ERPN: Entrepreneurs (Finance) (Topic)最新文献

{"title":"REPUTATION AS CAPITAL – How DAOs Upgrade Finance","authors":"Wulf A. Kaal","doi":"10.2139/ssrn.3949098","DOIUrl":"https://doi.org/10.2139/ssrn.3949098","url":null,"abstract":"Decentralized Autonomous Organizations (DAOs) have the potential to upgrade finance. This paper evaluates the design of and system requirements for a decentralized cryptocurrency venture capital investment club that is operating as a DAO (DAOIC). The design of the proposed DAOIC enables investors to substitute capital commitments by way of reputation token staking on proposed portfolio companies. The proposed design has the potential to lower capital requirements and free up liquidity for decentralized smart contract coordinated investment vehicles.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123601139","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 Start-up Decision Under Default Risk","authors":"N. Comincioli, P. Panteghini, S. Vergalli","doi":"10.2139/ssrn.3947732","DOIUrl":"https://doi.org/10.2139/ssrn.3947732","url":null,"abstract":"This study introduces a real option model to investigate how fiscal policy affects a representative firm's investment decision and to measure its welfare effects. On the one hand, the effects of financial instability on the optimal investment timing and on the probability of default are studied. On the other hand, it is shown how the net present value of an investment project, the tax revenue generated and the welfare are influenced by financial instability. Then, a comparison of welfare effects of tax policy on start-ups, mature and obliged firms is provided. This comparison provides policy-makers a tool to shape their tax systems according to the characteristics of their firms. All presented analyses are supported by numerical simulations, based on realistic data.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"156 Suppl 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114161210","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":"ICOs: A New Eldorado for Investors and a Revolution in Startup Financing? A Survey","authors":"G. Andrieu, Aurélie Sannajust","doi":"10.2139/ssrn.3878055","DOIUrl":"https://doi.org/10.2139/ssrn.3878055","url":null,"abstract":"Initial coin offerings (ICOs) are a new financing source for startups based on the pillars of the blockchain ecosystem. ICOs are regarded as a disruptive way to raise funds digitally, ensuring speed, low cost and safety. ICOs have significantly increased in number and size in recent years, and emerging research has described facts about ICOs and their supposed safety. We offer a comprehensive discussion of the ICO “revolution” paradigm. We also compare ICOs with other financing sources available to startups. We show that ICOs require regulation and clear governance models and processes to ensure their long-term benefits.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"33 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125853408","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":"Enfranchising the crowd: Nominee account equity crowdfunding","authors":"J. Coakley, Douglas J. Cumming, Aristogenis Lazos, S. Vismara","doi":"10.2139/ssrn.3830741","DOIUrl":"https://doi.org/10.2139/ssrn.3830741","url":null,"abstract":"The nominee approach to equity crowdfunding pools all crowd investors into one (nominee) account where typically the platform acts as the legal owner but the crowd retains beneficial ownership. The platform plays an active digital corporate governance role that simultaneously enfranchises crowd investors with voting and ownership rights but removes the administrative burden on startups of having to deal with several hundred shareholders. Through an inter-platform and intra-platform analysis of a large sample of 1,018 initial equity crowdfunding campaigns, this paper assesses both the short-term and the long-term impact of nominee versus direct ownership. It finds that nominee initial campaigns are on average more successful than direct ownership campaigns in that they are more likely to succeed, raise more funds, attract overfunding and enjoy greater long run success in terms of successful seasoned equity crowdfunded offerings, numbers of such offerings, and probability of survival. These results hold inter-platform between the two main UK equity crowdfunding platforms (Seedrs and Crowdcube) as well as intra-platform, using the post-2015 quasi-natural experiment when the nominee approach became an option for startups raising capital on Crowdcube.