Start-ups mostly have only limited internal financing. Post-entry performance should thus strongly depend on the availability of new external capital. In this study we analyze the impact of financial constraints on the performance of Swiss start-ups. Since we use cohort data, we have for some...

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...

We explore how coworking spaces are involved in the entrepreneurial ecosystem of start-ups contingent on the lifecycle stage of the firm and the coworking space market itself. Our study is based on a hand-collected detailed sample of coworking spaces in the seven largest regions in Germany. We...

This paper explores how prominent VCs affect CEO replacement in startups. Defining prominence using eigenvector centrality, we employ matching methods and instrumental variables to show that startup CEO replacement occurs more often, and faster, when prominent VCs participate. We further explore...

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...

ICOs are a new way for blockchain startups to finance project development by issuing coins or tokens in exchange for fiat money or Bitcoin or other cryptocurrencies. In this article, we start from the current distinction between different types of tokens and argue that it can create confusion...

This paper examines how ownership characteristics affect the performance of small and medium technology startups in Russia. We focus on how different types of owners (e.g. founders, state, venture capital and corporate firms) contribute to startup performance. Using an unbalanced panel of...

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...

In this paper, the authors focus on two primary governance mechanisms which can be considered as sources of support for startup companies: the company's ownership contingent and the company's management personnel. Based on descriptive statistics from a sample of 416 Skolkovo start-ups from the...

This Article examines a third exit option in venture capital to supplement IPOs and trade sales: secondary markets for the sale of individual ownership interests in start-ups and venture capital (VC) funds. While investors can readily buy shares in publicly-traded companies, until recently they...