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Financing Entrepreneurship and the Old-Boy Network

Inci, Eren - 2012

We study entrepreneurs' start-up financing from banks and local financiers. An informal network, whose membership cannot be observed by outsiders, conveys the good signals it gets about the hidden types of network entrepreneurs to local financiers, which are then reflected in different loan...

Persistent link: https://www.econbiz.de/10013111216

Matching in Entrepreneurial Finance Networks

Pasquini, Ricardo - 2017

We empirically explore the importance of networks in the match formation of startups and investors. Using a massive network of connections from the entrepreneurial finance setting in California, we estimate a matching model introducing network distance as a key determinant of the value of a...

Persistent link: https://www.econbiz.de/10012968861

Lender-Borrower Relationships and Loan Origination Costs

Ostromogolsky, Philip - 2017

Using a recently developed method of causal inference, this paper estimates the additional up-front loan origination costs that a small business can expect to pay when it first borrows from a new lender. I compare firms that borrow from a previously unused financial institution with firms that...

Persistent link: https://www.econbiz.de/10012957943

Unintended Side Effects : Stress Tests, Entrepreneurship, and Innovation

Doerr, Sebastian - 2019

entrepreneurship and innovation at young firms. Banks subject to stress tests have strongly cut small business loans secured by home … entrepreneurship during the recovery in counties with higher exposure to stress tested banks. The decline has been steeper in sectors … and economic dynamism. The effects of stress tests on entrepreneurship should be taken into account when evaluating their …

Persistent link: https://www.econbiz.de/10012857892

Financing Experimentation

Liu, Tong - 2021

Leveraging the detailed project-level data on biotech startups and their IPO records, this paper studies how adverse selection in capital markets affects financing decisions of entrepreneurs and firm values. By structurally estimating a dynamic model that features strategic experimentation and...

Persistent link: https://www.econbiz.de/10013222521

Financing Entrepreneurial Production : Security Design with Flexible Information Acquisition

Yang, Ming - 2017

We propose a theory of security design in financing entrepreneurial production, positing that the investor can acquire costly information on the entrepreneur's project before making the financing decision. When the entrepreneur has enough bargaining power in security design, the optimal security...

Persistent link: https://www.econbiz.de/10012974734

Backers : Consumers or Investors? Crowdfunding vs. Traditional Financing as an Optimal Security Design Problem

Miglo, Anton - 2022

This article is the first one that analyzes the choice between crowdfunding and traditional financing as a security design problem. The value of this research comes from several points: 1) the origin of crowdfunding and its features has not been completely explained; 2) crowdfunding regulation is...

Persistent link: https://www.econbiz.de/10013306964

Financing entrepreneurship and the old-boy network

Inci, Eren; Parker, Simon C. - 2012

redistributive gains in the form of better loan terms as network members. -- entrepreneurship ; financiers ; networks ; start …

Persistent link: https://www.econbiz.de/10009530313

Too Talented to Innovate? Dynamic Entrepreneurial Reputation, Project Selection and Welfare

Shamir, Noam - 2017

This paper integrates entrepreneurial reputation into a multi-period model which explores the financing and execution of heterogeneous projects under asymmetric information. We study a model where reputation can be acquired following a history of successful execution but may also be inferred...

Persistent link: https://www.econbiz.de/10012968406

Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur

Miglo, Anton - 2018

This article is the first one that considers a model of the choice between the different types of crowdfunding, which contains elements of the asymmetric information approach and behavioral finance (overconfident entrepreneurs). The model provides several implications, most of which have not yet...

Persistent link: https://www.econbiz.de/10012925818