Entrepreneurship Educator: Courses最新文献

{"title":"De vuelta a lo básico: El costo de capital depende de los flujos de caja libre (Return to Basics: Cost of Capital Depends on Free Cash Flows)","authors":"Ignacio Vélez-Pareja","doi":"10.2139/ssrn.1305331","DOIUrl":"https://doi.org/10.2139/ssrn.1305331","url":null,"abstract":"Spanish Abstract: La mayoria de los textos de finanzas corporativas y los analistas presentan el calculo del Costo Promedio Ponderado de Capital CPPC (tambien conocido como WACC) como independiente del Flujo de caja libre.Es una practica comun que los analistas calculen un CPPC a priori y lo usen independientemente del valor de la firma (esto es, del FCL). En esta nota se muestra que el FCL afecta el CPPC y que esta interrelacion crea una circularidad, pero ademas mostramos como se puede resolver de una manera sencilla.Hay dos apendices: uno que explica la circularidad y otro con la derivacion de la formula del costo del patrimonio (patrimonio).English Abstract: Most popular corporate finance textbooks and practitioners present the Weighted Average Cost of Capital WACC calculation as independent from the Free Cash Flow. It is a common use that practitioners calculate a WACC a priori and use it independently from the firm value (this is, from FCF). In this note we show that FCF affects WACC and that this interrelationship creates circularity, but we show how it can be solved in a very easy way.There are two appendixes: one explaining the circularity issue and another one for deriving the proper formulation of the cost of equity.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128394115","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}

{"title":"The Transition Towards Entrepreneurial Universities: An Assessment of Academic Entrepreneurship in Italy","authors":"N. Baldini, R. Fini, Rosa Grimaldi","doi":"10.2139/ssrn.1979450","DOIUrl":"https://doi.org/10.2139/ssrn.1979450","url":null,"abstract":"In this paper we illustrate the changes that the Italian university system underwent from the early 2000s till today, with a special focus on the transition to academic entrepreneurship. We describe these changes as part of more general and similar trends taking place in other European countries in the same period. The Italian case shows the on-going effort that national Government and academic institutions have been devoting to create better conditions to enable the successful commercialization of academic research results. Specifically, we look at the differences in the amount of academic entrepreneurship generated by the 64 Science, Technology, Engineering and Mathematical universities during the last decade, assessing the impact of normative and structural support mechanisms on the universities’ ability to engage with the market logic. Policy implications are discussed.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126984798","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}

{"title":"Using Simulation to Support the R&D Decision of a Pharmaceutical Firm","authors":"D. C. Joaquin, H. Kang","doi":"10.2139/ssrn.2460541","DOIUrl":"https://doi.org/10.2139/ssrn.2460541","url":null,"abstract":"This paper illustrates how simulation modeling can be employed to support the R&D decision of a pharmaceutical firm. We do this in the context of a simplified but realistic example, where a drug company has just successfully completed the second phase of a three-phase process for assessing the effectiveness of a proposed drug in treating a targeted ailment with acceptable levels of side-effects. We provide step-by-step instruction for simulating the net present value and the internal rate of return of a ten-year pharmaceutical R&D project. The uncertainty lies in the efficacy of proposed drug and that of an alternative drug. Random too, are the initial size of the total market, and its subsequent exponential growth rate. Market share depends on the efficacy of proposed drug relative to that of the alternative drug, as well as, the subsequent introduction of new, alternative drugs in the market, which arrive in a random fashion. Finally, the ratio of cost of goods sold to sales and the terminal EBITDA multiple are also random. The problem is a variation of the Newdrug examples in chapters 19-21 of Andrew Metrick and Ayako Yasuda’s (2010) venture capital finance text.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"338 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122541973","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}

{"title":"Do University Entrepreneurship Programs Influence Students’ Entrepreneurial Behavior? An Empirical Analysis of University Students in Singapore","authors":"P. Wong, Y. Ho, Pei Chin Low","doi":"10.2139/ssrn.2411266","DOIUrl":"https://doi.org/10.2139/ssrn.2411266","url":null,"abstract":"This paper investigates empirically the link between entrepreneurship education programs and students’ entrepreneurial behavior, with a particular focus on the distinction between experiential and classroom-based education. We introduce a more refined measure of entrepreneurial engagement that combines entrepreneurship intention and actual steps taken to realize that intention. Using data from a survey of 836 students at the National University of Singapore (NUS), we utilize linear regression models to examine not only the direct effect of entrepreneurship education program participation on entrepreneurial engagement, but also its possible interaction effect with several psychological constructs drawn from the Theory of Planned Behavior. The results show that participation in university entrepreneurship programs, especially experiential learning programs, has significant positive influence on students’ entrepreneurial engagement. Moreover, the effect of program participation is significantly moderated by the students’ attitudes and perceptions. The findings have important practical implications for universities in designing entrepreneurship programs on campus. The study supports the call to move towards hands-on experiential programs as a more effective way for educational institutions to influence students' entrepreneurial behavior and encourage venture creation activity on campus. We also contribute to the literature by confirming the impact of entrepreneurship education not only on entrepreneurial intentions but also on the concrete steps taken by students towards venture creation.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117191923","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}

