Anton Miglo

University of Glasgow

United Kingdom

SCHOLARLY PAPERS

50

DOWNLOADS
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Top 5,160

in Total Papers Downloads

14,797

SSRN CITATIONS
Rank 12,871

SSRN RANKINGS

Top 12,871

in Total Papers Citations

96

CROSSREF CITATIONS

20

Scholarly Papers (50)

1.

The Pecking Order, Trade-Off, Signaling, and Market-Timing Theories of Capital Structure: A Review

A. Miglo. (2011). Chapter 10 "Trade-Off, Pecking Order, Signaling, and Market Timing Models". in H. Kent Baker, Gerald S. Martin. Capital Structure and Corporate Financing Decisions: Theory, Evidence, and Practice. (Wiley and Sons) Mar 31, 2011, pp 171-191
Number of pages: 26 Posted: 24 Jun 2010 Last Revised: 09 Dec 2016
Anton Miglo
University of Glasgow
Downloads 7,210 (1,803)
Citation 15

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trade-off theory, pecking-order theory, signalling, market timing

2.

Capital Structure of Internet Companies: Case Study

Number of pages: 37 Posted: 01 Jun 2014 Last Revised: 25 Nov 2019
Zhenting Lee, Shuting Liang and Anton Miglo
University of Bridgeport, University of Bridgeport and University of Glasgow
Downloads 1,026 (40,794)
Citation 3

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capital structure, internet companies, financing strategy, sources of financing

Project Financing Versus Corporate Financing Under Asymmetric Information

Number of pages: 27 Posted: 01 Mar 2007
Anton Miglo
University of Glasgow
Downloads 679 (70,340)

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asymmetric information, non-recourse debt, project financing, optimal financing

Project Financing Versus Corporate Financing Under Asymmetric Information

Journal of Business and Economics Research, Forthcoming
Posted: 15 Jun 2010
Anton Miglo
University of Glasgow

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asymmetric information, non-recourse debt, project financing, asset securitization

4.

A New Capital Structure Theory: The Four-Factor Model

Number of pages: 32 Posted: 20 Apr 2020 Last Revised: 04 Jan 2021
Anton Miglo
University of Glasgow
Downloads 524 (98,848)

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capital structure, asymmetric information, overconfidence, debt tax shield, bankruptcy costs

STO vs ICO: A Theory of Token Issues Under Moral Hazard and Demand Uncertainty

Number of pages: 28 Posted: 17 Sep 2019
Anton Miglo
University of Glasgow
Downloads 341 (161,296)
Citation 3

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Entrepreneurial Finance; Blockchain; Initial Coin Offering; Security Token Offering; Moral Hazard; Demand Uncertainty; FinTech

STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty

Miglo, Anton. 2021. STO vs. ICO: A Theory of Token Issues under Moral Hazard and Demand Uncertainty. Journal of Risk and Financial Management 14: 232. https://doi.org/10.3390/jrfm14060232
Number of pages: 35 Posted: 16 Jun 2021
Anton Miglo
University of Glasgow
Downloads 97 (496,056)
Citation 3

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entrepreneurial finance; blockchain; initial coin offering; security token offering; moral hazard; demand uncertainty; FinTech

Crowdfunding: Definitions, Foundations and Framework

Number of pages: 28 Posted: 19 Jan 2021
Anton Miglo
University of Glasgow
Downloads 412 (130,377)

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crowdfunding, reward-based crowdfunding, equity-based crowd-funding, debt-based crowdfunding, donation-based crowdfunding, crowdfunding platforms, backers, information asymmetry, moral hazard, crowdfunding in public sector

Crowdfunding: Definitions, Foundations and Framework

A.Miglo (2021). Crowdfunding: Definitions, Foundations and Framework. Ch.1 in Crowdfunding in the Public Sector: Theory and Best Practices. Ed. Prof. Dr. Regina Lenart-Gansiniec, Jin Chen, Book Series: Contributions to Finance and Accounting, Publisher: Springer International Publishing
Posted: 19 Aug 2021
Anton Miglo
University of Glasgow

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crowdfunding, reward-based crowdfunding, equity-based crowd-funding, debt-based crowdfunding, donation-based crowdfunding, crowdfunding platforms, backers, information asymmetry, moral hazard, crowdfunding in public sector

7.

