FLORIDA ATLANTIC UNIVERSITY®
Douglas Cumming

Douglas Cumming

DeSantis Distinguished Professor of Finance and Entrepreneurship
Finance Department

Areas of Expertise: Financial Market Misconduct & Fraud, Venture Capital, Private Equity, Hedge Funds, Crowdfunding

Office: Barry Kaye Hall - Room 139 (Boca Raton)

Biography

Douglas Cumming's Personal Webpage with links to publications

Douglas Cumming, J.D., Ph.D., CFA, is the DeSantis Distinguished Professor of Finance and Entrepreneurship at the College of Business, Florida Atlantic University in Boca Raton, Florida.

Douglas has published over 195 articles in leading refereed academic journals in finance, management, and law and economics, such as the Academy of Management Journal, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Review of Financial Studies, and Journal of International Business Studies. His work has been cited over 23,000 times according to Google Scholar.

He is the Managing Editor-in-Chief of the Review of Corporate Finance (2021-current) and British Journal of Management (2020-current). Douglas has published 21 academic books, including Crowdfunding: Fundamental Cases, Facts, and Insights (Elsevier Academic Press, 2019).

Douglas’ work has been reviewed in numerous media outlets, including The Economist, The New York Times, the Chicago Tribune, the Wall Street Journal, and The New Yorker.

Education

  • PhD (1999) Economics & Finance, University of Toronto
  • JD (1998) Law, University of Toronto
  • MA (1993) Economics, Queen's University
  • BA (1992) Economics & Finance, McGill University

