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| Author | : Abdelhamid Riani |
| Publisher | : |
| Total Pages | : 200 |
| Release | : 2019 |
| Genre | : Finance |
| ISBN | : |
| Author | : Vladimir Ivanov Ivanov |
| Publisher | : |
| Total Pages | : 290 |
| Release | : 2004 |
| Genre | : New business enterprises |
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| Author | : Jeffrey Jacob Trester |
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| Total Pages | : |
| Release | : 1995 |
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| Author | : Fan Wang |
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| Total Pages | : |
| Release | : 2015 |
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| Author | : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation |
| Publisher | : |
| Total Pages | : 224 |
| Release | : 1994 |
| Genre | : Business & Economics |
| ISBN | : |
| Author | : Georg Gebhardt |
| Publisher | : |
| Total Pages | : 103 |
| Release | : 2002 |
| Genre | : |
| ISBN | : 9783898255325 |
| Author | : Laura Lindsey |
| Publisher | : |
| Total Pages | : 274 |
| Release | : 2004 |
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| Author | : Nico Lehnertz |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2023 |
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| Author | : Cristiano Bellavitis |
| Publisher | : Routledge |
| Total Pages | : 257 |
| Release | : 2019-07-23 |
| Genre | : Business & Economics |
| ISBN | : 1351202138 |
This book examines the proliferation of new sources of entrepreneurial finance and how these sources have the potential to make it easier for ventures to raise capital and grow. To date, entrepreneurial finance literature has developed a rich tradition of research on venture capital and angel finance. However, the emergence of ‘new’ sources of finance – such as crowdfunding – and the limited attention paid to ‘traditional’ debt financing and financial bootstrapping offer opportunities to explore, from different points of view and theoretical perspectives, the challenges that ventures face. The objective of this book is to explore these new and traditional sources of finance; suggest how these phenomena can be better understood conceptually; and guide new ways of understanding the topic in future, especially for researchers. The introduction outlines the new sources of entrepreneurial finance, and in comparing them with more traditional sources, proposes challenges in our conceptual understanding of these new and traditional sources. The subsequent chapters deal with important topics, including looking at the way different funding sources may interact; factors that impede family firms from getting external funding; how best to succeed with equity crowdfunding by looking at pre-selection processes; considering differences in perceptions towards funding sources arising from whether entrepreneurs are native born or immigrants; factors to consider when funding specialized assets in high uncertain sectors such as biotechnology; and the internationalization of business angel activity. This book was originally published as a special issue of the Venture Capital journal.
| Author | : Thomas J. Chemmanur |
| Publisher | : |
| Total Pages | : 66 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
We use the Longitudinal Research Database (LRD) of the U.S. Census Bureau, which covers the entire universe of private and public U.S. manufacturing firms, to study several related questions regarding the efficiency gains generated by venture capital (VC) investment in private firms. First, do VCs indeed improve the efficiency (total factor productivity, TFP) of private firms, and if so, are certain kinds of VCs (high reputation vs. low reputation) better at generating such efficiency gains than others? Second, do VCs invest in more efficient firms to begin with (screening), or do they improve efficiency after investment (monitoring)? Third, do efficiency improvements due to VC backing arise from increases in sales or reductions in costs? Fourth, does VC backing and the associated efficiency gains affect the probability of a successful exit (IPO or acquisition)? Our analysis shows that the overall efficiency of VC-backed firms is higher than that of non-VC-backed firms at every point in time. This efficiency advantage of VC-backed firms arises from both screening and monitoring: the efficiency of VC-backed firms prior to receiving financing is higher than that of non-VC-backed firms, and further, the growth in efficiency subsequent to VC financing is greater for such firms. The above increases in efficiency of VC-backed firms are spread over the first two rounds of VC financing after which the TFP of such firms remains constant until exit. Additionally, we show that while the TFP of firms prior to receiving financing is lower for high-reputation VC-backed firms, the increase in TFP subsequent to financing is significantly greater for these firms, consistent with high-reputation VCs having greater monitoring ability. We disentangle the screening and monitoring effects of VC backing using three different methodologies: switching regression with endogenous switching, regression discontinuity analysis, and propensity score matching. We show that while overall efficiency gains generated by VC backing arise primarily from improvements in sales, the efficiency gains of high-reputation VC-backed firms arise also from lower increases in production costs. Finally, we show that VC-backing and the associated efficiency gains positively affect the probability of a successful exit.