Market Imperfections and Crowdfunding

Small Business Economics, Forthcoming. The final version is available online at: DOI: 10.1007/s11187-018-0037-1
Number of pages: 34 Posted: 12 Jun 2016 Last Revised: 09 May 2018
Anton Miglo and Victor Miglo
University of Glasgow and University of Toronto
Downloads 397 (137,262)
Citation 7

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crowdfunding, asymmetric information, moral hazard, equity-based crowdfunding, reward-based crowdfunding

8.

Financing of Entrepreneurial Firms in Canada: An Overview

Number of pages: 46 Posted: 12 Jun 2016 Last Revised: 17 Jul 2016
Anton Miglo
University of Glasgow
Downloads 311 (179,200)
Citation 3

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entrepreneurial finance in Canada, small business financing, capital structure, crowdfunding

9.

Choice Between IEO and ICO: Speed vs. Liquidity vs. Risk

Number of pages: 21 Posted: 15 Apr 2020
Anton Miglo
University of Glasgow
Downloads 254 (220,440)
Citation 4

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FinTech, Entrepreneurial Finance, Initial Coin Offering, Initial Exchange Offering, Moral Hazard, Utility Tokens, Listing

10.

Can Earnings Manipulation Create Value?

AFA 2009 San Francisco Meetings Paper
Number of pages: 22 Posted: 19 Mar 2008
Anton Miglo
University of Glasgow
Downloads 222 (251,161)
Citation 1

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earnings manipulation, intertemporal substitution, design of securities, property rights, moral hazard

11.

FinTech Development in Greater Manchester: An Overview

Number of pages: 20 Posted: 06 Apr 2021 Last Revised: 18 Jan 2022
Anton Miglo
University of Glasgow
Downloads 207 (268,115)

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FinTech, cryptocurrencies, digital finance, crowdfunding, Fintech in Manchester

12.

Using Project Financing for Mitigating Asymmetric Information Problems

Number of pages: 6 Posted: 16 Mar 2005 Last Revised: 18 Jan 2010
Anton Miglo
University of Glasgow
Downloads 204 (271,737)

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optimal financing, asymmetric information, signalling equilibrium

Debt-Equity Choice as a Signal of Earnings Profile Over Time

Number of pages: 27 Posted: 23 Aug 2006 Last Revised: 14 May 2013
Anton Miglo
University of Glasgow
Downloads 163 (331,473)
Citation 1

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Debt-equity choice, Asymmetric information, Timing of earnings, Long-term underperformance

Debt-Equity Choice as a Signal of Earnings Profile Over Time

Quarterly Review of Economics and Finance, Volume 47, Issue 1, March 2007, Pages 69-93. DOI: 10.1016/j.qref.2006.07.001
Number of pages: 38 Posted: 18 Sep 2006 Last Revised: 05 Mar 2020
Anton Miglo
University of Glasgow
Downloads 37 (814,289)
Citation 3

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Debt-equity choice, Asymmetric information, Timing of earnings, Long-term underperformance

14.

ICO vs. Equity Financing Under Imperfect, Complex and Asymmetric Information

Number of pages: 27 Posted: 26 Feb 2020 Last Revised: 04 Jan 2021
Anton Miglo
University of Glasgow
Downloads 186 (295,376)
Citation 2

Abstract:

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asymmetric information, complex information, initial coin offering (ICO), equity financing, signalling

15.