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126277117","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":"AFI Innovative Regulatory Approaches Toolkit","authors":"D. Arner, Ross P. Buckley, D. Zetzsche, Ēriks K. Selga, G. Mohammad, Jaheed Parvez, Roberta Consiglio","doi":"10.2139/ssrn.3827568","DOIUrl":"https://doi.org/10.2139/ssrn.3827568","url":null,"abstract":"Countries and economies around the world are seeking ways to foster their digital finance and financial technology (‘FinTech’) ecosystems to better support financial inclusion and sustainable development. At the core of such efforts are supporting the development of new products and services, bringing more competition and consumer choice into their financial systems and increasing savings and investment to support both individual and community development. At the same time, the potential of innovation must also be balanced against potential risks, in particular financial stability, consumer protection and market integrity concerns. <br><br>In order to support these objectives, regulators are developing new regulatory approaches, including innovation hubs and regulatory sandboxes (which we collectively term, ‘innovation facilities’) as well as new policy frameworks and the use of technology for regulatory and supervisory purposes (‘RegTech’ and ‘SupTech’). Innovation facilities are created to offer direct and indirect support to novel digital finance and fintech initiatives in a controlled environment. They are underpinned by foundational infrastructure, including mobile and other communications systems especially internet access, digital identification systems (in particular sovereign systems), frameworks to encourage simplified and widespread opening of financial and mobile money accounts, and interoperable electronic payment systems. All of the above enable a range of e-government services as well as an environment for wider commercial development, supporting financial inclusion and progress towards the UN Sustainable Development Goals (AFI 2018). <br><br>Such foundational infrastructure works best in the context of appropriate balanced and proportional regulatory approaches to innovation, digital finance and FinTech. This includes the general efficiency of the legal system, human capital development, support for research and development, access to information, and availability of financing. More narrowly, it also depends on the use of technology by regulators and supervisorsthemselves (RegTech and SupTech) in order to better achieve regulatory objectives, enhance competition and efficiency (AFI 2020a). <br><br>This Toolkit provides a structured approach to the implementation considerations of innovative regulatory approaches including innovation facilities for authorities with jurisdiction over financial products and services (which we term ‘Regulators’). It aggregates a variety of resources and case studies to provide guidance for Regulators seeking to answer the following questions:<br><br>1. What are innovation facilities?<br>2. What are the pre-requisites for effective innovation facilities?<br>3. When should Regulators consider implementing an innovation facility?<br>4. How to implement an innovation hub?<br>5. How to implement a regulatory sandbox?<br>6. How to steer efforts towards regional cooperation in innovation facilities?<br><br>T","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113976632","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":"FinTech Evaluation: Disruptions, Opportunities, and Growth","authors":"Tushar Kholia","doi":"10.2139/ssrn.3871373","DOIUrl":"https://doi.org/10.2139/ssrn.3871373","url":null,"abstract":"Monetary innovation using Technology (FinTech) portrays the advancing intersection of monetary services (Fin) and innovation in technology (Tech). It alludes to new businesses, tech companies, or even innovating old ones. We break down what FinTech is, where it's headed, how to make the most of it, and discuss the innovations in the field of fintech. In this research paper, we are trying to focus on the major four sectors that played a key role in the upbringing of Fintech in the mainstream world and are trying to prognosticate where this industry is going, from where it has come, and what are the disruptions it facilitated on the way. We are considering the four main sectors as Capital Market (primary as well as secondary), Blockchain technology (AI &amp; ML), Ecommerce &amp; Marketing (API), and Banking &amp; Insurance (unified payment system, SWIFT, wire transfer). We are considering the three research sectors as disruptions, opportunities, and growth. This paper’s main aim per se is of academic purpose, but the societal aim is to generalize the word “FinTech” and thusly, create financial inclusion for the general public in the country. This will optimistically correct the current financial imbalance in the country and evidently make the Lorenz curve flatter.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121201840","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":"Intrastate Crowdfunding for the Future: A Legislative Recommendation for Idaho","authors":"Kristine Browne","doi":"10.2139/ssrn.3756372","DOIUrl":"https://doi.org/10.2139/ssrn.3756372","url":null,"abstract":"This article recommends intrastate crowdfunding legislation tailored to the state of Idaho. There is a federal crowdfunding exemption from registration, and many states have enacted intrastate crowdfunding exemptions. The state of Idaho has taken a different approach—utilizing an exemptive order process whereby intrastate crowdfunding exemptions are granted on a case-by-case basis. Idaho is a rapidly growing state both in terms of population and business expansion, and this article argues that the state should accommodate this increase in potential players with legislation of its own. Drawing from the policy considerations underlying securities offering regulation as implicated in the state of Idaho and the approaches taken by Idaho’s neighboring states of Montana, Oregon, Washington, and Utah, this article recommends new legislation for Idaho’s future.