Certifications

  • CFA

Intellectual Contributions

  • Cumming, Douglas; Hu, Jun; Wu, Huiying. Leaving a legacy for my children: The one-child policy reform and engagement in CSR among family firms in China (forthcoming), Journal of Business Ethics
  • Cumming, Douglas; Johan, Sofia; Reardon, Robert. Regulation and performance in U.S. securities crowdfunding (forthcoming), Colorado Technology Law Journal
  • Alam, M.S.; Atif, M.; Cumming, Douglas; Islam, M.S.. The impact of board gender composition on loan covenant violations (forthcoming), Corporate Governance: An International Review
  • Aktas, N.; Ahmad, M.F.; Cumming, Douglas; Xu, G.. (2024). Board reforms and M&A performance: International evidence, Journal of International Business Studies, 55, 616-637
  • Cumming, Douglas; Farag, Hisham; Johan, Sofia. (2024). Sustainability, Climate Change and Financial Innovation: Future Research Directions, European Financial Management, 30(2), 675-679
  • Cumming, Douglas; Meles, Antonio; Sampagnaro, Gabriele; Verdoliva, Vincenzo. (2024). Corporate Culture and IPOs, European Financial Management, 30(1), 465-495
  • Cumming, Douglas; Meoli, Michele; Rossi, Alice; Vismara, Silvio. (2024). ESG and crowdfunding platforms, Journal of Business Venturing, 39(1), Article: 106362
  • Bernales, A.; Beuermann, D.W.; Cumming, Douglas; Olid, C.. (2023). Blue-Collar Crime and Finance, Journal of International Financial Markets, Institutions, and Money, 81, Article: 101732
  • Cumming, Douglas; Reardon, Robert. (2023). COVID-19 and Entrepreneurial Processes in U.S. Equity Crowdfunding, Journal of Small Business Management, 61(5), 2326-2349
  • Cumming, Douglas; Hornuf, L.; Karami, M.; Schweizer, D.. (2023). Disentangling Crowdfunding from Fraudfunding, Journal of Business Ethics, 182(2), 1103-1128
  • Cumming, Douglas. (2023). ESG Disclosures and the Decision to Go Public, Fraser Institute, 1-13
  • Cumming, Douglas; Johan, Sofia; Reardon, Robert. (2023). Global fintech trends and their impact on international business: a review, Multinational Business Review, 31(3), 413-436
  • Cumming, Douglas; Kumar, S.; Lim, W.M.; Pandey, N.. (2023). Mapping the venture capital and private equity research: a bibliometric review and future research agenda, Small Business Economics, 61(1), 173-221
  • Cumming, Douglas; Jindal, V.; Kumar, S.; Pandey, Nitesh. (2023). Mergers and Acquisitions Research in Finance and Accounting: Past, Present, and Future, European Financial Management, 29(5), 1464-1504
  • Amin, Qazi; Cumming, Douglas. (2023). Regulatory reforms, board independence and earnings quality, Journal of International Financial Markets, Institutions and Money, 88, Article: 101840
  • Cumming, Douglas; Hass, L.; Meyers, L.A.; Tarsalewska, M.. (2023). Venture Capital and Disclosure of Material Weaknesses in Internal Control, Journal of Business Ethics, 187, 539-563
  • Cumming, Douglas; Zhang, M.. (2023). Bankruptcy Law and Angel Investors around the World, Journal of International Business Studies, 54(7), 1256-1277
  • Cumming, Douglas; Glatzer, Zach; Guedhami, O.. (2023). Institutions, digital assets, and implications for economic and financial performance, Journal of Industrial and Business Economics, 50, 487-513
  • Cumming, Douglas; Monteiro, Pedro. (2023). Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds, Journal of International Business Policy, 6(3), 330-355
  • Amin, Qazi; Cumming, Douglas. (2023). The politician as a CEO, corporate governance and firm value, Journal of International Financial Markets, Institutions and Money, 87, Article: 101804
  • Cumming, Douglas; Firth, Chris; Gathergood, John; Stewart, niel. (2023). Work-from-Home, and the Risk of Securities Misconduct, European Financial Management, 29(4), 1054-1077
  • Akter, M.; Cumming, Douglas; Ji, S.. (2023). Natural disasters and market manipulation, Journal of Banking & Finance, 153, Article: 106883
  • Aitken, Michael; Cumming, Douglas; Zhan, Feng. (2023). Algorithmic Trading and Market Quality: International Evidence of the Impact of Errors in Colocation Dates, Journal of Banking & Finance, 151, Article: 106843
  • Alsagr, Naif; Cumming, Douglas; Davis, Justin; Sewaid, Ahmed. (2023). Geopolitical risk and crowdfunding performance, Journal of International Financial Markets, Institutions and Money, 85, Article: 101766
  • Cumming, Douglas; Johan, Sofia; Khan, Z.; Meyer, M.. (2023). E-commerce policy and international business, Management International Review, 63(1), 3-25
  • Cumming, Douglas; Martinez-Salgueiro, Andrea; Reardon, Robert; Sewaid, Ahmed. (2022). COVID-19 Bust, Policy Response, and Rebound: Equity Crowdfunding and P2P vs. Banks, Journal of Technology Transfer, 47(6), 1825-1846
  • Corbet, S.; Cumming, Douglas; Hou, Y.G.; Hu, Y.; Oxley, L.. (2022). Have crisis-induced banking supports influenced European bank performance, resilience and price discovery?, Journal of International Financial Markets, Institutions and Money, Article 101566
  • Cumming, Douglas; Montiero, A.. (2022). Hedge Fund Sales Fees and the Flow of Funds around the World, Economic Modelling, Article 105847
  • Cumming, Douglas; Ge, Y.. (2022). Trade Facilitation Costs and Corruption: Evidence from China, Journal of International Financial Markets, Institutions and Money, 78, Article 101564
  • Cumming, Douglas; Nguyen, G.; Nguyen, M.. (2022). Product Market Competition, Venture Capital, and the Success of Entrepreneurial Firms, Journal of Banking and Finance, 144, Article 106561
  • Cumming, Douglas; Farag, H.; Johan, Sofia; McGowan, D.. (2022). The Digital Credit Divide: Marketplace Lending and Entrepreneurship, Journal of Financial and Quantitative Analysis, 57(7), 2659-2692
  • Bellavitis, C.; Cumming, Douglas; Vanacker, T.. (2022). Ban, Boom, and Echo! Entrepreneurship and Initial Coin Offerings, Entrepreneurship: Theory and Practice, 46(5), 1136-1169
