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

{"title":"The Performance of Venture Capital Investments: Do Investors Overreact?","authors":"A. Achleitner, N. Engel, Uwe Reiner","doi":"10.2139/ssrn.2033762","DOIUrl":"https://doi.org/10.2139/ssrn.2033762","url":null,"abstract":"Using a unique proprietary data set of over 5400 realized and unrealized venture capital investments between 1980 and 2005, we examine the impact of demand-related factors, e.g. entrepreneurial activity, as well as supply-related factors, i.e. money provided by VC investors, on the return of individual VC investments. This way, we are able to shed more light on the question whether volatile VC investment returns are rather driven by fundamental changes with regard to the number of attractive investment opportunities or by the overreaction by investors. We find that rising demand for VC, i.e. an increase in entrepreneurial activity, results initially in higher returns. However, our results also indicate that overreaction on the supply side can be observed, destroying deal-level results. Overfunding, specifically overinvesting seems to be a recurring characteristic of the VC industry. In fact, contra-cyclical investment strategies yield highest deal-level returns.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126908065","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":"How Crowd Funding Solves One of the Biggest Capital Market Gaps in America: Unleashing a Torrent of Growth Capital for Small Private Established Technology Firms","authors":"Laurie Thomas Vass","doi":"10.2139/ssrn.2031051","DOIUrl":"https://doi.org/10.2139/ssrn.2031051","url":null,"abstract":"The biggest economic problem in America is the lack of jobs. The rate of job destruction for the past 15 years, mostly in large multi-national corporations, is much greater than the rate of job creation, mostly coming from established technology companies that are over three years old.If the company can stay alive to age 7, it will need another slug of capital, generally less than $1 million, to get the third generation product out the door. If the company can obtain this subsequent round of capital, the rate of job creation is exponential. The number of jobs increases from about 7 workers to about 20.This third round of capital creates the Mother-Lode of new jobs in America. And, it is this third round of funding that will be solved by crowd funding allowed under the JOBS Act.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123962976","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":"Cost of Entrepreneurial Capital and Under-diversification: A Euro-Mediterranean Perspective","authors":"Pierpaolo Pattitoni, B. Petracci, Valerio Potì, Massimo Spisni","doi":"10.2139/ssrn.1928814","DOIUrl":"https://doi.org/10.2139/ssrn.1928814","url":null,"abstract":"We assess how owner's commitment to a firm influences the firm cost of capital, and whether the relation between the former and the latter is the consequence of the owner's higher opportunity cost of capital resulting from under-diversification. Using data on private Mediterranean firms and clustering projects by country, industry, and Initial Public Offering-year, we show that the cost of capital is magnified by entrepreneur's commitment, project total risk, and correlation between project and market return.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"192 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114286937","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":"Industry Survival Rate, Entrepreneur Historical Performance and Personal Wealth: A Probabilistic Model for Optimizing SMEs Capital Structure","authors":"Andrea Moro, Sandra Nolte (Lechner)","doi":"10.2139/ssrn.2021011","DOIUrl":"https://doi.org/10.2139/ssrn.2021011","url":null,"abstract":"Existing research approaches the return on investment expected by entrepreneurs from the perspective of the investor. This paper argues that this perspective is inadequate when applied to entrepreneurs of small and medium sized enterprises (SMEs). In fact, return on equity cannot be ascertained from financial reports or markets. Entrepreneurs cannot provide a figure since their decision to invest in the venture is driven by many other reasons over and above simple return on equity.The solution suggested in this paper is to approach the issue by viewing the entrepreneurs as a special kind of lenders who expect a return for the risk they incur from the possible bankruptcy of the firm and the impact this would have on their personal wealth. We decompose the entrepreneur risk into a cluster risk (cluster survival rate) and a firm specific risk (historical unsuccess of the entrepreneur). We relate both through the introduction of a Markov transition probability matrix. The transition probabilities are modeled with a logit and estimated with Maximum-Likelihood. The overall risk is, then weighted by the percentage of personal wealth the entrepreneur invested in the venture both directly (as equity) and indirectly (as collateralized debt). In fact, collateralized debt bears both the cost of debt and a 'smoothed' cost of equity since in case of liquidation the entrepreneur will have to repay only the part of debt that will not be covered by firm’s assets. We work out the weighted average cost of capital considering that the financial structure of the firm is characterized by equity, collateralized debt and uncollateralized debt. In the paper the point of equilibrium between the cost of equity and the cost of collateralized debt as well as the optimal mix between equity and collateralized debt is worked out and discussed.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127938013","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 International Mobility of the Super-Rich","authors":"Tino Sanandaji","doi":"10.2139/ssrn.2051023","DOIUrl":"https://doi.org/10.2139/ssrn.2051023","url":null,"abstract":"Relying on Forbes Magazine annual rankings for two decades, 1625 billionaires and their countries of birth and residence are identified, most of whom are self-made entrepreneurs. 13 percent of billionaires reside in a country other than that of their birth. Migration is linked to distance, to cultural ties and to the per capita income of the respective source and host country. Capital taxes have a statistically significant though economically modest effect. 80 percent of those who moved migrated from a lower per capita income to a higher per capita income country and 70 percent from a higher tax country to a lower tax country. Self-made billionaires are more likely to move to countries with larger market sizes. Overall surprisingly few billionaire entrepreneurs migrate. Previous research has found that self-employed tend to work in their home community at higher rates than employees. Entrepreneurship too appears to be local, with private equity be characterized by a home bias. One explanation may be the wide dispersion and local nature of information as emphasized by Hayek.