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

{"title":"Google Search Intensity and its Relationship to the Returns and Liquidity of Japanese Startup Stocks","authors":"Yuta Adachi, Motoki Masuda, F. Takeda","doi":"10.2139/ssrn.3025095","DOIUrl":"https://doi.org/10.2139/ssrn.3025095","url":null,"abstract":"Abstract This study investigates the relationship between investor attention and stock price movements in Japan's startup stock exchanges, Mothers and JASDAQ. We find a positive relationship between search intensity and stock returns and between search intensity and liquidity. The positive correlation between search intensity and stock returns/liquidity tends to be larger for startup firms with a high proportion of individual shareholders. Contrary to prior studies that have reported a reversal after an immediate stock price increase, our results show the possibility that an immediate increase in stock returns of startup firms may not be neutralized in the long run.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121654269","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 Do Entrepreneurial Portfolios Respond to Taxation?","authors":"Frank M. Fossen, R. Rees, Davud Rostam‐Afschar, Viktor Steiner","doi":"10.2139/ssrn.3014699","DOIUrl":"https://doi.org/10.2139/ssrn.3014699","url":null,"abstract":"We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a reformulation of the standard portfolio choice model that allows for underreporting of private business income to tax authorities, we show that a fall in the tax rate may increase investment in risky entrepreneurial business equity at the intensive margin, but decrease entrepreneurial investment at the extensive margin. To test these hypotheses, we use household survey panel data for Germany eliciting the personal wealth composition in detail in 2002, 2007, and 2012. We analyze the effects of personal income taxes on the portfolio shares of six asset classes of private households, including private business equity. In a system of simultaneous demand equations in first differences, we identify the tax effects by an instrumental variables approach exploiting tax reforms during our observation period. To account for selection into entrepreneurship, we use changes in entry regulation into skilled trades. Estimation results are consistent with the predictions of our theoretical model. An important policy insight is that lower taxes drive out businesses that are viable only due to tax avoidance or evasion, but increase investment in private businesses that are also worthwhile in the absence of taxes.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132032407","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":"On Experience and Enterprise: Careers, Organizations and Entrepreneurship","authors":"Weiyi Ng","doi":"10.2139/ssrn.3377141","DOIUrl":"https://doi.org/10.2139/ssrn.3377141","url":null,"abstract":"This dissertation examines the antecedents of entrepreneurship through the empirical analysis of over 2 million resumes that constitutes a sample of the high technology start-up ecology in the United States. The first chapter characterizes the latent issues surrounding the study of entrepreneurial entry (Chapter 1). I then resolve these issues through the development of a sociological career framework of entrepreneurship in two parts. The first establishes the framework and distinguishes two types of entrepreneurial activity: high potential ventures and common self-employment (Chapter 2). I show that machine learning models applied to the identity claims of hundreds of thousands of entrepreneurs can successfully classify, characterize and distinguish these types in the tech sector. The two entrepreneur types exhibit diametrically opposing human capital and career based antecedents. In doing so, I demonstrate a necessary de-conflation of entrepreneurial events; the career framework provides a crucial precision in the definition, observation and measurement of the entrepreneurial outcome variable. The second part exemplifies an application of the framework to demonstrate an efficacy in the identification and study of specific sociological mechanisms. Through the introduced apparatus and a prospective sample of the data that represents the graduates of the top 23 science, technology, engineering and mathematics (STEM) colleges in the United States, I study the effect of status gain on entrepreneurial entry and success by examining different forms of entrepreneurial activity of the alumni of companies that experience liquidity events: initial public offerings (IPOs) and large scale acquisitions (Chapter 3). I find that upon vicariously experiencing these liquidity events, the alumni are on average 23% more likely to enter into high potential entrepreneurship and 17% less likely to enter into contract self-employment. However, such forms of status gain confer no significant funding advantages to the nascent venture. I conclude by discussing future directions: this dissertation serves as but an introduction to and an advocate for a larger program of research that seeks to clarify and advance the study of entrepreneurship through sociological career theory.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"311 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125124201","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":"Billion Dollar Blind Spot - How the U.S. Tax Code's Small Business Expenditures Impact Women Business Owners","authors":"C. Bruckner","doi":"10.2139/SSRN.3004014","DOIUrl":"https://doi.org/10.2139/SSRN.3004014","url":null,"abstract":"This latest report from the Kogod Tax Policy Center, in keeping with our mission to conduct nonpartisan policy research on tax issues specific to small businesses, provides an assessment of how the U.S. tax code’s more than $255 billion of tax expenditures targeted to help small businesses grow and access capital impact women-owned firms. The results are eye-opening. • We report that while women-owned firms have increased to now total more than 11 million (or 38% of all U.S. firms), the majority of women business owners are small businesses operating in service industries and they continue to have challenges growing their receipts and accessing capital. • At the same time, three of the four small