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Square, Inc. - Business Model, Venture Financing and Valuation Square, Inc. -商业模式，风险融资和估值
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-01-15 DOI: 10.2139/SSRN.2716331
Christian Rauch
{"title":"Square, Inc. - Business Model, Venture Financing and Valuation","authors":"Christian Rauch","doi":"10.2139/SSRN.2716331","DOIUrl":"https://doi.org/10.2139/SSRN.2716331","url":null,"abstract":"Square, Inc. is a provider of hard- and software enabling small merchant businesses to accept card payments. The company was founded in 2009 by, among others, Jack Dorsey who still runs the company to this day. Based in San Francisco, the company has been part of Silicon Valley’s Unicorn-iverse, reaching billion-dollar status in 2011, and going public in an IPO in November 2015. Square reached notoriety among industry insiders and the interested public for its rocky valuation road: within a matter of three short years, the company saw its (paper-) valuation double and get slashed again by 50% at the IPO. This case study details Square’s business model and its Venture Capital funding history. Based thereon, the study attempts to derive an intrinsic value of Square.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115827900","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}
引用次数: 1
On Start-Up Costs of Thermal Power Plants in Markets with Increasing Shares of Fluctuating Renewables 可再生能源市场份额波动时火电厂的启动成本研究
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2016-01-01 DOI: 10.2139/ssrn.2723897
W. Schill, M. Pahle, Christian Gambardella
{"title":"On Start-Up Costs of Thermal Power Plants in Markets with Increasing Shares of Fluctuating Renewables","authors":"W. Schill, M. Pahle, Christian Gambardella","doi":"10.2139/ssrn.2723897","DOIUrl":"https://doi.org/10.2139/ssrn.2723897","url":null,"abstract":"The emerging literature on power markets with high shares of fluctuating renewables suggests that more frequent start-up procedures of thermal power plants may become an increasing concern, both for costs and possibly also for market design. Based on official scenario assumptions, we investigate how start-ups and related costs develop in Germany, where the share of fluctuating renewables quadruples between 2010 and 2030. We find that the overall number of start-ups decreases by a third, while related costs increase by half. The relative share of start-up costs in overall variable costs of thermal plants grows only slightly and remains below 1%. Several overlapping effects drive these results. The expansion of fluctuating renewables alone would strongly increase start-up costs. In contrast, increased flexibility of biomass power plants, additional power storage and larger block sizes have opposite effects. While the relevance of start-up costs grows only moderately under baseline assumptions, it may increase further under alternative developments of system flexibility. Future power market design reforms should thus aim to ensure proper remuneration of quasi-fixed start-up costs. Our findings are also relevant for many other countries with thermal power systems that plan to undergo comparable transitions toward fluctuating renewables.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127980753","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}
引用次数: 25
Do Local Banking Market Structures Matter for SME Financing and Performance? New Evidence from an Emerging Economy 本地银行市场结构对中小企业融资和业绩有影响吗?来自新兴经济体的新证据
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-12-01 DOI: 10.2139/ssrn.2727941
I. Hasan, Krzysztof Jackowicz, Oskar Kowalewski, Łukasz Kozłowski
{"title":"Do Local Banking Market Structures Matter for SME Financing and Performance? New Evidence from an Emerging Economy","authors":"I. Hasan, Krzysztof Jackowicz, Oskar Kowalewski, Łukasz Kozłowski","doi":"10.2139/ssrn.2727941","DOIUrl":"https://doi.org/10.2139/ssrn.2727941","url":null,"abstract":"This paper investigates the relationship between local banking structures and SMEs’ access to debt and performance. Using a unique dataset on bank branch locations in Poland and firm-, county-, and bank-level data, we conclude that a strong position for local cooperative banks facilitates access to bank financing, lowers financial costs, boosts investments, and favours growth for SMEs. Moreover, counties in which cooperative banks hold a strong position are characterized by a more rapid pace of new firm creation. The opposite effects appear in the majority of cases for local banking markets dominated by foreign-owned banks. Consequently, our findings are important from a policy perspective because they show that foreign bank entry and industry consolidation may raise valid concerns for SME prospects in emerging economies.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122549795","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}
引用次数: 89
Crowdfunding: Literature Study for Communication and Information Asymmetry 众筹:传播与信息不对称的文献研究
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2717274
Beibit Zhunussov