{"title":"Holistic Entrepreneurship Values: Panacea for Self-Development of Vocational High School Students in Indonesia","authors":"Andi Mallanti, Rohana Binti Hamzah","doi":"10.2139/ssrn.2256502","DOIUrl":"https://doi.org/10.2139/ssrn.2256502","url":null,"abstract":"The purpose of this paper is to emphasize the importance of the holistic entrepreneurship values toward developing students’ self-development (HEVS-D) based on Islamic philosophy. This article presents guideline for students on how to go about entrepreneurship activities based on Islamic ideology. Several articles consulted in the process of this technical review to give insight on the relevance of a holistic approach to entrepreneurship teaching and learning in vocational high schools around the globe. This article finally, presents an alternative approach as a complement to practice in teaching and learning of holistic-entrepreneurship education in vocational high schools in Indonesia.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"128 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132841988","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}

{"title":"The Story of Youngest CEO in the World","authors":"S. Deenadayalan, D. Avinandan, P. Krishnamurthy","doi":"10.2139/ssrn.2195001","DOIUrl":"https://doi.org/10.2139/ssrn.2195001","url":null,"abstract":"Suhas Gopinath conceived his enterprise at the age of thirteen years and the youngest entrepreneur in the world. He started a software company Globals registered in California’s Silicon Valley and at present spread over eleven countries. His entrepreneurial journey began in his early teens when he was fascinated with the internet. His initial dilemma was becoming a veterinarian due to love of his dog or to plunge into the world of software. His father could not afford him a computer in the year 2000 while Suhas loved the internet. He noticed that the owner of the cyber café had to shut his shop during the afternoon time from 1 pm to 4 pm, he volunteered to the owner that he would open the shop during this time and thus use internet free of cost and the owner agreed to it; it was the trigger for entrepreneurial spirit. Suhas comes from a non business family and academic excellence was family priority. Due to his passion he failed in ninth standard. He took a temporary break and he passed his 10th standard examinations. And despite being a busy traveler and attending conferences in top companies in Europe and delivering lectures in Ivy League universities like Harvard, he kept his love towards programming alive. He never uses job specifications or job evaluation nor marketing; most of his organizational practices are counter intuitive. However, all his employees are totally engaged. He considers himself as a social entrepreneur. Apart from being the world’s youngest entrepreneur there are attributes that distinguish him and his philosophy from other CEOs or organizations. His love towards animals and the value of Ahimsa, ethics instilled by parents, passion towards less privileged and having no access towards education, promoting dignity and modesty as a value being considered by the organization, are some of the most important dimensions that are studied in the present case study. It may be concluded that the future business organizations to be sustainable, have lessons to learn from Suhas Gopinath.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132436472","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}

{"title":"The New Approaches in Entrepreneurship Education: Integrated Education Models","authors":"D. Ozgen","doi":"10.2139/ssrn.2164274","DOIUrl":"https://doi.org/10.2139/ssrn.2164274","url":null,"abstract":"This paper aims to investigate the education methodologies of entrepreneurship and business in the world. Furthermore it analyzes a model within consideration of these methodologies. The success of entrepreneurship education depends on the holistic design of an educational system with respect to entrepreneurship and business education rather than adding singular modules to the current curriculum. This design is realized in Turkey by the adaptation of Michael Porter's Diamond Model. The dynamic relationship between education modules creates a supportive interaction through this design, just as it is stated in the clustering model. Different methodologies of entrepreneurship education can be provided in the same platform. This brings more productivity to integrated models than singular modules.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134355011","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}