  • Cumming, Douglas; Herve, F.; Manthe, E.; Schwienbacher, A.. (2022). Testing-the-Waters Policy with Hypothetical Investment: Evidence from Equity Crowdfunding, Entrepreneurship: Theory and Practice, 46(4), 1019-1053
  • Cumming, Douglas; Mohammadi, A.; Zambelli, S.. (2022). Misconduct Risks, Legal Enforcement, and Venture Capital Networks, European Financial Management, 28(3), 607-650
  • Cumming, Douglas; Hornuf, L.. (2022). Marketplace Lending of Small- and Medium-Sized Enterprises, Strategic Entrepreneurship Journal, 16(1), 32-66
  • Budhwar, P.; Cumming, Douglas; Wood, G.. (2022). Editorial: Entrepreneurial Finance and the Legacy of Mike Wright, British Journal of Management, 33(1), 3-8
  • Alperovych, Y.; Cumming, Douglas; Czellar, V.; Groh, A.. (2021). M&A Rumors about Unlisted Firms, Journal of Financial Economics, 142(3), 1324-1339
  • Cumming, Douglas; Leung, T.Y.. (2021). Board Diversity and Corporate Innovation: Regional Demographics and Industry Context, Corporate Governance: An International Review, 29(3), 277-296
  • Allen, Matthew; Allen, Maria; Cumming, Douglas; Johan, Sofia. (2021). Comparative Capitalisms and Energy Transitions: Renewable Energy in the European Union, British Journal of Management, 32(3), 611-629
  • Cumming, Douglas; Meoli, M.; Vismara, S.. (2021). Does Equity Crowdfunding Democratize Entrepreneurial Finance?, Small Business Economics, 56, 533-552
  • Johan, Sofia; Cumming, Douglas. (2021). Entrepreneurial Finance and Productivity in Different Institutional Contexts: Lessons from Equity Crowdfunding, Fraser Institute, Vancouver, Canada, Chapter 8, pp. 55-64
  • Cumming, Douglas; Vanacker, T.R.; Zahra, S.A.. (2021). Equity Crowdfunding and Governance: Toward an Integrative Model and Research Agenda, Academy of Management Perspectives, 35(1), 69-95
  • Johan, Sofia; Wood, Geoffrey; Cumming, Douglas. (2021). The Oxford Handbook of Hedge Funds, Oxford University Press, 773 pages
  • Amin, Q.A.; Cumming, Douglas. (2021). Blockholders and Real Earnings Management-An emerging market context, Journal of International Financial Markets, Institutions and Money, 75, Article: 101434
  • Cumming, Douglas; Tingle, B.C.; Zhan, F.. (2021). Whom (and For When) is the Firm Governed? The Effect of Changes in Corporate Fiduciary Duties on Tax Strategies and Earnings Management, European Financial Management, 27(5), 775-813
  • Cumming, Douglas; Girardone, C.; Sliwa, M.. (2021). Corporate Governance in Extreme Institutional Environments, British Journal of Management, 32(4), 919-946
  • Chakravarty, S.; Cumming, Douglas; Murtinu, S.; Scalera, V.G.; Schwens, C.. (2021). Exploring the Next Generation of International Entrepreneurship, Journal of World Business, 56(5)
  • Blaseg, D.; Cumming, Douglas; Koetter, M.. (2021). Equity Crowdfunding: High- or Low-Quality Entrepreneurs?, Entrepreneurship: Theory and Practice, 45(3), 505-530
  • Cumming, Douglas; Verdoliva, V.; Zhan, F.. (2021). New and Future Research in Corporate Finance and Governance in China and Emerging Markets, Emerging Markets Review, 46, Article: 100792
  • Cumming, Douglas. (2021). What Does it Take? Tips on Research and Publishing in the 25th Anniversary of the Journal of Corporate Finance, Journal of Corporate Finance, Article: 101861
  • Cumming, Douglas; Johan, Sofia; Uzuegbunam, I.. (2020). An Anatomy of Entrepreneurial Pursuits in Relation to Poverty, Entrepreneurship and Regional Development, 32(1-2), 21-40
  • Cumming, Douglas; Wood, G.; Zahra, S.A.. (2020). Human Resource Management Practices in the Conext of Rising Right-Wing Populism, Human Resource Management Journal, 30(4), 525-536
  • Johan, Sofia; Cumming, Douglas. (2020). Law, Culture and Innovation, Wiley
  • Cumming, Douglas; Ji, S.; Peter, R.; Tarsalewska, M.. (2020). Market Manipulation and Innovation, Journal of Banking and Finance, 120, Article 105957
  • Budhwar, P.; Cumming, Douglas. (2020). New Directions in Management Research and Communication: Lessons from the Covid-19 Pandemic, British Journal of Management, 31(3), 441-443
  • Akyildirim, E.; Corbet, S.; Cumming, Douglas; Lucey, B.; Sensoy, A.. (2020). Riding the Wave of Crypto-Exuberance: The Potential Misuage of Corporate Blockchain Announcements, Technological Forecasting & Social Change, 159, Article 120191
  • Cao, X.; Cumming, Douglas; Zhou, S.. (2020). State Ownership and Corporate Innovation Efficiency, Emerging Markets Review, 44, Article 100699
  • Wood, G.; Finnegan, J.J.; Allen, Matthew; Allen, Maria; Cumming, Douglas; Johan, Sofia; al, et. (2020). The Comparative Institutional Analysis of Energy Transitions, Socio-Economic Review, 18(1), 257-294
  • Cumming, Douglas; Johan, Sofia; Oberst, C.; Uzuegbunam, I.. (2020). The Unintended Consequences of Biotechnology Innovation Adoption, Industry and Innovation, 27(10), 1089-1109
  • Cumming, Douglas; Lopez de Silanes, F.; McCahery, J.; Schwienbacher, A.. (2020). Tranching in the Syndicated Loan Market around the World, Journal of International Business Studies, 51(1), 95-120
  • Cumming, Douglas; Ge, Y.; Lai, H.. (2020). Trust and Quality Uncertainty in Global Value Chains, Journal of Multinational Financial Management, 57-58, Article 100662
  • Cumming, Douglas; Johan, Sofia; Dai, N.. (2020). Dodd-Franking the Hedge Funds, Journal of Banking and Finance, 119, doi.org/10.1016/j.jbankfin.2017.09.012
  • Cumming, Douglas; Peter, R.; Tarsalewska, M.. (2020). Public-to-Private Buyouts and Innovation, British Journal of Management, 31(4), 811-829
  • Cumming, Douglas; Leboeuf, G.; Schwienbacher, A.. (2020). Crowdfunding Models: Keep-it-All versus All or Nothing, Financial Management, 49(2), 331-360
