Contemporary Developments in Entrepreneurial Finance PDF Download

Author: Jiafu An
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the internet. This study tests the effects of disclosure of founders' background information and founding team's collective human capital on ICO outcomes. We find both the disclosure of founders' information and founding team's human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Our results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.

Author: Alexandra Moritz
Publisher: Springer Nature
ISBN: 3030176126
Category : Business & Economics
Languages : en
Pages : 338

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Book Description
More extensive regulations, new technologies, and new means of communication have significantly changed the financing landscape for startups and small to medium-sized companies (SMEs). This volume provides a contemporary research-based overview of the latest trends in entrepreneurial finance and outlines expected future developments. Starting with the status quo in market regulations and the financing structure of SMEs, it addresses a broad range of new financing alternatives for innovative startups (e.g. business angel financing, venture capital and corporate venture capital), as well as recent social phenomena (e.g. crowdfunding and initial coin offerings (ICOs)). Incorporating qualitative, quantitative and mixed analytical methods, the book contributes to a better understanding of the financing world by reflecting both the researcher’s and the practitioner’s perspective.

Author: Dmitri Boreiko
Publisher: Universitas Studiorum
ISBN: 8833690474
Category : Business & Economics
Languages : en
Pages : 182

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Book Description
The great and fastening strides of the Fintech revolution continuously transform once-static traditional financial industry and provision of credit in particular. Blockchain innovation has led to creation of new industry of raising funds without the need for financial intermediaries such as venture capital or banks. In this book we build up a holistic picture of the token sales or initial coin offerings (ICOs) from their inception in 2013 to our days. We analyze the initial phases of the industry’s development, collecting information on all campaigns or ICO attempts in this period, providing a thorough quantitative analysis of the phenomenon. We also provide a detailed account of token sales mechanics and overview all the main actors in this new ecosystem of blockchain-based financing. By leveraging the open data on token sales contributions, we study the behavior of token sales investors and find out that recurrent investors do not succeed in selecting better ICO projects but bigger investors do. In the last part of the book, we study crypto tokens as investments and overview their functionality and risks involved, as well as look at the alternative methods of creating and distributing tokens and compare them to token sales.

Author: Quas Anita
Publisher: World Scientific
ISBN: 981120277X
Category : Business & Economics
Languages : en
Pages : 356

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Book Description
This book provides an updated view of new trends in entrepreneurial finance, with the aim of guiding academics and non-academics alike that want to gain a deeper understanding of this field.It collects recent contributions from scholars from all over the world. Each chapter provides new empirical or theoretical evidence on fundamental issues related to entrepreneurial finance, including business angels, crowdfunding, Initial Coin Offerings, Mini bonds, public support and more. Besides reviewing the recent trends in the field, the book also highlights new avenues for research, and implications for practitioners.

Author: Christian Fisch
Publisher:
ISBN:
Category :
Languages : en
Pages : 48

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Book Description
In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making.

Author: Sabrina T. Howell
Publisher:
ISBN:
Category : Blockchains (Databases)
Languages : en
Pages : 58

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Book Description
Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets. Since 2014 ICOs have emerged as a new financing instrument, with some parallels to IPOs, venture capital, and pre-sale crowdfunding. We examine the relationship between issuer characteristics and measures of success, with a focus on liquidity, using 453 ICOs that collectively raise $5.7 billion. We also employ propriety transaction data in a case study of Filecoin, one of the most successful ICOs. We find that liquidity and trading volume are higher when issuers offer voluntary disclosure, credibly commit to the project, and signal quality.

Author: Alexander Staffel
Publisher: GRIN Verlag
ISBN: 3346641449
Category : Business & Economics
Languages : en
Pages : 64

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Book Description
Bachelor Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1, Vienna University of Economics and Business , language: English, abstract: The aim of this paper is to identify the determinants of success of ICO funding campaigns. Success is measured by the three proxy metrics funding, listing and survival success. By conducting an empirical analysis of a dataset containing information of 260 ICOs which took place between October 2017 and June 2019, a logit regression model is applied. The results should add to the already existing and constantly growing but still only sparse literature and research about what makes ICOs successful. The findings should point out which characteristics of ICOs are crucial for achieving success and are highly relevant for businesses, managers and start-ups, wishing to make use of initial token sales for funding purposes.

Author: Janet Kiholm Smith
Publisher: Stanford University Press
ISBN: 150360912X
Category : Business & Economics
Languages : en
Pages : 767

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Book Description
Entrepreneurial Finance: Venture Capital, Deal Structure & Valuation, Second Edition illustrates how the theory and methods of finance and economics can be used to guide strategic decision-making. This text prepares readers for a variety of situations that confront stakeholders in the rapidly evolving fields of entrepreneurial finance and venture capital, outlining ways to think from the investor's and entrepreneur's perspectives. Readers will find a unique and direct focus on value creation as the objective of each strategic and financial choice. The authors specifically address the influences of risk and uncertainty on new venture success and investment performance, devoting substantial attention to methods of financial modeling and contract design. Finally, they provide a comprehensive survey of approaches to new venture valuation, with an emphasis on applications. The second edition is thoroughly revised to reflect new data, research, and changes in practice in this fast-moving field. It has an increased focus on venture capital, while maintaining its hallmark coverage of the financial aspects of entrepreneurship. Updates throughout address technological changes that have the potential to dramatically change the landscape for finance, such as recent innovations in contracting for early-stage ventures, artificial intelligence and machine learning, and Internet connectivity. Lastly, the book offers a companion website with a useful suite of resources for students and instructors alike, including spreadsheets, templates, simulation applications, and interactive cases and tutorials.

Author: Marco Da Rin
Publisher: Oxford University Press
ISBN: 0190941561
Category : Business & Economics
Languages : en
Pages : 657

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Book Description
Fundamentals of Entrepreneurial Finance provides a comprehensive introduction to entrepreneurial finance, showing how entrepreneurs and investors jointly turn ideas into valuable high-growth start-ups. Marco Da Rin and Thomas Hellmann examine the challenges entrepreneurs face in obtaining funding and the challenges investors face in attracting promising ventures. They follow the joint journey of entrepreneurs and investors from initial match to the eventual success or failure of the venture. Written with the goal of making entrepreneurial finance accessible, this book starts with the basics, develops advanced topics, and derives practical insights. Da Rin and Hellmann build on academic foundations from several disciplines and enrich the text with data, mini-cases, examples, and exercises.

Author: Christian Fisch
Publisher:
ISBN:
Category :
Languages : en
Pages : 38

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Book Description
Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to be underrepresented among potential entrepreneurs. Following this line of research, we investigate, through two complementary empirical studies, whether gender, ethnicity, and geography affect the choice of ICOs vs. traditional financing alternatives. Additionally, we assess whether these characteristics in-crease the amount of money an entrepreneur can raise. In Study I, we compare 390 ICO ventures to a sample of 1,078 VC-backed block-chain ventures, identifying a negative correlation between the choice of an ICO (vs. VC-backing) and a location in an urban area. In Study II, we compare 160 ICO ventures to 163 real estate investment trusts (REITs), reaffirming the results of Study I. The findings show significant participation and likelihood of successful campaigns for ethnical minorities in ICOs, with the latter also being able to collect, ceteris pari-bus, larger amounts of funding. In contrast, female entrepreneurs do not have higher chances to participate nor raise funds in ICOs.