{"title":"An Alternative Proof to Markowitz's Model","authors":"Yaniv Zaks","doi":"10.2139/ssrn.2129137","DOIUrl":"https://doi.org/10.2139/ssrn.2129137","url":null,"abstract":"In the fundamental paper on portfolio selection, Markowitz (1952) described via geometric reasoning his innovative theory and provided the explicit optimal selection for the cases of 3 and 4 assets. Merton (1972) obtained for the general case the efficient portfolio frontiers explicitly by using Lagrange multipliers. In this paper, we suggest a geometric approach to achieve the explicit optimal selection for the general case thus generalizing Markowitz’s original approach to achieve the explicit presentation of the desired selection.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129699116","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}

{"title":"What Does Fortune 500 Turnover Mean?","authors":"Dane Stangler, S. Arbesman","doi":"10.2139/SSRN.2078162","DOIUrl":"https://doi.org/10.2139/SSRN.2078162","url":null,"abstract":"In The Princess Bride, the lead kidnapper, Vizzini, dismisses missteps in his ill-fated scheme with a frustrated exclamation, “Inconceivable!” At length, his soft-spoken mercenary, Inigo Montoya, ventures: “You keep using that word. I do not think it means what you think it means.” An equivalent asymmetry in the world of economic analysis is the use of turnover on the Fortune 500 list. For years, many people have cited turnover — and ostensibly rising turnover — as a proxy for positive economic churn and rapid changes in the U.S. economy that are supposed to reflect underlying strengths in innovation and productivity. We find that, while annual turnover on the list has, on average, increased since the early 1980s, it doesn’t quite mean what many people think it means. On average, annual turnover (the number of spots on the list that change as companies enter and exit the top 500) was moderate in the late 1950s, then lower and steadier through the 1960s and 1970s. Beginning in the early 1980s, annual turnover rose to historically high levels; by the second half of the 1990s, it touched new highs. After 2000, however, turnover returned to the moderate levels of the late 1950s. It’s easy to paint a narrative around these numbers that coincides with the Great Moderation and the productivity revolution of the 1990s and early 2000s. But reality isn’t so simple. For one thing, turnover among big companies is not a new phenomenon. The late 1950s, as mentioned, experienced moderately high levels of turnover (at least compared to subsequent periods). Prior research has revealed considerable churn among big companies in the early decades of the twentieth century as well. Higher turnover in the 1980s did appear to reflect value creation as corporate conglomerates, ravaged by inflation and competition, were taken apart and remade into separate, more efficient companies. But, in the 1990s, higher turnover reflected (a) methodological changes in how the Fortune list was compiled, and (b) a mergers and acquisition boom, concentrated in a handful of sectors, that destroyed perhaps as much value as it created. Turnover is less a broad economic trend than a discrete temporal and sectoral phenomenon. Still, we point out that the Fortune 500 list — and its changes over time — does provide a meaningful window into American capitalism, even if it doesn’t mean what many think it means. It reflects a kaleidoscopic process of sectoral change and greater efficiencies at the level of individual firms, as well as some less sanguine economic developments. The latter includes the downside of higher volatility — the high M&A volume in the late 1990s included the largest number of the worst deals of the past thirty years — and the deleterious implications for consumers and households. Finally, it appears as if performance among the Fortune 500, as measured by return on equity, did not necessarily improve and, if anything, became more volatile over time.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132661040","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}

{"title":"The Emergence of Entrepreneur Competencies Toward Hospitality Management Education Transformation","authors":"N. K. Hidayat","doi":"10.2139/ssrn.2019667","DOIUrl":"https://doi.org/10.2139/ssrn.2019667","url":null,"abstract":"The purpose of this study is to provide an implication model of Creative Entrepreneurship for hospitality management and education. It is obvious that many new ventures are established within the hospitality sector, which may be termed entrepreneurial businesses. The university, including Hospitality Management Education plays a major role as home for faculty who innovate, take calculated risks, and act in a proactive manner. As the vehicle for economic and social change, Academic entrepreneurs in hospitality education are exploring opportunity, leveraging resources, creating change as its transformation. The creative entrepreneurial curriculum will bring positive impact to the process of the above transformation. It is the way how entrepreneurship manifests itself to the body of hospitality education. Insight of the discussion also defining stages of entrepreneurship curriculum implementation as well as identifying relevant competencies required to succeed the learning process. The study takes a qualitative research by delivering a literature approach as well as utilizing previous empirical research in implementing entrepreneurship in education field. The result shows that entrepreneurship stakeholders can use the findings of the study to implement and improve curriculum design, delivery methods and assessment strategies in their efforts to advance entrepreneurship in hospitality management education.","PeriodicalId":174643,"journal":{"name":"Entrepreneurship Educator: Courses","volume":"25 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127650532","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}