  • Corbet, S.; Cumming, Douglas; Lucey, B.; Peat, M.; Vigne, S.. (2020). The Destablising Effects of Cryptocurrency Cybercriminality, Economics Letters, 191, Article 108741
  • Cumming, Douglas; Wood, G.; Filatotchev, I.; Reinecke, J.. (2020). New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds, Human Resource Management Review, 30(1), Article 100694
  • Cumming, Douglas; Ji, S.; Johan, Sofia; Tarsalewska, M.. (2020). End-of-Day Price Manipulation and M&As, British Journal of Management, 31(1), 184-205
  • Wood, G.; Finnegan, J.J.; Allen, M.L.; Allen, M.M.C.; Cumming, Douglas; Johan, Sofia; Nicklich, M.; Endo, T.; Lim, S.; Tanaka, S.. (2020). The Comparative Institutional Analysis of Energy Transitions, Socio-Economic Review, 18(1), 257-294
  • Cumming, Douglas; Johan, Sofia. (2019). Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement Revisited, Finance Research Letters, 31, 425-435
  • Johan, Sofia; Cumming, Douglas; Zhang, Yelin. (2019). Collaboration in Entrepreneurial Finance
  • Cumming, Douglas; Johan, Sofia. (2019). Crowdfunding: Fundamental Cases, Facts, and Insights, Elsevier Science Academic Press, 506 pages
  • Bonini, S.; Capizzi, V.; Cumming, Douglas. (2019). Emerging Trends in Entrepreneurial Finance, Venture Capital: An International Journal of Entrepreneurial Finance, 21(2-3), 133-136
  • Cumming, Douglas; Werth, J.C.; Zhang, Y.. (2019). Governance in Entrepreneurial Ecosystems: Venture Captialists vs. Technology Parks, Small Business Economics, 52(2), 455-484
  • Cumming, Douglas; Johan, Sofia. (2019). Government Venture Capital Research: Separating Important Lessons from Fake Science and Bad Public Policy, Venture Capital: An International Journal of Entrepreneurial Finance, 29(1), 121-131
  • Cumming, Douglas; Johan, Sofia; Uzuegbunam, I.. (2019). Inequality, Entrepreneurial Activity, and Poverty Alleviation, Entrepreneurship and Regional Development, 32, 21-40
  • Cumming, Douglas; Johan, Sofia; Zhang, F.; Zhang, M.. (2019). Law, Culture, and Finance, International Journal of Managerial Finance, 15(3), 274-284
  • Cumming, Douglas; Deloof, M.; Manigart, S.; Wright, M.. (2019). New Directions in Entrepreneurial Finance, Journal of Banking and Finance, 100, 252-260
  • Cumming, Douglas; Peter, R.; Sannajust, A.; Tarsalewska, M.. (2019). Pre-Going Private Ownership around the World, British Journal of Management, 30(3), 692-711
  • Johan, Sofia; Cumming, Douglas; Zhang, Yelin. (2019). Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-Up Gap, Oxford Review of Economic Policy, 34, 652-675
  • Cumming, Douglas. (2019). Publishing in Finance versus Entrepreneurship/Management Journals(2nd edition, Chapter 30), 268-281
  • Cumming, Douglas; Johan, Sofia; Pant, A.. (2019). Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty, Journal of Risk and Financial Management, 12(3), 126; https://doi.org/10.3390/jrfm12030126
  • Bilinski, Pawel; Cumming, Douglas; Hass, Lars; Stathopoulos, Konstantinos; Walker, Martin. (2019). Stategic Distortions in Analyst Target Prices in the Presence of Short-Term Institutional Investors, Accounting and Business Research, 49(3), 305-341
  • Cao, X.; Cumming, Douglas; Goh, J.; Wang, X.. (2019). The Impact of Investor Protection Law on Takeovers: LBO vs. non-LBO Transactions, Journal of International Financial Markets, Institutions, & Money, 59, 1-18
  • Cumming, Douglas; Fleming, G.; Liu, F.. (2019). The Returns to Private Debt: Primary Issuances versus Secondary Acquisitions, Financial Analysts Journal, 75(1), 48-62
  • Cumming, Douglas; Guariglia, A.; Hou, W.; Lee, E.. (2019). Chinese Capital Markets: Institutional Reforms and Growing Global Links, European Journal of Finance, 25(6), 460-464
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2019). The Role of Due Diligence in Crowdfunding Platforms, Journal of Banking and Finance, 108, doi.org/10.1016/j.jbankfin.2019.105661
  • Cumming, Douglas; Meoli, M.; Vismara, S.. (2019). Investors' Choices between Cash and Voting Rights: Evidence from Dual-Class Equity Crowdfunding, Research Policy, 48(8)
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2019). What is Mutual Fund Flow?, Journal of International Financial Markets, Institutions, and Money, 62, 222-251
  • Cumming, Douglas; Zhang, M.. (2019). Angel Investors around the World?, Journal of International Business Studies, 50, 692-719
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2018). Collaboration in Entrepreneurial Finance, Oxford Handbook of Collaboration in Entrepreneurship
  • Cumming, Douglas; Johan, Sofia; Peter, R.. (2018). Developments in Financial Institutions, Governance, Agency Costs, and Misconduct, Journal of International Financial Markets, Institutions and Money, 54, 1-24
  • Cumming, Douglas; Hou, W.; Wu, E.. (2018). Exchange Trading Rules, Governance, and the Trading Location of Cross-Listed Stocks, European Journal of Finance, 24, 1453-1484
  • Johan, Sofia; Cumming, Douglas. (2018). Law, Culture and Innovation, Asian Development Bank Institute
  • Block, J.; Colombo, M.; Cumming, Douglas; Vismara, S.. (2018). New Players in Entrepreneurial Finance and Why They are There, Small Business Economics, 50(2), 239-250
  • Cumming, Douglas; Johan, Sofia; Zhang, Y.. (2018). Public Policy Towards Entrepreneurial Finance: Spillovers and the Scale-up Gap, Oxford Review of Economic Policy, 34, 652-675
  • Cumming, Douglas; Fleming, G.; Liu, F.. (2018). Shadow Banking in Asia: Foreign versus Domestic Lending to Real Estate Projects, Emerging Markets Review, 35, 137-147
  • Cumming, Douglas; Johan, Sofia. (2018). The Oxford Handbook of IPOs, Oxford University Press, 773 pages
  • Cumming, Douglas; Johan, Sofia; Groh, A.. (2018). Same Rules, Different Enforcement: Market Abuse in Europe, Journal of International Financial Markets, Institutions & Money, 54, 130-151
