Entrepreneurship & Finance eJournal最新文献_第6页

The Valuation of Technological Startups 科技创业公司的估值

Entrepreneurship & Finance eJournal Pub Date : 2019-05-22 DOI: 10.2139/ssrn.3533876

Roberto Moro Visconti

引用次数: 2

Crowdsourced Behavior-Driven Development 众包行为驱动开发

Entrepreneurship & Finance eJournal Pub Date : 2019-05-10 DOI: 10.2139/ssrn.3467705

Emad Aghayi, Thomas D. Latoza, P. Surendra, Seyedmeysam Abolghasemi

引用次数: 6

Angel Cognition and Active Involvement in BA Groups: A Cross-Country Empirical Analysis 天使认知与BA群体积极参与:一项跨国实证分析

Entrepreneurship & Finance eJournal Pub Date : 2019-04-10 DOI: 10.2139/ssrn.3369490

Peter Wirtz, C. Bonnet, L. Cohen, Vincenzo Capizzi

{"title":"Angel Cognition and Active Involvement in BA Groups: A Cross-Country Empirical Analysis","authors":"Peter Wirtz, C. Bonnet, L. Cohen, Vincenzo Capizzi","doi":"10.2139/ssrn.3369490","DOIUrl":"https://doi.org/10.2139/ssrn.3369490","url":null,"abstract":"The present research sets out to reach a better understanding of the determinants of business angels’ active involvement in making business angel groups accomplish diverse functions and building cognitive resources and shared competencies. We develop a framework where angels’ decision making style and professional experience are key in explaining their degree and type of involvement with diverse business angel group activities. We also posit that institutional and organizational factors might influence the involvement of business angels in group activities. To test the related propositions, we conduct a questionnaire survey with the members of two large business angel groups based in Italy and France. Our results show that business angels with a control-oriented decision-making style, as well as angels with previous Professional experience as a CEO and in marketing and sales, tend to be more actively involved in key angel group activities, both with regard to investment related activities and angel group management activities. Differences between the two angel groups seem to be due to organizational factors rather than to national or regional specificities.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90345653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

The Leapfrog Model: Venture Capital as a Cure to Africa's Funding Paralysis 跨越式模式:风险投资是非洲融资瘫痪的解药

Entrepreneurship & Finance eJournal Pub Date : 2019-02-28 DOI: 10.2139/ssrn.3366908

Olayanju Phillips

引用次数: 1

Same, Same but Different: How Preferential Claims Skew Returns of Venture Capital Investments 相同，相同但不同:优先索赔如何扭曲风险投资回报

Entrepreneurship & Finance eJournal Pub Date : 2019-02-25 DOI: 10.2139/ssrn.3359787

Julian Kaboth, Arnd Lodowicks, M. Schreiter, B. Schwetzler

引用次数: 0

Venture Capital, the Right Mix! 风险投资，正确的组合!

Entrepreneurship & Finance eJournal Pub Date : 2019-02-01 DOI: 10.2139/ssrn.3463776

Shomaila L. Maker

{"title":"Venture Capital, the Right Mix!","authors":"Shomaila L. Maker","doi":"10.2139/ssrn.3463776","DOIUrl":"https://doi.org/10.2139/ssrn.3463776","url":null,"abstract":"There is, surprisingly, a paucity of current (American) academic literature on why certain capital markets have been more conducive to the growth of venture-capital, whereas in other (advanced) capital markets venture-capital has not been able to secure a foothold. Writing almost two decades ago, Gilson suggested a link between an active stock market and a strong venture-capital market. A different viewpoint was presented by Curtis Milhaupt in his article published in 1997, where he explored the linkage between corporate governance and innovation by examining the legal rules and institutional settings in Japan and the US for venture-capital. For Milhaupt, the differences between the US and Japanese venture-capital markets could not be explained simply as a function of market liquidity, and depended on the different corporate governance characteristics of the two systems. Fast forward to 2019, and whilst venture-capital investment in Japan continues to remain low, Germany (a bank-centered capital market system) is the new hot-bed for venture-capital activity. This article explores both Gilson's and Milhaupt's viewpoints and presents an alternative explanation. As growth of venture-capital in India and Germany have shown, so long as there is a conducive environment for a pool of entrepreneurial talent to develop (be it because of proximity of educational institutions such as the IITs in India, or because of affordability and hip sub-culture, as in Berlin), there is fodder for venture-capitalists for spurring innovative enterprise.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79368747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Founder Involvement in CEO Turnover 创始人参与CEO更替

