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What are Firms? Evolution from Birth to Public Companies
Kaplan, Steven N. - 2014
We study how firm characteristics evolve from early business plan to initial public offering to public company for 49 venture capital financed companies. The average time elapsed is almost 6 years. We describe the financial performance, business idea, point(s) of differentiation, non-human...
Persistent link: https://www.econbiz.de/10012752543
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The State of American Entrepreneurship : New Estimates of the Quality and Quantity of Entrepreneurship for 32 Us States, 1988-2014
Guzman, Jorge - 2016
Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality … cycles as a driver of high-growth entrepreneurship, our results highlight the role of economic and institutional conditions …
Persistent link: https://www.econbiz.de/10012996381
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Nowcasting and Placecasting Entrepreneurial Quality and Performance
Guzman, Jorge - 2015
A central challenge in the measurement of entrepreneurship is accounting for the wide variation in entrepreneurial … quality distribution. Second, we propose two new economic statistics for the measurement of entrepreneurship: the … Entrepreneurship Quality Index (EQI) and the Regional Entrepreneurship Cohort Potential Index (RECPI). We use these indices to offer a …
Persistent link: https://www.econbiz.de/10013028060
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Serial Entrepreneurship : Learning by Doing?
Lafontaine, Francine - 2014
in operation. The data show that serial entrepreneurship is relatively uncommon in retail trade. Of the almost 2 …
Persistent link: https://www.econbiz.de/10013050291
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The Evolution of Corporate Ownership after IPO : The Impact of Investor Protection
Foley, C. Fritz - 2014
Recent research documents that ownership concentration is higher in countries with weak investor protection. However, drawing on panel data on corporate ownership in 34 countries between 1995 and 2006, we show this pattern does not hold for newly public firms, which tend to have concentrated...
Persistent link: https://www.econbiz.de/10012751043
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Why Wait? a Century of Life Before IPO
Jovanovic, Boyan; Rousseau, Peter L. - 2021
Firms that entered the stock market in the 1990s were younger than any earlier cohort since World War I. Surprisingly, however, firms that IPO'd at the close of the 19th century were just as young as the companies that are entering today. We argue here that the electrification-era and the IT-era...
Persistent link: https://www.econbiz.de/10013249222
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Patents and the Survival of Internet-Related Ipos
Cockburn, Iain M. - 2014
We examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of the stock market bubble of the late 1990s. By March 2005, nearly 2/3 of these firms had delisted from the NASDAQ exchange. Although changes in the legal environment in the US in...
Persistent link: https://www.econbiz.de/10012751906
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On the Return to Venture Capital
Jovanovic, Boyan - 2014
We provide a model that links the high return to venture equity to the impatience of the VCs. VCs are scarce, and hence, they have market power and a high return on their investments. As a result, VCs are eager to terminate non-performing ventures so they can move on to new ones. The scarcity of...
Persistent link: https://www.econbiz.de/10012752010
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Cash-Out or Flame-Out! Opportunity Cost and Entrepreneurial Strategy : Theory, and Evidence from the Information Security Industry
Arora, Ashish; Nandkumar, Anand - 2021
entrepreneurship which identifies survival with performance. Instead, many entrepreneurs aim for a cash-out (IPO or acquisition …
Persistent link: https://www.econbiz.de/10013311941
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The Really Long-Run Performance of Initial Public Offerings : The Pre-Nasdaq Evidence
Gompers, Paul A. - 2010
Financial economists in recent years have closely examined and intensely debated the performance of initial public offerings using data after the formation of NASDAQ. The paper seeks to shed light on this controversy by undertaking a large, out-of-sample study: we examine the performance for up...
Persistent link: https://www.econbiz.de/10012763108