How alternative finance informs central themes in corporate finance

Hisham Farag*, Sofia Johan

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

17 Citations (Scopus)
2 Downloads (Pure)


This paper investigates three areas of corporate finance, and the role of alternative finance in contributing to our understanding of these areas. First, we look at disclosure, information asymmetry, and adverse selection, and how different alternative finance solutions are used to mitigate these issues. Second, we examine moral hazard and risk taking and how these behaviours are shaped by new types of alternative finance. Third, we consider the role of control rights, and show how their importance varies by context including types of alternative finance and the country-level institutional setting.
Original languageEnglish
Article number101879
Number of pages8
JournalJournal of Corporate Finance
Early online date4 Jan 2021
Publication statusPublished - Apr 2021

Bibliographical note

We are grateful to the Editors of the Journal of Corporate Finance, Raghavendra Rau and the participants of the Birmingham Business School and the Journal of Corporate Finance Co-sponsored Conference Developments in Alternative Finance hosted by Birmingham Business School for helpful comments and suggestions.


  • Peer-to-peer lending
  • Fintech
  • Cryptocurrencies
  • ICOs
  • Digital finance
  • Alternative finance


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