Nascent entrepreneurs are people who are (alone or with others) actively engaged in creating a new venture and who expect to be the owner or part owner of this start-up. Given that newly founded firms are important for the economic development of nations and regions, and that nascent...

The behavior of asset prices is analyzed in a general equilibrium model where agents not only have preferences over consumption but also (implicitly) over their beliefs. Agents endogenously choose to disregard information contained in a signal if it conflicts with their desired beliefs. In this...

This paper surveys empirical and theoretical studies of various control mechanisms embedded in venture capital contracts. These mechanisms mitigate incentive problems and opportunistic behavior arising in the uncertain environment of financing young hightechnology enterprises that predominantly...