Capital Structure Choice Under Asymmetric Information and Overconfident Managers

Number of pages: 28 Posted: 27 Mar 2019 Last Revised: 04 Mar 2020
Xiehua Ji and Anton Miglo
Birmingham City University and University of Glasgow
Downloads 170 (319,726)
Citation 2

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asymmetric information; signalling with capital structure; overconfident managers; capital structure and operating performance; pecking-order theory; behavioral finance

Managers Versus Students: New Approach in Improving Capital Structure Education

Number of pages: 43 Posted: 15 May 2013
Anton Miglo
University of Glasgow
Downloads 164 (329,758)

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capital structure education, trade-off theory, pecking-order theory, shareholders-bondholders conflict, life cycle theory, flexibility theory, debt and discipline

Managers Versus Students: New Approach in Improving Capital Structure Education

Journal of Education and Vocational Research Vol. 3, No. 11: 353-369
Posted: 15 May 2013
Anton Miglo
University of Glasgow

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capital structure education, trade-off theory, pecking-order theory, shareholders-bondholders conflict, life cycle theory, flexibility theory, debt and discipline

17.

Pecking Order Theory for Government Finance

Number of pages: 30 Posted: 27 Mar 2019
Anton Miglo
University of Glasgow
Downloads 150 (355,255)

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government finance, pecking order, capital structure, money, Ricardian Equivalence, Modigliani-Miller Proposition, asymmetric information

18.
Downloads 142 (371,252)
Citation 1

Theories of crowdfunding and token issues: a review

Number of pages: 46 Posted: 05 May 2022
Anton Miglo
University of Glasgow
Downloads 129 (401,386)
Citation 1

Abstract:

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entrepreneurial finance, crowdfunding, token issues, initial coin offerings (ICO), initial exchange offerings (IEO), security token issues (STO)

Theories of Crowdfunding and Token Issues: A Review

Miglo A. Theories of Crowdfunding and Token Issues: A Review. Journal of Risk and Financial Management. 2022; 15(5):218. https://doi.org/10.3390/jrfm15050218
Number of pages: 28 Posted: 18 Jan 2024
Anton Miglo
University of Glasgow
Downloads 13 (1,056,494)
Citation 1

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entrepreneurial finance; crowdfunding; token issues; initial coin offerings (ICOs); initial exchange offerings (IEOs); security token issues (STOs)

Capital Structure and Earnings Manipulation

Number of pages: 28 Posted: 20 Mar 2009 Last Revised: 14 May 2013
Anton Miglo
University of Glasgow
Downloads 142 (371,768)

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earnings manipulation, intertemporal substitution, design of securities, property rights, double moral hazard

Capital Structure and Earnings Manipulation

Journal of Economics and Business, Forthcoming
Posted: 14 Jun 2010
Anton Miglo
University of Glasgow

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Earnings Manipulation, Intertemporal Substitution, Design of Securities, Property Rights, Double Moral Hazard

20.

Theories of financing for entrepreneurial firms: a review

Forthcoming in International Review of Entrepreneurship
Number of pages: 46 Posted: 14 Dec 2022
Anton Miglo
University of Glasgow
Downloads 137 (381,629)
Citation 1

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entrepreneurial finance, small business financing, capital structure, credit rationing, signalling by risk-bearing, flexibility theory, learning market demand

21.
Downloads 129 (400,221)
Citation 5

Crowdfunding in a Competitive Environment

Number of pages: 37 Posted: 19 Jun 2018 Last Revised: 28 Jul 2019
Anton Miglo
University of Glasgow
Downloads 83 (548,588)
Citation 2

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crowdfunding, asymmetric information, reward-based crowdfunding, crowdfunding and competition, signalling

Crowdfunding in a Competitive Environment

Miglo, A. 2020. "Crowdfunding in a Competitive Environment". Journal of Risk and Financial Management, Forthcoming
Number of pages: 39 Posted: 26 Feb 2020 Last Revised: 02 Mar 2020
Anton Miglo
University of Glasgow
Downloads 46 (746,879)
Citation 2

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asymmetric information, crowdfunding and competition, reward-based crowdfunding, signalling, strategic entrepreneurship

Multi-Stage Investment, Long-Term Asymmetric Information and Pecking Order Revisited