{"title":"Crowdfunding: Literature Study for Communication and Information Asymmetry","authors":"Beibit Zhunussov","doi":"10.2139/ssrn.2717274","DOIUrl":"https://doi.org/10.2139/ssrn.2717274","url":null,"abstract":"Advance in technology in most fields and industries brings new and undiscovered evolutions of systems and methods by making transactions and processes more efficient, thus requiring modern and absolutely unique ways of interaction. Crowdfunding can be thought to be the next breakthrough evolution at a point of collision of technology, social networking interactions online and finance. Triggered by recent financial crisis trust for traditional financial intermediaries had been shaken. Moreover the crowd realized and was pursuing to eliminate financial intermediation and complications in investment market that consumed most of the bounty of capital investments.Crowdfunding became interesting topic and has shown some signals of future perspectives toward decreasing investment costs as long as facilitating new markets and good opportunities both for small and medium businesses and individual investors.However as the Crowdfunding specifications and characteristics are in a sense different from other ways of financing, key and fundamental issues such as information asymmetry should be understood and investigated to have a knowledge of the topic.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124326398","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}
引用次数: 1
SME Credit Risk Analysis Using Bank Lending Data: An Analysis of Thai SMEs 基于银行贷款数据的中小企业信用风险分析——以泰国中小企业为例
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-08-10 DOI: 10.2139/ssrn.2641712
N. Yoshino, Farhad Taghizadeh Hesary, Phadet Charoensivakorn, Baburam Niraula
{"title":"SME Credit Risk Analysis Using Bank Lending Data: An Analysis of Thai SMEs","authors":"N. Yoshino, Farhad Taghizadeh Hesary, Phadet Charoensivakorn, Baburam Niraula","doi":"10.2139/ssrn.2641712","DOIUrl":"https://doi.org/10.2139/ssrn.2641712","url":null,"abstract":"Small and medium-sized enterprises (SMEs) are the backbone of most Asian economies. The main obstacle to the development of the SME sector is the lack of stable finance. Considering the bank-dominated characteristic of economies in Asia, banks are the main source of financing, and the lack of a comprehensive credit rating database has been a bottleneck for SMEs. This paper examines how a credit rating scheme for SMEs can be developed, when access to other financial and non-financial ratios is not possible, by using data on lending by banks to SMEs. We employ statistical techniques on five variables from a sample of Thai SMEs and classify them into subgroups based on their financial health. By employing these techniques, banks could reduce information asymmetry and consequently set interest rates and lending ceilings for SMEs. This would ease financing to healthy SMEs and reduce the amount of non-performing loans to this important sector.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130863991","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}
引用次数: 9
Political Instability, Access to Private Debt, and Innovation Investment in China 中国的政治不稳定、私人债务获取和创新投资
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-06-09 DOI: 10.2139/ssrn.2632450
Douglas J. Cumming, Oliver M. Rui, Yiping Wu
{"title":"Political Instability, Access to Private Debt, and Innovation Investment in China","authors":"Douglas J. Cumming, Oliver M. Rui, Yiping Wu","doi":"10.2139/ssrn.2632450","DOIUrl":"https://doi.org/10.2139/ssrn.2632450","url":null,"abstract":"We provide evidence from China that access to loans positively affects the probability that a firm will invest in innovation. However, the positive effect of private debt on innovation investment is significantly moderated by political instability. The cost of political instability on innovation is less severe when the entrepreneur has political connections to party leaders. Furthermore, we show that political connections increase the probability that an entrepreneur has access to direct governmental support for innovation investment. These findings are more pronounced for technology intensive industries.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124108981","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}
引用次数: 75
SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK 中小企业与银行信贷:英国金融危机区域传播的证据
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-06-03 DOI: 10.2139/ssrn.2655561
H. Degryse, K. Matthews, Tianshu Zhao
{"title":"SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK","authors":"H. Degryse, K. Matthews, Tianshu Zhao","doi":"10.2139/ssrn.2655561","DOIUrl":"https://doi.org/10.2139/ssrn.2655561","url":null,"abstract":"We study the sensitivity of banks’ credit supply to small and medium size enterprises (SMEs) in the UK to banks’ financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms’ access to bank credit to the financial condition (i.e., bank health and the use of core deposits) of all bank branches in the vicinity of the firm over the period 2004-2011. Before the crisis, banks’ local financial conditions did not influence credit availability irrespective of the functional distance (i.e., the distance between bank branch and bank headquarters). However, during the crisis, we find that SMEs with in their vicinity banks that have stronger financial condition face greater credit availability when the functional distance is low. Our results point to a “flight to headquarters” effect during the financial crisis.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122970031","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}
