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Culture, Not Leverage, Made Wall Street Riskier

Harvard Business Review

Corporate incentives and culture may be even more important in explaining what changed on Wall Street in recent years, and by placing too much emphasis on quantitative ratios like leverage, we may be missing some other important parts of the problem. Before the IPO in 1999, partners of Goldman Sachs owned equity in a private partnership.

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The Hidden Costs of Initial Coin Offerings

Harvard Business Review

Some observers have pointed out that blockchain projects may have an inherent incentive and strategic reason to be more aggressive in raising capital earlier in the experimentation process. In addition to these constraints on experimentation, there is a another cost to ICOs: Exposing Strategic Roadmap to Competition.

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