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Risky business : venture capital, pivoting and scaling

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2024

The creation and scaling of startups are inherently linked to risk-taking, with various types of owners handling these …, introduce ”exit costs” that make high-risk strategies more attractive to VC-backed startups. Moreover, an active VC market … presence of VC intensifies research risk among established firms, as their research initiatives are strategic complements to …

Persistent link: https://www.econbiz.de/10014564131

Does a local bias exist in equity crowdfunding?

Hornuf, Lars; Schmitt, Matthias; Stenzhorn, Eliza - 2020

We use hand-collected data of 20,460 investment decisions and two distinct portals to analyze whether investors in equity crowdfunding direct their investments to local firms. In line with agency theory, the results suggest that investors exhibit a local bias, even when we control for family and...

Persistent link: https://www.econbiz.de/10012175802

Are sustainability-oriented investors different? : evidence from equity crowdfunding

Hornuf, Lars; Stenzhorn, Eliza; Vintis, Tim - 2020

In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate...

Persistent link: https://www.econbiz.de/10012226560

Equity crowdfunding in Germany and the UK : follow-up funding and firm survival

Hornuf, Lars; Schmitt, Matthias - 2017 - This version: August 17, 2017

Today, start-ups often obtain financing via the Internet through many small contributions of non-sophisticated investors. Yet little is known about whether these start-ups can ultimately build enduring businesses. In this paper, we hand-collected data from 38 different equity crowdfunding (ECF)...

Persistent link: https://www.econbiz.de/10011721567

Enterprise formation and labor market institutions

Kanniainen, Vesa; Vesala, Timo - 2000

. Enterprise formation is subject to future market risk and is shaped by labor market institutions in the post-entry stage. The …

Persistent link: https://www.econbiz.de/10009781640

Convertible securities and venture capital finance

Schmidt, Klaus M. - 1999

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Persistent link: https://www.econbiz.de/10009781712

Public policy for start-up entrepreneurship with venture capital and bank finance

Keuschnigg, Christian; Nielsen, Søren Bo - 2003

This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider...

Persistent link: https://www.econbiz.de/10011514147

Are equity crowdfunding investors active investors?

Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019

It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd...

Persistent link: https://www.econbiz.de/10012119946

Investor tax breaks and financing for start-ups : evidence from China

Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

Persistent link: https://www.econbiz.de/10014564279

Immigrant entrepreneurship

Pekkala Kerr, Sari; Kerr, William R. - 2016

We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantifies immigrant contributions to new firm creation in a wide variety of fields and using multiple definitions. While significant...

Persistent link: https://www.econbiz.de/10011565661

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