  • Cumming, Douglas; Johan, Sofia; MacIntosh, J.. (2017). A Drop in an Empty Pond? Canadian Public Policy towards Venture Capital, Journal of Industrial and Business Economics, 44, 103-117
  • Cumming, Douglas; Leboeuf, G.; Schwienbacher, A.. (2017). Crowdfunding Cleantech, Energy Economics, 65, 292-303
  • Cumming, Douglas; Vismara, S.. (2017). De-segmentation Research in Entrepreneurial Finance, Venture Capital: An International Journal of Entrepreneurial Finance, 19, 17-27
  • Cumming, Douglas; Zambelli, S.. (2017). Due Diligence and Investee Performance, European Financial Management, 23, 211-253
  • Cumming, Douglas; Haslem, B.; Knill, A.. (2017). Entrepreneurial Litigation and Venture Capital Finance, Journal of Financial and Quantitative Analysis, 52(5), 2217-2250
  • Cumming, Douglas; Grilli, L.; Murtinu, S.. (2017). Government and Independent Venture Capital Investments in Europe: A Firm-Level Performance Analysis, Journal of Corporate Finance, 42, 439-459
  • Cumming, Douglas; Johan, Sofia; Schwiezer, D.. (2017). Information Systems, Agency Problems, and Fraud, Information Systems Frontiers, 19, 421-424
  • Block, J.; Cumming, Douglas; Vismara, S.. (2017). International Perspective on Venture Capital and Bank Finance for Entrepreneurial Firms, Journal of Industrial and Business Economics, 44, 3-22
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2017). The Structure of Hedge Funds, Oxford University Press(Chapter 5)
  • Cumming, Douglas; Hou, W.; Wu, E.. (2017). The Value of Home Country Governance for Cross-Listed Stocks, European Journal of Finance, 23(7-9), 674-706
  • Aitken, M.; Cumming, Douglas; Zhan, F.. (2017). Trade Size, High Frequency Trading, and Co-location around the World, European Journal of Finance, 23(7-9), 781-801
  • Cumming, Douglas; Johan, Sofia. (2017). The Problems with and Promise of Entrepreneurial Finance, Strategic Entrepreneurship Journal, 11(3), 350-370
  • Cumming, Douglas; Filatoctchev, I.; Knill, A.; Reeb, D.; Senbet, L.. (2017). Law, Finance, and the International Mobility of Corporate Governance, Journal of International Business Studies, 48(2), 123-147
  • Cumming, Douglas; Henriques, I.; Sedorsky, P.. (2016). 'Cleantech' Venture Capital around the World, International Review of Financial Analysis, 44, 86-97
  • Cumming, Douglas; Zhang, Y.. (2016). Alternative Investments in Emerging Markets: A Review and New Trends, Emerging Markets Review, 29(1), 1-23
  • Cumming, Douglas; Johan, Sofia. (2016). Crowdfunding and Entrepreneurial Internationalization, The World Scientific Publishers(Chapter 5)
  • Cole, Rebel; Cumming, Douglas; Li, Dan. (2016). Do banks or VCs spur growth?, Journal of International Financial Markets, Institutions, and Money, 41, 60-72
  • Cumming, Douglas; Knill, A.; Syvrud, K.. (2016). Do International Investors Enhance Private Firm Value? Evidence from Venture Capital, Journal of International Business Studies, 47, 347-373
  • Cumming, Douglas; Walz, U.; Werth, J.. (2016). Entrepreneurial Spawning: Experience, Education, and Exit, The Financial Review, 51(4), 507-525
  • Colombo, M.G.; Cumming, Douglas; Vismara, S.. (2016). Governmental Venture Capital for Innovative Young Firms, Journal of Technology Transfer, 41, 10-24
  • Cumming, Douglas; Zahra, S.A.. (2016). International Business and Entrepreneurship Implications of Brexit, British Journal of Management, 27, 687-692
  • Cumming, Douglas; Dixon, R.; Hou, W.; Lee, E.. (2016). Media Coverage and Foreign Share Discount in China, European Journal of Finance, 22, 393-412
  • Colombo, M.G.; Cumming, Douglas; Rossi Lamastra, C.; Mohammadi, A.; Wadhwa, A.. (2016). Open Business Models and Venture Capital Finance, Industrial and Corporate Change, 25, 353-370
  • Cumming, Douglas; Rui, O.; Yu, Y.. (2016). Polictical Instability, Access to Private Debt, and Innovation Investment in China, Emerging Markets Review, 29(1), 68-81
  • Cumming, Douglas; Guariglia, A.; Hou, W.; Lee, E.. (2016). Special Issue: History and Evolution of Entrepreneurship and Finance in China, Business History, 58, 317-318
  • Cumming, Douglas; Fleming, G.. (2016). Taking China Private: The Carlyle Group, Leveraged Buyouts and Financial Capitalism in Greater China, Business History, 58(3), 345-363
  • Cumming, Douglas; Hou, W.; Lee, E.. (2016). Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud, Journal of Business Ethics, 138(4), 601-626
  • Chen, J.; Cumming, Douglas; Hou, W.; Lee, E.. (2016). CEO Accountability for Corporate Fraud: Evidence from the Split Share Structure Reform in China, Journal of Business Ethics, 138(4), 787-806
  • Chen, J.; Cumming, Douglas; Hou, W.; Lee, E.. (2016). Does the External Monitoring Effect of Financial Analysis Deter Corporate Fraud in China?, Journal of Business Ethics, 134(4), 727-742
  • Cumming, Douglas; Hou, W.; Lee, E.. (2016). Sustainable and Ethical Entrepreneurship, Corporate Finance and Governance, and Institutional Reform in China, Journal of Business Ethics, 134(4), 505-508
  • Cumming, Douglas; Johan, Sofia. (2016). Venture’s Economic Impact in Australia, Journal of Technology Transfer, 41(1), 25-59
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2015). Are hedge funds registered in Delaware different?, Journal of Corporate Finance, 35, 232-246
  • Cumming, Douglas; Johan, Sofia. (2015). Cameras Tracking Shoppers: The Economics of Retail Video Surveillance, Eurasian Business Review, 5(2), 235-257
  • Cumming, Douglas; Fleming, G.. (2015). Corporate Defaults, Workouts and the Rise of the Distressed Asset Investment Industry, Business History Review, 89(2), 305-330
  • Cao, J.; Cumming, Douglas; Qian, M.; Wang, X.. (2015). Cross Border LBOs, Journal of Banking and Finance, 50, 69-80
  • Cumming, Douglas; Johan, Sofia. (2015). Crowdfunding and Entrepreneurial Internationalization, Palgrave MacMillan