Number of pages: 22 Posted: 22 Mar 2009 Last Revised: 14 May 2013
Anton Miglo
University of Glasgow
Downloads 119 (426,897)
Citation 11

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pecking-order theory, long-term asymmetric information, signalling equilibrium, afterissuing underperformance

Multi-Stage Investment, Long-Term Asymmetric Information and Pecking Order Revisited

Journal of Current Issues in Finance, Business, and Economics, 2012, Volume 4, Number 4, pp. 43-59
Posted: 25 Mar 2008 Last Revised: 04 Mar 2020
Anton Miglo
University of Glasgow

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pecking-order theory, long-term asymmetric information, signalling equilibrium, afterissuing underperformance

Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations

Number of pages: 31 Posted: 27 Mar 2019
Anton Miglo
University of Glasgow
Downloads 66 (626,762)
Citation 2

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Zero-Debt Policy; Flexibility; Capital Structure; Tax Shield; Free Cash Flow Problem; Debt Overhang; Dividend Policy

Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations

Miglo A. Zero-Debt Policy under Asymmetric Information, Flexibility and Free Cash Flow Considerations. Journal of Risk and Financial Management. 2020; 13(12):296
Number of pages: 25 Posted: 19 Jan 2021
Anton Miglo
University of Glasgow
Downloads 45 (753,912)

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Zero-Debt Policy, Flexibility, Capital Structure, Tax Shield, Free Cash Flow Problem, Debt Overhang, Dividend Policy

Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur

Number of pages: 34 Posted: 06 Mar 2018 Last Revised: 16 Jul 2018
Anton Miglo
University of Glasgow
Downloads 111 (450,106)
Citation 8

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crowdfunding, asymmetric information, overconfidence, equity-based crowdfunding, reward-based crowdfunding, entrepreneurship and learning

Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur

A. Miglo. (2020). Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur. Entrepreneurship Research Journal (De Gruyter), forthcoming.
Posted: 26 Feb 2020
Anton Miglo
University of Glasgow

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entrepreneurial finance, crowdfunding, asymmetric information, overconfidence, equity-based crowdfunding, reward-based crowdfunding, entrepreneurship and learning

25.

Notes on Introduction to Corporate Finance

Number of pages: 10 Posted: 19 Jul 2023
Anton Miglo
University of Glasgow
Downloads 99 (485,584)

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corporate finance, money and finance, financial decisions, financial information vs. accounting reports

Earnings-Based Compensation Contracts Under Asymmetric Information

Number of pages: 22 Posted: 17 Jul 2008
Anton Miglo
University of Glasgow
Downloads 94 (506,456)

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Optimal compensation, Asymmetric information, Annual bonus, Stock options

Earnings-Based Compensation Contracts Under Asymmetric Information

The Manchester School, Forthcoming
Posted: 17 Jul 2008
Anton Miglo
University of Glasgow

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Optimal compensation, Asymmetric information, Annual bonus, Stock options

27.
Downloads 94 (502,277)
Citation 1

Timing of Earnings and Capital Structure

Number of pages: 44 Posted: 30 Jan 2017 Last Revised: 07 May 2017
Anton Miglo
University of Glasgow
Downloads 79 (565,576)

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Asymmetric information, Pecking-order theory, Signalling, Timing of earnings

Timing of Earnings and Capital Structure

North American Journal of Economics and Finance, Forthcoming, DOI: 10.1016/j.najef.2017.01.001
Number of pages: 44 Posted: 23 Mar 2007 Last Revised: 02 Mar 2020
Anton Miglo
University of Glasgow
Downloads 15 (1,024,099)
Citation 1

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Asymmetric information, Pecking-order theory, Signalling, Timing of earnings

28.
Downloads 91 (512,764)

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entrepreneurial finance, small business financing, capital structure, crowdfunding

29.

Financing of Entrepreneurial Firms in Canada: Some Patterns

Number of pages: 32 Posted: 08 Jan 2019
Anton Miglo
University of Glasgow
Downloads 82 (546,638)
Citation 5

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entrepreneurial finance in Canada, small business financing, capital structure, crowdfunding

30.

