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An Empirical Examination of SBA Guaranteed Loans: Rates, Collateral, Agency Costs, and the Time to Obtain the Loan
Brau, James C.; Osteryoung, Jerome S. - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 1-23
We empirically examine a sample of over 350 entrepreneurial firms that successfully receive an SBA guaranteed loan. The first portion of the paper contains descriptive statistics that lend anecdotal evidence concerning the organization type of borrowers, the incidence of collateral, the reasons...
Persistent link: https://www.econbiz.de/10011310372
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Valuation of Closely-Held Firms: Another Look
Dukes, William P.; Bowlin, Oswald D. - In: Journal of Entrepreneurial Finance 2 (1993) 3, pp. 189-202
For the most part, closely-held firms must be valued using proxies for market data which are not available. Valuation …
Persistent link: https://www.econbiz.de/10010790661
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The Effects of Early Stage Venture Capitalist Actions on Eventual Venture Disposition
Busenitz, Lowell W.; Fiet, James O. - In: Journal of Entrepreneurial Finance 5 (1996) 2, pp. 97-114
This study examines the relationship between venture capitalist actions and the eventual disposition of a venture through an IPO, which is the most profitable exit strategy. The actions included in this study were ( 1) altering the amount of their investment; ( 2) securing a concentrated...
Persistent link: https://www.econbiz.de/10010790675
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Financing Internal Buyouts of Private Companies: SCIN Attractive If Valuation Issues Can Be Resolved
Crain, Terry; Hamill, James - In: Journal of Entrepreneurial Finance 4 (1995) 2, pp. 129-42
In planning for succession of ownership, oftentimes the owner of a private business seeks to sell the business to either family members or employees. Arranging outside financing may be difficult or costly, making internal financing attractive. Self-cancelling installment notes (SCINs) provide an...
Persistent link: https://www.econbiz.de/10010790687
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Valuation of Early-Stage Ventures: Option Valuation Models vs. Traditional Approaches
Keeley, Robert H.; Punjabi, Sanjeev; Turki, Lassaad - In: Journal of Entrepreneurial Finance 5 (1996) 2, pp. 115-38
This paper presents a new method for valuing early stage ventures, a method which views new ventures as multi-stage call options. It examines the traditional methods for valuing such ventures--the ubiquitous Discounted Cash Flow (DCF) Method using a risk adjusted discount rate, and the Venture...
Persistent link: https://www.econbiz.de/10010790692
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Fluid Measure and Disbursement: Valuation of a Closely-Held Firm
Dukes, William P. - In: Journal of Entrepreneurial Finance 4 (1995) 2, pp. 165-89
traded. This case is hypothetical, but the valuation issues pertaining to many of those closely-held firms are real. The case … actively traded” price, and valuation treatment of excess assets not needed in the operation of the firm. The desire for market … sometimes less than complete information pertaining to valuation issues for closely-held business. Some of these techniques are …
Persistent link: https://www.econbiz.de/10010790703
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Control Premiums and the Value of the Closely-Held Firm
Schubert, Walt; Barenbaum, Les - In: Journal of Entrepreneurial Finance 1 (1991) 2, pp. 155-159
This paper demonstrates that control premiums are warranted in the valuation of closely-held firms when perquisites …
Persistent link: https://www.econbiz.de/10010790717
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An Empirical Examination of SBA Guaranteed Loans: Rates, Collateral, Agency Costs, and the Time to Obtain the Loan
Brau, James C.; Osteryoung, Jerome S. - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 1-23
We empirically examine a sample of over 350 entrepreneurial firms that successfully receive an SBA guaranteed loan. The first portion of the paper contains descriptive statistics that lend anecdotal evidence concerning the organization type of borrowers, the incidence of collateral, the reasons...
Persistent link: https://www.econbiz.de/10010790732
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The Valuation Effects of Private Placements of Public Corporations' Common Stock
McDaniel, W. R.; McDaniel, William R. - In: Journal of Entrepreneurial Finance 1 (1992) 3, pp. 205-220
Outside shareholders should benefit when the firm issues common stock through a private placement. Our propositions are (1) that the private issue of common equity creates a value-maximizing insider that has the incentive and ability to monitor and discipline, and thereby reduce agency costs and...
Persistent link: https://www.econbiz.de/10010765305
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Some Potential Means for Venture Valuation
Stummer, Wolfgang - In: Journal of Entrepreneurial Finance 7 (2002) 3, pp. 39-52
In some modern venture valuation approaches, option pricing theory plays an important role. The aim of this paper is to … that can be obtained by observing the sample path of X . Furthermore, we also show some connections with the valuation of …
Persistent link: https://www.econbiz.de/10010765320