引用次数: 59
Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment 资本市场联盟与中小企业:初步评估
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-05-01 DOI: 10.2139/ssrn.2605549
Pierre Schammo
{"title":"Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment","authors":"Pierre Schammo","doi":"10.2139/ssrn.2605549","DOIUrl":"https://doi.org/10.2139/ssrn.2605549","url":null,"abstract":"The Capital Markets Union is the European Commission’s latest policy initiative in the capital markets field. It is a project in the making. Much of it remains to be spelled out and fleshed out. However, the first elements of a future CMU are slowly beginning to emerge. The aim of this paper is to discuss these elements and to offer a first assessment. In particular, this paper aims to discuss the relationship between the CMU and one of its key objectives which has proved elusive in the past: that is, of facilitating access to finance for SMEs. In this process, the paper offers a number of suggestions on how to make progress on this crucial issue. Among other things, it advocates a form of supply side driven matchmaking as a means to improve information issues affecting SMEs in the SME funding market.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125849091","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}
引用次数: 4
Entrepreneurial Business Plan Under Undiversifiable Idiosyncratic Risk 不可分散特质风险下的创业商业计划
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-04-20 DOI: 10.2139/ssrn.2596490
Bong-Gyu Jang, Hyun-Tak Lee, Seyoung Park
{"title":"Entrepreneurial Business Plan Under Undiversifiable Idiosyncratic Risk","authors":"Bong-Gyu Jang, Hyun-Tak Lee, Seyoung Park","doi":"10.2139/ssrn.2596490","DOIUrl":"https://doi.org/10.2139/ssrn.2596490","url":null,"abstract":"This paper presents an entrepreneurial optimal business plan in which optimal consumption and portfolio rules, and optimal exit strategy for an entrepreneur are jointly determined in the presence of undiversifiable idiosyncratic risk. We find that the entrepreneur is more likely to exit from her risky business as investment opportunity worsens or as her risk aversion coefficient increases or as the idiosyncratic risk increases. When the entrepreneur decumulates wealth, she can achieve a partial hedging effect of a risky portfolio against the business risk by optimally increasing her risky portfolio as the idiosyncratic risk increases. Accordingly, stock market participation is of importance to the entrepreneur for the purpose of risk diversification and a smooth continuation of her risky business.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"171 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131617927","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}
引用次数: 0
Banking Structure, Marketization and Small Business Development: Regional Evidence from China 银行结构、市场化与小企业发展:来自中国的区域证据
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-03-27 DOI: 10.2139/ssrn.2593765
I. Hasan, Nada Kobeissi, Haizhi Wang, Mingming Zhou
{"title":"Banking Structure, Marketization and Small Business Development: Regional Evidence from China","authors":"I. Hasan, Nada Kobeissi, Haizhi Wang, Mingming Zhou","doi":"10.2139/ssrn.2593765","DOIUrl":"https://doi.org/10.2139/ssrn.2593765","url":null,"abstract":"This paper provides an empirical examination of the regional banking structures in China and their effects on entrepreneurial activity. Using a panel of 27 provinces and four directly controlled municipalities from 1997 through 2008, we find that the presence of large banking institutions negatively correlates with small business development in local markets and that this negative relation is driven mainly by participation of large banks in the short-term loan market. Rural banking institutions, in contrast, are found to promote regional entrepreneurial activity. Moreover, large state banks facilitate small business development in concentrated markets. When we interact measures of banking financing by state banks and rural banking institutions with a set of provincial level marketization indexes, we find that extensive marketization, factor market development, and sophistication of legal frameworks mitigate the negative effect of large state banks on small business development. In provinces with advanced market development, efficient factor markets, and favorable institutional settings, the positive effect of rural banking institutions on small business growth is even stronger. Finally, we present evidence that banks do a better job of promoting regional entrepreneurship when it occurs in conjunction with policies to foster innovation activity and assure protection of intellectual property rights.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"81 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132576049","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}
引用次数: 0
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