{"title":"Participating Convertible Preferred Stock in Venture Capital Exits","authors":"Sridhar Arcot","doi":"10.2139/ssrn.819843","DOIUrl":"https://doi.org/10.2139/ssrn.819843","url":null,"abstract":"This paper develops a theory of the participating convertible preferred (PCP) stock commonly used in venture capital settings. I show that the participation and convertibility features of PCP stock can be used to reduce information asymmetry between the venture and potential investors at the time of exit. Further, the convertibility feature of PCP helps in alleviating the problem of insufficient entrepreneurial effort. I then derive implications for the two most common types of exits in venture capital—initial public offerings and trade sales—and explain how US venture capital markets differ from other VC markets.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123590194","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":"Determinants of Diversification by Young, Small Firms","authors":"R. Baptista, Murat Karaöz, J. Leitão","doi":"10.2139/ssrn.2009715","DOIUrl":"https://doi.org/10.2139/ssrn.2009715","url":null,"abstract":"Young firm diversification is examined investigating the determinants of the timing of diversification (i.e. how long it takes from start-up to diversification). We use extensive longitudinal data containing information on firms’ characteristics and environmental conditions, and their evolution over time. We find that only a very small proportion of young, small firms diversify in their first years. Firms are more likely to diversify earlier if they are larger and if the minimum efficient scale in their original industry is smaller. Firms with a greater proportion of employees in managerial positions and more qualified human resources are also more likely to diversify early. Firms entering volatile markets are more likely to diversify earlier in their lives.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127381438","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":"Why Do Some Firms Persistently Outperform Others? An Investigation of the Interactions between Innovation and Export Strategies","authors":"Keiko Ito, S. Lechevalier","doi":"10.2139/ssrn.3146995","DOIUrl":"https://doi.org/10.2139/ssrn.3146995","url":null,"abstract":"Although heterogeneity in the performance of firms is a well-established stylized fact, we still lack full understanding of its origins and the reasons why it persists. Instead of assuming that performance differences are exogenous, this paper focuses on two endogenous strategies - innovation and global engagement - and interprets them as two ways to accumulate knowledge and improve firms' capabilities. We are particularly interested in analyzing interactions between these strategies and their effect on firms' performance. By using a firm-level panel dataset drawn from a Japanese large-scale administrative survey for the years 1994 - 2003, we first find that innovation and exporting strategies are characterized by complementarities, which define coherent productive models or patterns of learning. Second, we show that these different strategies lead to various performances in terms of productivity and survival. Third, by using a propensity score matching approach, we show that these differences in performance are lasting. Overall, our paper shows that the interaction of innovation and export investments is a source of permanent differences in performance among firms.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128921073","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":"Control Motivations and Capital Structure Decision","authors":"A. Ellul","doi":"10.2139/ssrn.1094997","DOIUrl":"https://doi.org/10.2139/ssrn.1094997","url":null,"abstract":"This paper investigates the impact of corporate control motives on the firm's capital structure decision. Block holders with high control motivations face a trade-off between getting external finance and losing or diluting their control over the firm's decisions. Debt offers a solution to this dilemma while external equity does not. We hypothesize that firms with block holders that value control should have higher debt-equity ratios. Furthermore, we also hypothesize that debt is used more where control is valued most: in countries where minority shareholders rights are not well-protected and where losing control would cost the most. Risk-reduction motivations provide the competing hypothesis to control. In such a case, un-diversified block holders would want to decrease leverage to reduce firm specific risk in their un-diversified portfolios. We investigate the impact of family block holders because these are the best example of shareholders who, on one hand, value corporate control most and, on the other, have un-diversified portfolios. We use 3,608 firms from 36 different countries and find that, after controlling for all variables identified by the existing literature, control motives influence capital structure decisions significantly. Family firms have higher leverage relative to non-family firms and they have even higher leverage in countries where minority shareholders are least protected. Families are found to use leverage in a strategic way. They use it less when (a) they possess control-enhancing mechanisms, and (b) when their stake is high enough that can allow them to have control anyway.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115237670","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":"Response Rates and Response Patterns among New Employers: Results from the Kauffman Firm Survey (KFS) (Presentation)","authors":"Zhanyun Zhao, Yuhong Zheng, F. Potter","doi":"10.2139/ssrn.1026413","DOIUrl":"https://doi.org/10.2139/ssrn.1026413","url":null,"abstract":"Economic growth is related to continued formation of new businesses. The Ewing Marion Kauffman Foundation sponsors research focused on entrepreneurship and new business formation. The Kauffman Firm Survey (KFS) is a national longitudinal survey of new businesses conducted for the Foundation by Mathematica Policy Research, Inc. (MPR). This survey was designed to achieve completed interviews with an initial sample of 5,000 businesses formed in 2004, followed by annual surveys to collect data on the new business characteristics and financing needed to create and sustain them. Survey data will be available to researchers to improve their understanding of the dynamics of new businesses. MPR selected the sample using D&B data files and is using web-based and CATI data collection procedures to capture the information. The purpose of this paper is to describe the characteristics and determinants of response among this elusive population.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127062965","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 Growth and Equity of Competitive Services","authors":"B. Libai, E. Muller, Renana Peres","doi":"10.2139/ssrn.945667","DOIUrl":"https://doi.org/10.2139/ssrn.945667","url":null,"abstract":"Numerous new products introduced to the market during the last few decades are services. An important characteristic of services that has a considerable influence on service growth is customer attrition. Attrition can occur at the category level (disadoption), or between firms (defection). Attrition is a major concern for service providers, and has a significant effect on the long-range profits of firms. Yet the product growth literature has dedicated only sparse efforts to modeling the penetration process of services into the market, and specifically has not related to attrition and its influences on market growth. In this study, we combine diffusion modeling with a CRM approach to investigate the influence of attrition on the evolution of service markets. In particular, we model the effects of disadoption and defection on the growth of a single firm in a competitive environment. We present a competitive services growth model, which explicitly incorporates competition and attrition into the growth process, and we discuss the influence of attrition at both the category and firm levels. We show how neglecting attrition biases both parameter estimation and managerial analysis at the category level. On the firm level, we use the model to derive a functional form solution to the customer equity of a growing service firm, and apply this solution to the valuation of service firms that operate in competitive industries. For four out of five firms, our results are remarkably close to the stock market valuations, a possible indicator for the role of customer equity in the valuation of growing service firms.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126515746","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":"Competitive Clearing in Europe: Development of a Performance Measurement System in a Changing Environment","authors":"Torsten Schaper, M. Chlistalla","doi":"10.2139/ssrn.1134797","DOIUrl":"https://doi.org/10.2139/ssrn.1134797","url":null,"abstract":"European clearing houses are facing competition on their home markets for the first time. In order to meet this new challenge, the management of a clearing house needs to identify its stakeholders and their interests and must define a strategy including financial and non-financial aims, which have to be clearly communicated internally. We introduce the Balanced Scorecard as a funded and holistic approach for the management of a clearing house. To meet the specifics of the clearing industry, we present an adjustment and extension of Kaplan and Norton's original concept. Particularly risk management requires detailed consideration. We therefore add risk management as a separate perspective and integrate competition and IT into the modified Balanced Scorecard.","PeriodicalId":333298,"journal":{"name":"ERPN: Firm Strategy (Sub-Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114074536","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}
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
