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Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in … aggregate supply, productivity, and demand shocks. We estimate a large increase in the failure rate of SMEs under COVID-19 of …, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business …

Persistent link: https://www.econbiz.de/10012481180

Bankruptcy and Small Firms' Access to Credit

Berkowitz, Jeremy - 2002

In this paper, we investigate how personal bankruptcy law affects small firms' access to credit. When a firm is … to its owner. If the firm fails, the owner has an incentive to file for personal bankruptcy, since the firm's debts will … exemption level, the greater is the incentive to file for bankruptcy. We show that supply of credit falls and demand for credit …

Persistent link: https://www.econbiz.de/10012469703

Patents and the Survival of Internet-related IPOs

Cockburn, Iain M. - 2007

We examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of …

Persistent link: https://www.econbiz.de/10012465507

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021

The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...

Persistent link: https://www.econbiz.de/10012794560

On the Return to Venture Capital

Jovanovic, Boyan - 2007

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/10012465782

What Are Firms? Evolution from Birth to Public Companies

Kaplan, Steven N. - 2005

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/10012467096

Venture Capitalists' Access to Finance and Its Impact on Startups

Chen, Jun; Ewens, Michael - National Bureau of Economic Research - 2021

Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly...

Persistent link: https://www.econbiz.de/10012629431

Financing Constraints and Entrepreneurship

Kerr, William - 2009

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/10012463151

Some Simple Economics of Crowdfunding

Agrawal, Ajay K. - 2013

It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...

Persistent link: https://www.econbiz.de/10012459529

Venture Debt

Morse, Adair - National Bureau of Economic Research - 2024

The provision of venture debt financing to growth-oriented startups which are backed by venture capital (VC) equity has been a bit of a puzzle given the lack of positive cash flows or traditional collateral of such startups. This short paper lays out the hurdles for debt to overcome to be a...

Persistent link: https://www.econbiz.de/10014512037

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