Journal,

• Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)

  2020 Journal of Corporate Finance,64,101679, Fisch, C.

• Competition Policy and the Profitability of Corporate Acquisitions

  2020 Journal of Corporate Finance,62,101510, Dissanaike, G., Drobetz, W.

• Antitakeover Provisions and Firm Value: New Evidence from the M&A Market

  2020 Journal of Corporate Finance,62,101594, Drobetz, W.

• Initial Coin Offerings

  2020 PLOS ONE,15,5,e0233018, Sane, R.

• Corporate governance convergence in the European M&A market

  2020 Finance Research Letters,32,101091, Drobetz, W.

• Token Sales and Initial Coin Offerings: <i>Introduction</i>

  2019 The Journal of Alternative Investments,21,4,7-12,

• Investor Sentiment and Initial Coin Offerings

  2019 The Journal of Alternative Investments,21,4,41-55, Drobetz, W., Schröder, H.