  • Aitken, M.; Cumming, Douglas; Zhan, F.. (2015). Exchange Trading Rules, Surveillance, and Suspected Insider Trading, Journal of Corporate Finance, 34, 311-330
  • Cumming, Douglas; Dannhauser, R.; Johan, Sofia. (2015). Financial market misconduct and agency conflicts: A synthesis and future directions, Journal of Corporate Finance, 34(C), 150-168
  • Cumming, Douglas; Knill, A.; Richardson, N.. (2015). Firm Size, Institutional Quality and the Impact of Securities Regulation, Journal of Comparative Economics, 43(2), 417-442
  • Cumming, Douglas; Leung, Tak; Rui, O.M.. (2015). Gender Diversity and Securities Fraud, Academy of Management Journal, 58(5), 1572-1593
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2015). Hedge Fund Regulation and Governance, Oxford University Press, 549-581
  • Aitken, M.; Cumming, Douglas; Zhan, F.. (2015). High Frequency Trading and End-of-Day Price Dislocation, Journal of Banking and Finance, 59, 330-349
  • Cao, J.; Cumming, Douglas; Wang, X.. (2015). One-Child Policy, Dynastic Management and Discontinuity of Family Firms in China, Journal of Corporate Finance, 33, 317-329
  • Cumming, Douglas; Fischer, E.; Peridis, T.. (2015). Publicly Funded Business Advisory Services and Entrepreneurial Internationalization, International Small Business Journal, 33, 824-839
  • Ahlers, G.K.C.; Cumming, Douglas; Guenther, C.; Schweizer, D.. (2015). Signaling in Equity Crowdfunding, Entrepreneurship Theory and Practice, 39, 955-980
  • Cumming, Douglas; Pandes, J.A.; Robinson, M.J.. (2015). The Role of Agents in Private Entrepreneurial Finance, Entrepreneurship Theory and Practice, 39(2), 345-374
  • Cumming, Douglas; Schwienbacher, A.; Zhan, F.. (2015). The Scope of International Mutual Fund Outsourcing: Fees, Performance and Risks, Journal of International Financial Markets, Institutions and Money, 38, 185-199
  • Andres, C.; Cumming, Douglas; Karabiber, T.; Schweizer, D.. (2014). Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity, Journal of Corporate Finance, 27, 133-156
  • Cumming, Douglas; Guariglia, A.; Hou, W.; Lee, E.. (2014). Experiences and Challenges in the Development of the Chinese Capital Market, European Journal of Finance, 20, 595-598
  • Cumming, Douglas; Guariglia, A.; Hou, W.; Lee, E.. (2014). Exploring Entrepreneurial Activity and Small Business Issues in the Chinese Economy, International Small Business Journal, 32, 603-609
  • Cumming, Douglas; Chakrabarti, R.. (2014). Global Perspectives on Entrepreneurship: Public and Corporate Governance, Corporate Governance: An International Review, 22, 73-76
  • Cumming, Douglas. (2014). Public Economics Gone Wild: Lessons from Venture Capital, International Review of Financial Analysis, 36, 251-260
  • Cumming, Douglas; Hou, W.; Lee, E.; Wu, Z.. (2014). Special Issue on Corporate Governance and Entrepreneurial Finance in China, International Review of Financial Analysis, 36, 95-96
  • Cumming, Douglas; Hab, L.H.; Schweizer, D.. (2014). Strategic Asset Allocation and the Role of Alternative Investments, European Financial Management, 20(3), 521-547
  • Cumming, Douglas; Guariglia, A.; Hou, W.; Lee, E.. (2014). The Experiences and Challenges in the Development of the Chinese Capital Market, European Journal of Finance, 20, 595-598
  • Cumming, Douglas; Hab, L.H.; Schweizer, D.. (2014). The Fast Track IPO - Success Factors for TAking Firms Public with SPACs, Journal of Banking and Finance, 47, 198-213
  • Cumming, Douglas; Hou, W.. (2014). Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform, European Journal of Finance, 20, 778-802
  • Cumming, Douglas; Johan, Sofia; Zhang, M.. (2014). The Economic Impact of Entrepreneurship: Comparing International Datasets, Corporate Governance: An International Review, 22(2 (special issue)), 162-178
  • Cumming, Douglas; Fleming, G.. (2013). Debt Investments in Private Firms: Legal Institutions and Investment Performance in 25 Countries, Journal of Fixed Income(Summer), 102-123
  • Cumming, Douglas; Johan, Sofia. (2013). Demand Driven Securities Regulation: Evidence from Crowdfunding, Venture Capital: An International Journal of Entrepreneurial Finance, 15(4), 361-379
  • Chen, J.; Cumming, Douglas; Hou, W.; Lee, E.. (2013). Executive Integrity, Audit Opinion, and Fraud in Chinese Listed Firms, Emerging Markets Review, 15, 72-91
  • Cumming, Douglas; Dai, N.; Johan, Sofia. (2013). Hedge Fund Structure, Regulation and Performance around the World, Oxford University Press, 300 pages
  • Cumming, Douglas; Imad'Eddine, G.; Schwienbacher, A.. (2013). Legality and the Spread of Voluntary Investor Protection, Revue Finance, 34(3)
  • Cumming, Douglas; Johan, Sofia. (2013). Listing Standards and Fraud, Managerial and Decision Economics, 34(7-8), 451-470
  • Cumming, Douglas; Hab, L.H.; Schweizer, D.. (2013). Private Equity Benchmarks and Portfolio Optimization, Journal of Banking and Finance, 37, 3515-3528
  • Cumming, Douglas; Zambelli, S.. (2013). Private Equity Performance under Extreme Regulation, Journal of Banking and Finance, 37(5), 1508-1523
  • Cumming, Douglas; Li, D.. (2013). Public Policy, Entrepreneurship, and Venture Capital in the United States, Journal of Corporate Finance, 23, 345-367
  • Cumming, Douglas; Johan, Sofia. (2013). Technology Parks and Entrepreneurial Outcomes around the World, International Journal of Managerial Finance, 9(4), 279-293
  • Cumming, Douglas; Johan, Sofia; Dai, N.. (2013). The Impact of Hedge Fund Regulation: An International Perspective, World Financial Review, May-June, 17-20
  • Cumming, Douglas; Fleming, G.; Johan, Sofia; Najar, D.. (2013). The Impact of Law and Corruption on Venture Capital and Private Equity Fees and Returns, World Financial Review, Sept-Oct, 65-68
