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Entrepreneurial investment evaluation decision-making : a focus on venture capitalists, business angels and early-stage entrepreneurs in South Africa
Urban, Boris; Moreno, Marco Antonio - In: Journal of entrepreneurial finance : JEF ; official … 24 (2022) 2, pp. 38-58
Business angels (BAs) and venture capitalists (VCs) are important sources of finance for entrepreneurs in emerging markets for raising start-up and growth capital. Recognising that entrepreneurial investment evaluation decision-making is a highly complex process, and that there are limited...
Persistent link: https://www.econbiz.de/10012990201
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Beg, Borrow, and Deal? Entrepreneurs' Choice of Financing and New Firm Innovation
Winston Smith, Sheryl - 2014
Entrepreneurs rely on a spectrum of financing options for new companies. I analyze two key aspects: the role of debt and bank loans in the early financing of new firms and the relationship between financing choice and subsequent innovation trajectory. I use microdata in the confidential Kauffman...
Persistent link: https://www.econbiz.de/10013070165
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An analytical approach to crowdinvesting : the impact of marketing and idea stealing on the entrepreneur's decision making
Bethmann, Nicola; Frieden, Matthias - 2019
In a game theoretical setting, this paper studies the entrepreneur's decision making by using a new financing opportunity referred to as crowdinvesting. In this model, the entrepreneur can collect money and advertise his innovative idea. However, crowdinvesting carries the risk of being copied...
Persistent link: https://www.econbiz.de/10011957777
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Public equity markets and innovation
Bernstein, Shai - 2017
This paper reviews the literature on the role of public equity markets in the innovation ecosystem. The review highlights the importance of public equity markets in funding the research and development activities of young and high growth firms. It also illustrates the dependence of venture...
Persistent link: https://www.econbiz.de/10011723674
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A robust valuation model for entrepreneurial ventures
Kedar-Levy, Haim - In: Journal of entrepreneurial finance : JEF ; official … 16 (2013) 2, pp. 57-74
Pro forma estimation of financial statements often builds on constant ratios to sales revenue. While constant ratios may be relevant for established firms operating in predictable industries, they yield noninformative and possibly misleading information when applied to new firms, and...
Persistent link: https://www.econbiz.de/10010345094
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Multiple-project financing with informed trading
Cantale, Salvatore; Lukin, Dmitry - In: Journal of entrepreneurial finance : JEF ; official … 16 (2012) 1, pp. 1-28
The paper presents an adverse selection-based explanation of the fact that some entrepreneurs choose to finance multiple projects together by issuing a single security and other entrepreneurs decide to finance each project separately. We consider the financing problem of an entrepreneur who has...
Persistent link: https://www.econbiz.de/10010345101
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Entrepreneurship and the Theory of Taxation
Henrekson, Magnus - 2019
A review of the literature on firm taxation reveals that the economics of entrepreneurship has only recently and … entrepreneurship important for analyzing the effects of taxation of ownermanaged firms in the process. These include the lack of a well ….lt;brgt;lt;brgt;When distinct attributes of entrepreneurship are taken into account, certain conclusions of capital taxation models no longer hold …
Persistent link: https://www.econbiz.de/10012706095
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Crowdfunding Under Market Feedback, Asymmetric Information And Overconfident Entrepreneur
Miglo, Anton - 2020
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/10012842167
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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
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Social Capital and Entrepreneurial Financing Choice
Dudley, Evan - 2020
This paper investigates the influence of social capital on young firms' financing arrangements. Using a sample of U.S. start-ups, I find that social capital, as captured by secular norms and social networks in the entrepreneur's county, increases access to outside financing and reduces reliance...
Persistent link: https://www.econbiz.de/10012827472