Taxes, Debt, Investments and the Choice of Business Form with Overconfident and Pessimistic Entrepreneurs

Number of pages: 20 Posted: 24 Jun 2019
Anton Miglo and Magdalena Brodziak
University of Glasgow and Birmingham City University
Downloads 80 (554,746)

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corporate tax, overconfidence, overinvestment, unlimited liability, limited liability, imperfect loss-offset, debt

31.

Backers: Consumers or Investors? Crowdfunding vs. Traditional Financing as an Optimal Security Design Problem

Number of pages: 17 Posted: 03 Feb 2022
Anton Miglo
University of Glasgow
Downloads 78 (562,797)

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crowdfunding, traditional financing, asymmetric information, moral hazard, reward-based crowdfunding, debt, security design

32.

Can Corporate Taxation be Explained by Limited Liability?

Number of pages: 6 Posted: 15 Jan 2010
Anton Miglo
University of Glasgow
Downloads 74 (580,025)

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33.

Property Rights and Earnings Manipulations

Number of pages: 19 Posted: 01 Mar 2007 Last Revised: 18 Jan 2010
Anton Miglo
University of Glasgow
Downloads 74 (580,025)
Citation 1

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property rights, earnings manipulations, intertemporal substitution, cash flow rights, control rights

A Note on Corporate Taxation, Limited Liability, and Asymmetric Information

Number of pages: 9 Posted: 25 May 2007
Anton Miglo
University of Glasgow
Downloads 68 (616,722)
Citation 5

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Corporate taxation, limited liability, loss offset, asymmetric information

A Note on Corporate Taxation, Limited Liability and Asymmetric Information

Journal of Economics, Vol. 92, No. 1, 2007
Posted: 31 Aug 2007
Anton Miglo
University of Glasgow

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Corporate Tax, Limited Liability, Loss Offset, Asymmetric Information

35.

Crowdfunding and Bank Financing: Substitutes or Complements?

Forthcoming, Miglo, Crowdfunding and Bank Financing: Substitutes or Complements?. Small Business Economics (2022). https://doi.org/10.1007/s11187-021-00571-9
Number of pages: 53 Posted: 15 Dec 2021 Last Revised: 18 Jan 2022
Anton Miglo
University of Glasgow
Downloads 58 (657,948)
Citation 2

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crowdfunding, debt financing, moral hazard, reward-based crowdfunding

36.

Comparing Crowdfunding Theory and Practice: The Case of Technology Industry in England

Number of pages: 14 Posted: 06 Apr 2021 Last Revised: 18 Jan 2022
Anton Miglo
University of Glasgow
Downloads 53 (686,128)

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crowdfunding, reward-based crowdfunding, crowdfunding in technology sector, digital entrepreneurship, information asymmetry, signalling, factors of crowdfunding success, campaign target

37.

Dividend Policy, Taxes and Agency Problems

Number of pages: 22 Posted: 26 Jul 2023 Last Revised: 09 Feb 2024
Anton Miglo
University of Glasgow
Downloads 49 (710,403)

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dividend policy, capital gain tax, dividend tax, moral hazard, underinvestment, managerial compensation

38.

Crowdfunding and Bank Financing: Substitutes or Complements

Number of pages: 32 Posted: 25 Oct 2021
Anton Miglo
University of Glasgow
Downloads 46 (729,540)

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crowdfunding, debt financing, moral hazard, reward-based crowdfunding, bankruptcy

39.

Optimal Security Design Under Asymmetric Information and Incomplete Contracts

Number of pages: 21 Posted: 01 Jun 2014 Last Revised: 26 May 2020
Anton Miglo
University of Glasgow
Downloads 32 (832,034)

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design of securities, long-term asymmetric information, incomplete contracts, residual property rights, debt, rule of marginal revenues

40.