business tax expenditures we assessed are so limited in design that they either (i) explicitly exclude service firms, and by extension, the majority of women-owned firms (Sec. 1202); or (ii) could effectively bypass women-owned firms who are not incorporated or who are service firms with few capital-intensive equipment investments altogether (Secs. 1244 and 179). • Our survey data of 515 experienced, engaged women business owners corroborates these findings, and nevertheless suggests that when women-owned firms can take advantage of tax breaks, they do. However, neither Congress nor Treasury or IRS or SBA has ever measured how the tax code impacts women business owners. • For example, we identified only three women business owners who had ever used Section 1202 - a $6 billion tax break - to raise capital for their firms. While we expect that more than three women-owned firms have used this provision since 1993, we don't have publicly-available taxpayer data to prove it. This ridiculous example highlights why we need tax research on women business owners. Similarly, our survey found that women business owners use Section 179 at significantly lower rates than existing government research finds for businesses generally. This tax break is one of the most expensive (it will cost $248 billion from 2016-2020), and yet we don’t have any research on how it benefits women business owners. • Our findings raise questions as to (i) whether the tax code’s small business tax expenditures are operating as Congress intended for these small businesses; and (ii) whether the cost of these expenditures has been accounted for in terms of their uptake by women-owned firms. In answering these questions impacting millions of women business owners, we report that policymakers and stakeholders have a billion dollar blind spot when it comes to understanding how effective small business tax expenditures are with respect to women-owned firms. This blind spot indicates Congress does not have data or research to make evidence-based tax policy decisions with respect to women business owners. Our research finds, among other things, that the tax-writing committees have yet to hold hearings specifically to address tax challenges women business owners encounter. Ultimately, this report reco","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131390659","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":"Shared Value Creation and Crowdfunding in Brazil","authors":"I. Felipe","doi":"10.15194/JOFI_2015.V1.I3.39","DOIUrl":"https://doi.org/10.15194/JOFI_2015.V1.I3.39","url":null,"abstract":"Objective. Approaching the theory of creating shared value (Porter & Kramer, 2011) with the basic social elements of crowdfunding in Brazil. The idea was to explore the complementarity of the concepts governing the CF in line with the theory of Porter and Kramer. Through literature review and empirical discussion is intended to answer two central questions regarding the theme developed in this essay: i) which elements of the theory of creating shared value are found in crowdfunding? ii) how occurs the creation of shared value in business developed in crowdfunding platforms? Methodology. Theoretical Essay. Findings.  It is possible to make a theoretical approach of the themes studied in this trial, as we take the social and financial perspective of crowdfunding and their relationships with the creation of value for the company and investors. Originality. So far, was not found another study that addressed the themes of this essay in Brazil.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127256770","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":"Convergence Analysis of the Entrepreneurship Start-Up Barriers","authors":"Yu Sang Chang, JiHye Anna Kim, Young-Sub Kim","doi":"10.2139/ssrn.2966741","DOIUrl":"https://doi.org/10.2139/ssrn.2966741","url":null,"abstract":"In a majority of the existing research on entrepreneurship start-up, the three primary enjoy barriers of 'cost', 'time', and 'procedures' were analysed. Thus, we examine whether country differences in these start-up barriers existing in 2003 have been reduced by 2015. We deploy Sigma and Gamma convergence methods to answer these questions for 132 countries. Results indicate that all three barriers are converging toward dispersion reduction and catch-up process at the annual rates ranging from −3.37% to −0.49%. Also, speeds of convergence vary significantly by the subgroups of countries by incomes and regions. Implications of these findings will be discussed.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115195457","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":"Revisions in Fund Flows and Market Reputation Estimates within Venture Capital Markets","authors":"Oghenovo A. Obrimah","doi":"10.2139/ssrn.2905368","DOIUrl":"https://doi.org/10.2139/ssrn.2905368","url":null,"abstract":"This study finds absolute values of decreases in fund flows to venture capitalists (VCs) increase with prior cycle portfolio performance. This finding indicates decreases in fund flows cannot be construed as evidence of inferior portfolio performance within venture capital markets. In light of empirical evidence that VCs which experience decreases in fund flows constitute significant proportions of universe of VCs, neither of fund sizes nor increases in fund sizes can be regarded as robust proxies for VCs' market reputations. Consistent with inferences, empirical results reject presence of intrinsic ability or prior performance rationales for fund flows that accrue to the class of VCs characterized by largest proportional increases in fund sizes. Empirical results show the market reputation construct proposed in Obrimah (2016a) is robust to decreases in fund flows; that is, show the market reputation construct predicts increase in reputation in contexts within which VCs deliver superior performance, but transition to smaller funds. Simultaneously, the market reputation construct fails to predict increase in reputation in contexts within which increases in fund flows are not explained by intrinsic ability or VCs' prior performance.