  • Cumming, Douglas; Johan, Sofia. (2013). Venture Capital and Private Equity Contracting: An International Perspective, Elsevier Science Academic Press(2nd edition), 756 pages
  • Cumming, Douglas; Dai, N.. (2013). Why do Entrepreneurs Switch Lead Venture Capitalists, Entrepreneurship Theory and Practice, 37, 999-1017
  • Cumming, Douglas; Knill, A.. (2012). Disclosure, Venture Capital, and Entrepreneurial Spawning, Journal of International Business Studies, 43, 563-590
  • Shawky, H.A.; Dai, N.; Cumming, Douglas. (2012). Diversification in the Hedge Fund Industry, Journal of Corporate Finance, 18, 166-178
  • Cumming, Douglas; Imad'Eddine, G.; Schwienbacher, A.. (2012). Harmonized Regulatory Standards, International Distribution of Investment Funds and the Recent Financial Crisis, European Journal of Finance, 18(3-4), 261-292
  • Cressy, R.; Cumming, Douglas; Mallin, C.. (2012). Law, Ethics and Finance: Implications for International Investment and Portfolio Management, European Journal of Finance, 18, 185-189
  • Cumming, Douglas. (2012). Measuring the Effect of Bankruptcy Laws on Entrepreneurship Across Countries, Journal of Entrepreneurial Finance, 16, 80-86
  • Cumming, Douglas; Fischer, E.. (2012). Publicly Funded Business Advisory Services and Entrepreneurial Outcomes, Research Policy, 41, 467-481
  • Cumming, Douglas; Dai, N.; Hab, L.H.; Schweizer, D.. (2012). Regulatory Induced Performance Persistence: Evidence from Hedge Funds, Journal of Corporate Finance, 18, 1005-1022
  • Carpentier, C.; Cumming, Douglas; Suret, J.M.. (2012). The Value of Capital Market Regulation: IPOs versus Reverse Mergers, Journal of Empirical Legal Studies, 9, 56-91
  • Cumming, Douglas; Johan, Sofia. (2012). Is Venture Capital in Crisis?, World Financial Review, 69-72
  • Cumming, Douglas; Suret, J.M.. (2011). Entrepreneurial Finance and Venture Capital Markets, European Financial Management, 17(3), 420-422
  • Cumming, Douglas; Johan, Sofia; Li, D.. (2011). Exchange Trading Rules and Stock Market Liquidity, Journal of Financial Economics, 99(3), 651-671
  • Cumming, Douglas; Dai, N.. (2011). Limited Attention, Fund Size and the Valuation of Venture Capital Backed Companies, Journal of Empirical Finance, 18(1), 2-15
  • Cumming, Douglas. (2011). Misinforming the Public about Public Policy towards Venture Capital, Venture Capital: An International Journal of Entrepreneurial Finance, 13(1), 99-102
  • Cumming, Douglas. (2011). Review Essay: Public Policy and the Creation of Active Venture Capital Markets, Venture Capital: An International Journal of Entrepreneurial Finance, 13(1), 75-94
  • Cumming, Douglas; Li, D.. (2011). Runup of Acquirer Stock in Public and Private Acquisitions, Corporate Governance: An International Review, 19(3), 210-239
  • Cumming, Douglas; Fleming, G.; Johan, Sofia. (2011). Institutional Investment in Listed Private Equity, European Financial Management, 17(3), 594-618
  • Cumming, Douglas; Dai, N.. (2010). A Law and Finance Analysis of Hedge Funds, Financial Management, 39, 997-1026
  • Cressy, R.; Cumming, Douglas; Mallin, C.. (2010). Entrepreneurship, Governance and Ethics, Journal of Business Ethics, 95(2), 117-120
  • Cumming, Douglas; Dai, N.. (2010). Hedge Fund Regulation and Misreported Returns, European Financial Management, 16, 829-867
  • Cumming, Douglas; Zambelli, S.. (2010). Illegal Buyouts, Journal of Banking and Finance, 34, 441-456
  • Cumming, Douglas; Fleming, G.; Johan, Sofia; Takeuchi, M.. (2010). Legal Protection, Corruption, and Private Equity Returns in Asia, Journal of Business Ethics, 95(2), 173-193
  • Cumming, Douglas; Walz, U.. (2010). Legality and Venture Capital Governance around the World, Journal of Business Venturing, 25, 54-72
  • Cumming, Douglas; Dai, N.. (2010). Local Bias in Venture Capital, Journal of Empirical Finance, 17, 362-380
  • Cumming, Douglas; Johan, Sofia. (2010). Phasing out an Inefficient Venture Capital Tax Credit, Journal of Industry, Competition and Trade, 10, 227-252
  • Cumming, Douglas; Walz, U.. (2010). Private Equity Returns and Disclosure around the World, Journal of International Business Studies, 41(4), 727-754
  • Cumming, Douglas; Johan, Sofia. (2010). The Differential Impact of the Internet on Regional Entrepreneurship?, Entrepreneurship Theory and Practice, 34, 857-883
  • Cumming, Douglas; Johan, Sofia. (2010). Venture Capital Invesetment Duration, Journal of Small Business Management, 48(2), 228-257
  • Cumming, Douglas; Dai, N.. (2009). Capital Flows and Hedge Fund Regulation, Journal of Empirical Legal Studies, 6, 848-873
  • Cumming, Douglas; Siegel, D.; Sapienza, H.; Wright, M.. (2009). International Entrepreneurship: Managerial and Public Policy Implications, Strategic Entrepreneurship Journal, 3, 283-296
  • Cumming, Douglas; Gill, A.; Walz, U.. (2009). International Private Equity Valuation and Disclosure, Northwestern University Journal of International Law and Business, 29, 617-642
  • Cosh, A.; Cumming, Douglas; Hughes, A.. (2009). Outside Entrepreneurial Captial, Economic Journal, 119, 1494-1533
  • Cumming, Douglas; Fleming, G.; Schwienbacher, A.. (2009). Style Drift in Private Equity, Journal of Business Finance and Accounting, 36(5-6), 645-678
  • Cumming, Douglas; Johan, Sofia. (2009). Venture Capital and Private Equity Contracting: An International Perspective, Elsevier Science Academic Press, 778 pages
  • Cumming, Douglas; Johan, Sofia. (2009). Legality and Fund Manager Compensation, Venture Capital: An International Journal of Entrepreneurial Finance, 1(1), 23-54
  • Cumming, Douglas; Johan, Sofia. (2009). Pre Seed Government Venture Capital Funds, Journal of International Entrepreneurship, 7, 26-56
  • Armour, J.; Cumming, Douglas. (2008). Bankruptcy Law and Entrepreneurship, American Law and Economics Review, 10, 303-350
  • Cumming, Douglas. (2008). Contracts and Exits in Venture Capital Finance, Review of Financial Studies, 21, 1947-1982
