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Agrawal, Ajay K. - 2014

, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little … initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we … transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for …

Persistent link: https://www.econbiz.de/10013063674

Financing Constraints and Entrepreneurship

Kerr, William - 2014

Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal...

Persistent link: https://www.econbiz.de/10013070601

Show Me the Right Stuff : Signals for High Tech Startups

Conti, Annamaria - 2015

We present a theoretical model of startup signaling with multiple signals and potential differences in external investor preferences. For a novel sample of technology incubator startups, we empirically examine the use of patents and founder, friends, and family (FFF) money as such signals,...

Persistent link: https://www.econbiz.de/10013037983

Social Finance

Kuchler, Theresa; Stroebel, Johannes - 2022

We review an empirical literature that studies the role of social interactions in driving economic and financial decision making. We first summarize recent work that documents an important role of social interactions in explaining household decisions in housing and mortgage markets. This...

Persistent link: https://www.econbiz.de/10013406071

Squaring Venture Capital Valuations with Reality

Gornall, Will - 2017

We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns – private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find reported unicorn post-money valuation average 50% above fair...

Persistent link: https://www.econbiz.de/10012946036

Patent Collateral, Investor Commitment, and the Market for Venture Lending

Hochberg, Yael V. - 2016

The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent...

Persistent link: https://www.econbiz.de/10013005794

Friends or Foes : The Interrelationship between Angel and Venture Capital Markets

Hellmann, Thomas F. - 2014

This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are also 'foes', because at the later stage the...

Persistent link: https://www.econbiz.de/10013053483

Kill Zone

Kamepalli, Sai Krishna; Rajan, Raghuram G.; Zingales, Luigi - 2022

We study why acquisitions of entrant firms by an incumbent can deter innovation and entry in the digital platform industry, where there are strong network externalities and some customers face switching costs. A high probability of an acquisition induces some potential early adopters to wait for...

Persistent link: https://www.econbiz.de/10013298326

Business Partners, Financing, and the Commercialization of Inventions

Astebro, Thomas B. - 2014

This paper studies the effect of business partners on the commercialization of nvention based ventures, and it assesses the relative importance of partners' human and social capital on commercialization outcomes. Projects run by partnerships were five times more likely to reach...

Persistent link: https://www.econbiz.de/10013067734

The Importance of Trust for Investment : Evidence from Venture Capital

bottazzi, laura - 2014

We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment...

Persistent link: https://www.econbiz.de/10013068297

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