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"142 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132221466","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":"House Prices, Household Leverage, and Entrepreneurship","authors":"Stefano Corradin, A. Popov","doi":"10.2139/ssrn.2020736","DOIUrl":"https://doi.org/10.2139/ssrn.2020736","url":null,"abstract":"This paper estimates the causal effect of changes in home equity and household leverage on entrepreneurship and business ownership. Using a large individual-level survey dataset, we show that higher home equity increases the probability of transition into entrepreneurship, while higher household leverage has a significantly positive effect on business equity ownership. These effects are stronger in \"hot\" housing markets where agents expect house prices to keep increasing in the future. Our results persist when we use the topological elasticity of housing supply to generate variation in home equity that is orthogonal to entrepreneurial choice.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131528904","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":"Networking Ability and the Financial Performance of New Ventures: A Mediation Analysis Among Younger and More Mature Firms","authors":"Thorsten Semrau, Stefan Sigmund","doi":"10.2139/ssrn.2006025","DOIUrl":"https://doi.org/10.2139/ssrn.2006025","url":null,"abstract":"We hypothesize that entrepreneurs’ networking ability –– an individual-level skill widely studied in career research –– has a positive impact on new ventures’ financial performance. Additionally, we propose that this impact is mediated by a new venture’s network characteristics and moderated by venture age. When testing our hypotheses based on a sample of 146 German entrepreneurs, we find them largely confirmed. Our results show a significant relationship between entrepreneurs’ networking ability and their new ventures’ financial performance, which is mediated by new ventures’ network size and the strength of network relationships. Additionally, the relationships observed are salient for younger but not for more-mature firms.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114153929","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 of Family Firms: An Innovative Model Based on Public-Private Partnership","authors":"L. d'Alessandro, M. Giorgino, Barbara Monda, Martina Santandrea","doi":"10.2139/ssrn.2164704","DOIUrl":"https://doi.org/10.2139/ssrn.2164704","url":null,"abstract":"The crucial role of Family Firms in supporting the economic development of a territory has stimulated the flourish of a variety of Public Policies, such as tax benefits, special funds, guarantees and expertise development. Nevertheless, in a global economy, given the growing importance of factors such as integration, internationalization and innovation, it is necessary to redesign the public intervention. This study proposes a new model of intervention suitable for financing the growth of Family Firms and investigates its expected effects. The model is based on a Public-Private Partnership (PPP) capable to enable an enterprise network of Family Firms supported by a special financial vehicle.Given the positive correlation between Family Firms development and territorial development, the Public Sector can benefit from this new policy to achieve socio-economical goals. This study shows that, as promoter of the initiative, the role of the Public Sector should be to enhance the creation of favorable conditions for the development of the enterprise network, acting as facilitator and integrator of the system. Moreover, it should be responsible for the creation and monitoring of the activities of the financial vehicle in which co-exist private resources brought by Pension Funds and Mezzanine Funds. At the same time, the study supplies the Public Sector with an integrated scorecard in order to measure both socio-economical and financial performances.A systematic classification of existing Public Policies shows that this model would maximize the benefits of all actors involved.The dynamism of firms financed by risk capital and the worsening of credit conditions, highlight the need of financing the enterprise network through equity. Nevertheless, Family Firms are resistant to lose control. Considering that the purpose of this study is the growth of Family Firms, this model requires the financing of the firms’ network not only through equity but also through a hybrid instrument, the Mezzanine finance. This type of instrument, in contrast with the traditional debt capital, is suitable for financing the expansion projects of Family Firms thanks to its flexibility and long-term orientation. The intervention of private investors in the partnership program is carried out not only through a contribution of financial resources, but also with the provision of expertise which absence could, indeed, undermine the survival of firms.This innovative form of intervention could be significantly implemented in an area characterized by the intensive presence of Family Firms. The Italian territory represents a potential area of applicability of this new policy because its economic system mostly relies on Small and Family Firms.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116466348","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":"Stock Trading in the Digital Age: Speed, Agency, and the Entrepreneurial Consumer","authors":"D. Zwick, J. Schroeder","doi":"10.4324/9780203105306-30","DOIUrl":"https://doi.org/10.4324/9780203105306-30","url":null,"abstract":"For the purpose of this chapter, we use the distinction between the kinematic and the entrepreneurial investor largely as an analytical tool to emphasize the most salient features of the online investing experience as it evolved over the last ten or so years through the emergence of the Internet. In the next section we will first discuss the kinematic investor, with a focus on the speed of money, and the aesthetics of investing. Then we describe the entrepreneurial investor before we conclude with some thoughts on how the notion of the entrepreneurial investor can be seen as part of a more general emergence of the entrepreneurial consumer. We draw on a longitudinal set of interviews with online investors to illustrate key points.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"1997 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128224752","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":"Individual-level Determinants of Founding Decisions: State-of-the-Art and Future Research Directions (Personenbezogene Determinanten von Unternehmensgründungen: Stand der Forschung und Perspektiven des Fortschritts)","authors":"Sascha G. Walter, A. Walter","doi":"10.2139/ssrn.1960643","DOIUrl":"https://doi.org/10.2139/ssrn.1960643","url":null,"abstract":"This paper reviews the status quo of theoretical and empirical research on individual-level determinants of founding decisions. A synopsis of 99 quantitative studies reveals consistent findings for 33 of 43 determinants. Most studies are theoretically grounded in dispositive, behavioral, or economic research, whereas few studies cover the cognitive or network-oriented perspective. In order to further advance the field, we would suggest to integrate theoretical perspectives, to explicitly distinguish small business owners from entrepreneurs, and to acknowledge higher-level influences by conducting cross-level research in future studies. Working paper in German (a later version was published in Zeitschrift fur Betriebswirtschaftliche Forschung, Vol. 61, No. 2, pp. 57-89, 2011)","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"64 1-2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114045443","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}