  • Cumming, Douglas. (2008). Don’t Fence Them In: Hedge Fund Regulation and Performance, Canadian Investment Review, Winter 2008, 26-33
  • Cumming, Douglas; Fleming, G.; Schwienbacher, A.. (2008). Financial Intermediaries, Ownership Structure and the Provision of Venture Capital to SMEs: Evidence from Japan, Small Business Economics, 31, 59-92
  • Cumming, Douglas; Johan, Sofia. (2008). Global Market Surveillance, American Law and Economics Review, 10, 454-506
  • Cumming, Douglas; Johan, Sofia. (2008). Hedge Fund Forum Shopping, University of Pennsylvania Journal of Business Law, 10(4), 783-831
  • Cumming, Douglas; Johan, Sofia. (2008). Hedge Fund Strategies and Regulation, Banking and Financial Services Policy Report, 27(7), 1-15
  • Cumming, Douglas; Johan, Sofia. (2008). Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes, Venture Capital: An International Journal of Entrepreneurial Finance, 10, 197-231
  • Cumming, Douglas; Johan, Sofia. (2008). Preplanned Exit Strategies in Venture Capital, European Economic Review, 52, 1209-1241
  • Cumming, Douglas; Johan, Sofia. (2007). Advice and Monitoring in Venture Capital Finance, Financial Markets and Portfolio Management, 21, 3-43
  • Cumming, Douglas. (2007). Government Policy towards Entrepreneurial Finance: Innovation Investment Funds, Journal of Business Venturing, 22, 193-235
  • Cumming, Douglas; Johan, Sofia. (2007). Is it the Law or the Lawyers? Investment Convenants around the World, European Financial Management, 12, 535-574
  • Cumming, Douglas; MacIntosh, J.. (2007). Mutual Funds that Invest in Private Equity? An Analysis of Labour Sponsored Investment Funds, Cambridge Journal of Economics, 31, 445-487
  • Cumming, Douglas; Siegel, D.; Wright, M.. (2007). Private Equity, Leveraged Buyouts, and Governance, Journal of Corporate Finance, 13, 439-460
  • Cumming, Douglas; Johan, Sofia. (2007). Regulatory Harmonization and the Development of Private Equity Markets, Journal of Banking and Finance, 31, 3218-3250
  • Cumming, Douglas; Johan, Sofia. (2007). Socially Responsible Institutional Investment in Private Equity, Journal of Business Ethics, 75, 395-416
  • Bernile, G.; Cumming, Douglas; Lyandres, E.. (2007). The Size of Venture Capital and Private Equity Fund Portfolios, Journal of Corporate Finance, 13, 564-590
  • Cumming, Douglas. (2006). Adverse Selection and Capital Structure: Evidence from Venture Capital, Entrepreneurship Theory and Practice, 30, 155-184
  • Cumming, Douglas. (2006). Corporate Venture Capital Contracts, Journal of Alternative Investments, Winter, 40-53
  • Cumming, Douglas; MacIntosh, J.. (2006). Crowded Out Private Equity: Canadian Evidence, Journal of Business Venturing, 21, 569-609
  • Cumming, Douglas; Fleming, G.; Schwienbacher, A.. (2006). Legality and Venture Capital Exits, Journal of Corporate Finance, 12, 214-245
  • Cumming, Douglas; Johan, Sofia. (2006). Provincial Preferences in Private Equity, Financial Markets and Portfolio Management, 20, 369-398
  • Cumming, Douglas. (2006). The Determinants of Venture Captial Portfolio Size: Empirical Evidence, Journal of Business, 79, 1083-1126
  • Armour, J.; Cumming, Douglas. (2006). The Legislative Road to Silicon Valley, Oxford Economic Papers, 58, 596-635
  • Cumming, Douglas. (2005). A Review of Global Venture Capital Transactions, Venture Capital: An International Journal of Entrepreneurial Finance, 7, 185-201
  • Cumming, Douglas. (2005). Agency Costs, Institutions, Learning and Taxation in Venture Capital Contracting, Journal of Business Venturing, 20, 573-622
  • Cumming, Douglas. (2005). Capital Structure in Venture Finance, Journal of Corporate Finance, 11, 550-585
  • Cumming, Douglas; Fleming, G.; Schwienbacher, A.. (2005). Liquidity Risk and Venture Finance, Financial Management, 34, 77-105
  • Cumming, Douglas; MacIntosh, J.. (2005). Selection Effects, Corporate Law and Firm Value, Finance Letters, 3(3), 7-18
  • Cumming, Douglas; Fleming, G.; Suchard, J.A.. (2005). Venture Capitalist Value Added Activities, Fundraising and Drawdowns, Journal of Banking and Finance, 29, 295-331
  • Cumming, Douglas; MacIntosh, J.. (2004). Boom, Bust and Litigation in Venture Capital Finance, Willamette Law Review, 40(4), 867-906
  • Cumming, Douglas; MacIntosh, J.. (2003). A Cross-Country Comparison of Full and Partial Venture Capital Exits, Journal of Banking and Finance, 27(3), 511-548
  • Cumming, Douglas. (2003). The Structure, Governance and Performance of UK Venture Capital Trusts, Journal of Corporate Law Studies, 3(2), 401-427
  • Cumming, Douglas; MacIntosh, J.. (2003). Venture Capital Buyback Exits in Canada and the United States, FSR Forum, 5(4), 36-45
  • Cumming, Douglas; MacIntosh, J.. (2003). Venture Capital Exits in Canada and the United States, University of Toronto Law Journal, 53, 101-200
  • Cumming, Douglas; MacIntosh, J.. (2002). The Rationales Underlying Reincorporation and Implications for Canadian Corporations, International Review of Law and Economics, 22(3), 277-330
  • Cumming, Douglas. (2001). Settlement Disputes: Evidence from a Legal Practice Perspective, European Journal of Law and Economics, 11(3), 249-280
  • Cumming, Douglas; MacIntosh, J.. (2001). Venture Capital Investment Duration in Canada and the United States, Journal of Multinational Financial Management, 11(4-5), 445-463
  • Cumming, Douglas; MacIntosh, J.. (2000). The Determinants of R&D Expenditures: A Study of the Canadian Biotechnology Industry, Review of Industrial Organization, 17(4), 357-370
  • Cumming, Douglas; MacIntosh, J.. (2000). The Role of Interjurisdictional Competition in Shaping Canadian Corporate Law, International Review of Law and Economics, 20(2), 141-186
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