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122362745","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":"Scope for Alternative Financing Options to Promote Financial Access to SMEs: Evidence from India","authors":"Pratiksha Jha, Satish Kumar","doi":"10.2139/ssrn.3753046","DOIUrl":"https://doi.org/10.2139/ssrn.3753046","url":null,"abstract":"Purpose: The purpose for the present study is to identify the new financing options available to SMEs to promote the access of finance and the key challenges and opportunities lies with some of the alternative financing tools.<br><br>Deign/Methodology/Approach: Content analysis is used for the available literature to fine-tune and streamline various sources and identify possible research issues in the said area and discusses about the scope of various alternative financing options for SME financing along with traditional bank SME credits.<br><br>Findings: The Indian government policies like Make in India, Mudra bank, Start-Up India is helping banks in extending credit to SMEs but has found conventional and legacy banks to not be up to the task. Today, India's MSMEs and their business owners are finding new-age digital startups and alternate lending platforms to be the most effective institution to credit. With India's alternate lending platforms providing the financial capital needed to help India's MSMEs digitize and get ready for the future, they certainly hold the key to the country's bright economic future.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129199653","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":"Guarantee-Investment Combination Financing for Entrepreneurship","authors":"Linjia Dong, Zhaojun Yang","doi":"10.2139/ssrn.3743153","DOIUrl":"https://doi.org/10.2139/ssrn.3743153","url":null,"abstract":"Recently, a guarantee-investment combination financing mode (G-I mode) is popular in practice to support entrepreneurship. This paper considers an entrepreneur who has an option to invest in a project with growth option using G-I mode. We develop a pricing model and explicitly derive all corporate security values and optimal investment and default thresholds with fair guarantee. We show that growth investment options should be granted to insurers and otherwise, an underinvestment problem appears. We provide an optimal guarantee contract design method where guarantee fee might be negative. We therefore produce a novel explanation of why G-I mode is popular.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129858027","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":"Entrepreneurial Finance: Analyzing the Demand for the Personal Guarantee","authors":"Walt Brown II, Kent T. Saunders","doi":"10.57229/2373-1761.1379","DOIUrl":"https://doi.org/10.57229/2373-1761.1379","url":null,"abstract":"This study contributes to the current body of entrepreneurial finance literature by analyzing multiple aspects of personal guarantees. We conducted a survey yielding 1,462 responses from owners or managers of incorporated small businesses geographically dispersed throughout the United States. Of these, 383 C or S corporations had loans in place during 2014. The survey focuses on personal guarantees used on five types of loans: lines of credit, mortgages, equipment loans, vehicle loans, and a loan type referred to as \"other loans.\" We found the variation increase in personal guarantees for equipment loans, vehicle loans, and other types of loans during the 27 years (1987 – 2014) to be significant with a 95% confidence level, with a 5% margin of error. We found an underinvestment problem (Ang, Lin &amp; Tyler, 1995) exists as 12.5% of owners of incorporated small businesses have decided not to undertake a positive net present value project because the lender required a personal guarantee to obtain a loan for the project. We found lenders denied 10.9% of these 383 corporations a loan resulting in credit rationing because of these corporations' inability to meet the lender's personal guarantee requirements. We found more than 15% of the 383 corporation owners refused the lender's requirement to provide a personal guarantee. Almost 42% of the 15% still received a loan from the same lender after refusing to provide a personal guarantee. We found that only 22.2% of female small incorporated business owners received a loan after refusing to provide a personal guarantee from the same lender. Compared to 51.4% of the male small incorporated business owners still received the loan after refusing to provide a personal guarantee. Overall, we found that only 37% of the 1,462 incorporated small business respondents had a loan in place during 2014 compared to 67% of incorporated businesses documented by the Federal Reserve Board's 1987 National Survey of Small Business Finances.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133308292","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}