The growth of venture capital as an industry has opened up an alternative route to obtaining financial resources for those companies with particular characteristics, including young companies, those that belong to high risk sectors, those that are more challenged by asymmetries of information,...

This study examines the relationships among angel investor-entrepreneur relationship conflicts, task conflicts and goal conflicts on the one hand and their intentions to exit on the other. I evaluate the hypotheses with survey data from 65 angel investors and 72 entrepreneurs belonging to 54...

We posit that individuals who are actively engaged in activities to develop their own venture will exhibit hindsight bias when recalling their startup experiences. We observe that those who fail to develop their startup activity into an operating business demonstrate substantial hindsight bias...

If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...

Governments worldwide spend enormous sums subsidizing and even bailing out troubled firms. These firms are almost always large, mature companies in mature industries. In this book, Josh Lerner asks whether government should instead focus on emerging companies. Perhaps government would do better...

This study provides evidence of significant biases in multi-year management forecasts by analyzing a proprietary dataset on venture-backed start-ups in Germany. We find that revenues and expenses are highly overestimated in each of the investigated one- to five-year-ahead planning periods....

This study sheds light on the so-called, "entrepreneurial event," which is of utmost importance within the entrepreneurial process. We develop a framework describing the occurrence of such an event in terms of characteristics of the business opportunity as well as in terms of characteristics of...

The term ‘investor relations' (IR) often refers only to the very formal and primarily anonymous relations and communication between publicly traded companies and their (potential) shareholders. Especially for young and not yet publicly traded companies (so-called start-ups), it can be shown...

This paper is concerned with whether women are less likely to express business start-up intentions because of a less favourable attitude to risk. Previous research suggests that attitude to risk differs significantly between genders, but has not addressed the question of whether this contributes...