Entrepreneurship & Finance eJournal Pub Date : 2019-01-14 DOI: 10.2139/ssrn.3315516

Oskar Kowalewski, Aleksandra Majda-Kariozen, Błażej Socha

引用次数: 0

Optimal Regulation of P2P Lending for Small and Medium-Sized Enterprises 中小企业P2P借贷的优化监管

Entrepreneurship & Finance eJournal Pub Date : 2019-01-02 DOI: 10.2139/ssrn.3313999

Naoko Nemoto, D. Storey, Bihong Huang

{"title":"Optimal Regulation of P2P Lending for Small and Medium-Sized Enterprises","authors":"Naoko Nemoto, D. Storey, Bihong Huang","doi":"10.2139/ssrn.3313999","DOIUrl":"https://doi.org/10.2139/ssrn.3313999","url":null,"abstract":"Globally, the regulation of P2P lending has evolved significantly in recent years, with mostly beneficial effects on the diversification of funding for individuals and corporations. Regulatory responses have varied greatly between countries, and the characteristics of the markets that have emerged vary as a result. We describe and evaluate the range of P2P lending systems on offer to small and medium-sized enterprises (SMEs) in several countries, considering different regulatory regimes. In some countries, there are problematic incentives for platforms that rate credit and originate loans without holding the risk of these loans. In addition, when investor returns are guaranteed by platforms, investors have no incentive to distinguish among risk categories. In several countries, notably the People’s Republic of China, P2P platforms have engaged in fraudulent behavior and Ponzi-like schemes. On the other hand, stringent regulation in the United States has excessively impeded new entrants from providing competition to established platforms. Regulators should be mindful of these risks and others, while also seeking to capitalize on the benefits that the sector offers for providing new funding opportunities to SMEs. In our view, the United Kingdom can be suggested as an effective model to follow because of its tailor-made and flexible regulation.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78814078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 22

Are Equity Crowdfunding Investors Active Investors? 股权众筹投资者是活跃投资者吗?

Entrepreneurship & Finance eJournal Pub Date : 2019-01-01 DOI: 10.2139/ssrn.3474190

Lars Hornuf, Tobias Schilling, Armin Schwienbacher

{"title":"Are Equity Crowdfunding Investors Active Investors?","authors":"Lars Hornuf, Tobias Schilling, Armin Schwienbacher","doi":"10.2139/ssrn.3474190","DOIUrl":"https://doi.org/10.2139/ssrn.3474190","url":null,"abstract":"A common assumption is that entrepreneurs retain more control of their venture when opting for equity crowdfunding (ECF) rather than venture capital. In this article, we investigate the relevance of cash-flow, control, and exit rights awarded to crowd investors in Germany, where more flexible ECF contracts are offered than in many other countries. In Germany, many of the rights used in venture capital investment contracts are also prevalent in ECF contracts. We find that crowd investors are asked to pay higher prices if they receive more cash-flow and exit rights, consistent with the view that these rights are valuable to the crowd. However, we find no evidence that these rights affect campaign outcome, the likelihood of securing follow-on funding, or the insolvency likelihood of the venture. We interpret this as indirect evidence that crowd investors are passive. Furthermore, crowd investors neither actively trigger insolvency proceedings nor mention the enforcement of their contractual rights in investor communication blogs or popular media. These results are in contrast with control rights theory and the results documented for venture capital contracts. Our research thus suggests that crowd investors are rather passive investors whose control rights are either ineffective or not exercised.","PeriodicalId":11881,"journal":{"name":"Entrepreneurship & Finance eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91330688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Does Religiosity Influence Venture Capital Investment Decisions? 宗教信仰是否影响风险投资决策?

Entrepreneurship & Finance eJournal Pub Date : 2019-01-01 DOI: 10.2139/ssrn.3026156

Justin Chircop, S. Johan, Monika Tarsalewska

引用次数: 28