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114476273","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":"Independent Directors and Controlling Shareholders","authors":"L. Bebchuk, Assaf Hamdani","doi":"10.2139/ssrn.2741738","DOIUrl":"https://doi.org/10.2139/ssrn.2741738","url":null,"abstract":"Independent directors are an important feature of modern corporate law. Courts and lawmakers around the world increasingly rely on these directors to protect investors from controlling shareholder opportunism. In this Article, we argue that the existing director-election regime significantly undermines the ability of independent directors to effectively perform their oversight role. Both the election and retention of independent directors normally depend on the controlling shareholders. As a result, these directors have incentives to go along with controllers’ wishes, or, at least, inadequate incentives to protect public investors. \u0000To induce independent directors to perform their oversight role, we argue, some independent directors should be accountable to public investors. This can be achieved by empowering investors to determine or at least substantially influence the election or retention of these directors. These “enhanced-independence” directors should play a key role in vetting “conflicted decisions,” where the interests of the controller and public investors substantially diverge, but not have a special role with respect to other corporate issues. Enhancing the independence of some directors would substantially improve the protection of public investors without undermining the ability of the controller to set the firm’s strategy. \u0000We explain how the Delaware courts, as well as other lawmakers in the United States and around the world, can introduce or encourage enhanced-independence arrangements. Our analysis offers a framework of director election rules that allows policymakers to produce the precise balance of power between controlling shareholders and public investors that they find appropriate. We also analyze the proper role of enhanced-independence directors as well as respond to objections to their use. Overall, we show that relying on enhanced-independence directors, rather than independent directors whose election fully depend on the controller, can provide a better foundation for investor protection in controlled companies.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115223314","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 JOBS Act and the Boost for Start-Up Fundraising: A Regression Discontinuity Design Approach","authors":"C. Franco, G. Sampaio","doi":"10.2139/ssrn.2965071","DOIUrl":"https://doi.org/10.2139/ssrn.2965071","url":null,"abstract":"Crowdfunding plataforms are becoming increasingly popular, allowing micro-entrepreneurs to raise money to fund projects in various categories. The present study aims to explorar the effects of the JOBS (Jumpstart Our Business Startups, JOBS) Act, which fostered the crowdfunding model by smoothing several securities regulations, on fundraising, attraction of backers and fundraising categories, seeking to identify if there has been a change in the backer profile for the crowdfunding market, especially in the Kickstarter.com platform. The empirical analysis used a Regression Discontinuity Design model. The discontinuity lies in verifying the incentive provided by the increase in the number of backers and the volume of fundraising after the Act came into effect. When assessing the results, it could be noticed that the Act affected fundraising levels for start-up projects in 75%. In a similar way, it affected the number of backers in 59%. In order to test model specification, robustness tests were performed by fundraising category. The Design, Video Games and Technology categories presented both positive and significant results and reinforced the title of capital increase. There was an increase of US$ 22,599 in the coefficient, which represents a variation of 106% in relation to the average for the Design category. For the Video Games category, the increase was of US$ 42,523, or a variation of 222% in relation to the average. For the Technology category, it was observed that the effect generates an increase of US$ 52,733, or a variation of 174% in relation to the average. Looking at project quality and how it might attract backers, results for successful and unsuccessful projects and for average fundraising were estimated. The results indicate a significative increase in fundraising for successful projects and that they also present evidence on a higher fundraising average. The growth of the crowdfunding movement associated with the JOBS Act brought more institutional and legal security to micro-entrepreneurs, backers and users of crowdfunding platforms, demonstrating a positive effect for projects hosted on the Kickstarter.com platform, boosting their volume of fundraising.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130793247","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":"Could Expansions in Directed Lending Programs Hurt Small Businesses? Evidence from a Policy Change in India","authors":"Deeksha Kale","doi":"10.2139/ssrn.2809713","DOIUrl":"https://doi.org/10.2139/ssrn.2809713","url":null,"abstract":"I study the impact of the expansion in a national-level directed lending program aimed at increasing institutional credit access of small firms in India. In 2006, the Government of India changed the criterion determining the small status of firms, thereby expanding the pool of small firms eligible for directed credit. Exploiting this expansion in the pool of firms eligible for directed lending, I analyze the crowding out of the previously eligible firms by the recently eligible firms. I find that the recently eligible firms disproportionately grew their bank credit stock relative to previously eligible firms, without substituting other forms of credit for bank loans. The recently eligible firms also experience a jump in investment and sales growth post the policy change, while there is no evidence of a similar improvement in the real outcomes for the previously eligible small firms. The study brings to light the unintended effects of policy expansions, resulting in hurting the smaller, more financially vulnerable firms, by distorting the lending incentives of institutional lenders.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121046004","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}