Note on Investment Policy and Executive Compensation in Family Firms vs. Non-Family Firms

Number of pages: 9 Posted: 16 Aug 2023 Last Revised: 20 Feb 2024
Anton Miglo
University of Glasgow
Downloads 29 (856,882)

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agency problem, family firm

41.

Simultaneous Choice of Organizational Form and Capital Structure

Number of pages: 39 Posted: 27 Dec 2023 Last Revised: 04 Mar 2024
Anton Miglo
University of Glasgow
Downloads 18 (959,683)

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organizational form, capital structure, unlimited liability, limited liability, asymmetric information

42.

Pecking order with crowdfunding

Number of pages: 20 Posted: 04 Dec 2023
Anton Miglo
University of Glasgow
Downloads 18 (959,683)

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crowdfunding, asymmetric information, pecking order, reward-based crowdfunding

43.

A Theory of Crowdfunding Under Asymmetric Information and Discounting Cost

Number of pages: 30 Posted: 20 Dec 2023
Anton Miglo
University of Glasgow
Downloads 15 (989,782)

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crowdfunding, asymmetric information, free cash flow problem, pooling equilibrium, reward-based crowdfunding

44.

Moral Hazard, Ownership Concentration and Corporate Governance in Developing Countries

Posted: 18 Sep 2023 Last Revised: 20 Feb 2024
Anton Miglo
University of Glasgow

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Ownership Concentration; Dispersed Ownership; Moral Hazard; Stock Incentives; Free Cash Flow Problem; Corporate Governance; Indigenisation

45.

Moral Hazard and Earnings Manipulation

A. Miglo. Moral Hazard and Earnings Manipulation. Advances in Economics and Business 1(2): 39-48, 2013. DOI: 10.13189/aeb.2013.010202, https://www.hrpub.org/journals/jour_archive.php?id=18&iid=62
Posted: 06 Oct 2021
Anton Miglo
University of Glasgow

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Earnings Manipulation, Intertemporal Substitution, Incomplete Contracts, Double Moral Hazard

46.

Asymmetric Information and Crowdfunding

Posted: 13 Nov 2017 Last Revised: 23 Dec 2017
Anton Miglo
University of Glasgow

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crowdfunding, asymmetric information, equity-based crowdfunding, reward-based crowdfunding. all-or-nothing, keep-it-all

47.

Property Rights and Earnings Manipulation

International Research Journal of Finance and Economics, No. 31, pp. 116-128, September 2009
Posted: 15 Jan 2010
Anton Miglo
University of Glasgow

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property rights, earnings manipulations, intertemporal substitution, cash flow rights, control rights

48.

'Empire-Building,' Underinvestment and Capital Gain Taxation

University of Bridgeport Working Paper
Posted: 15 Jan 2010 Last Revised: 08 Jul 2010
Anton Miglo
University of Glasgow

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capital gains tax, moral hazard, underinvestment, empire-building

49.

'Empire-Building', Underinvestment and Capital Gain Taxation

Journal of Current Issues in Finance, Business and Economics, Vol. 2, No. 4, 2010
Posted: 15 Jan 2010 Last Revised: 31 Aug 2010
Anton Miglo
University of Glasgow

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capital gains tax, moral hazard, underinvestment, empire-building

Non-Hierarchical Signalling: Two-Stage Financing Game

Posted: 23 Jul 2006 Last Revised: 17 Aug 2010
Anton Miglo and Nikolay Zenkevich
University of Glasgow and Saint Petersburg State University

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Asymmetric information, Non-hierarchical signalling, Financing, Debt-equity choice, Equilibrium refinements, Intuitive criterion, Mispricing

Non-Hierarchical Signalling: Two-Stage Financing Game

International Journal of Mathematics, Game Theory and Algebra, Vol. 15, No. 3, pp. 257-273, 2006
Posted: 16 Nov 2006
Anton Miglo and Nikolay Zenkevich
University of Glasgow and Saint Petersburg State University

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Asymmetric information, Non-hierarchical signalling, Financing, Debt-equity choice, Equilibrium refinements, Intuitive criterion, Mispricing