If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties … and analyze entrepreneurs' financing strategy between the two. We find that, in all strict Nash Equilibria, entrepreneurs … who value private benefits more choose banks while the rest choose venture capital. Thus, bank-financed entrepreneurs …

can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is …This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … jobs. Instead, failed entrepreneurs must seek other jobs in an imperfectly informed external labour market. While this is …

. The analysis shows that despite the conflict of incentives between tasks, entrepreneurs with substantial capital needs …

underpricings--to provide guidelines to entrepreneurs in their efforts to secure funding for new ventures. After extending the model …