Relevant bibliographies by topics / Entrepreneurial finance

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Entrepreneurial finance'

Author: Grafiati
Published: 4 June 2021
Last updated: 29 July 2024

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Journal articles on the topic "Entrepreneurial finance"

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Nurjanah, Siti, and Triyono Arief Wahyudi. "PERAN ENTREPRENEURIAL COMMUNITY DAN DIGITAL ENTREPRENEURIAL ORIENTATION TERHADAP ENTREPRENEURAL PROCESS DALAM MENGHASILKAN ENTREPRENEURIAL PERFORMANCE." Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT 5, no. 2 (June 27, 2020): 97–106. http://dx.doi.org/10.36226/jrmb.v5i2.334.

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Purpose- This study aims to examine the role of the entrepreneurial community and digital entrepreneurial orientation towards the entrepreneurial process in producing entrepreneurial performance. Design/methodology/approach- The quantitative research design was used through field research in Wonogiri District, Baturetno District, Watuagung Village, Sendang Hamlet. A total of 31 respondents were randomly selected through questionnaires. Findings- The results of this study indicate that the entrepreneurial community does not affect the entrepreneurial process, digital entrepreneurial orientation influences the entrepreneurial process, entrepreneurial process influences entrepreneurial performance. Implication- Related parties need to make efforts to improve entrepreneurial performance through mentoring members of the community in directing and developing their businesses; conduct interactive communication between management and members of the association; and forming SME groups in the context of operational and development cost efficiency (production training, managerial finance, marketing, and others) Keywrods: entrepreneurial community, digital entrepreneurial orientation, entrepreneurial process, entrepreneurial performance
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Kuckertz, Andreas. "Book Review: Entrepreneurial Finance." International Small Business Journal: Researching Entrepreneurship 23, no. 4 (August 2005): 460–62. http://dx.doi.org/10.1177/026624260502300407.

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Ridley, Dennis, and Felipe Llaugel. "Entrepreneurial Finance Revising the Finance 101 Course." Journal of Entrepreneurship and Business Innovation 9, no. 2 (July 13, 2022): 1. http://dx.doi.org/10.5296/jebi.v9i2.20001.

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A summary review of the business finance course syllabi of eight institutions is presented. Then one other typical syllabus for the financial management of the firm was examined in detail. A review of the CDR model (Capitalism, Democracy and Rule of law) and its implications are explored in consideration of the finance courses. Traditional business education pedagogy is analyzed as well as the information theory of finance to put in context the need of some improvement. Information theory is introduced as a measure of uncertainty, because it is more dynamic and general than variance in the data. The syllabi tend to overlook the need for an understanding of capital and all its sources, collaboration for research and development, and entrepreneurship. The objective of the paper is to make suggestions for modifying current syllabi to correct these shortcomings. A brief explanation of the CDR model and the effect in the gross domestic product is presented in the appendix.
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Salman, Asma, and Sundus Jamil. "Entrepreneurial finance and its impact on e-business." Problems and Perspectives in Management 15, no. 3 (September 19, 2017): 24–41. http://dx.doi.org/10.21511/ppm.15(3).2017.03.

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Entrepreneurial activity is important not just from an economic point of view but it also recognizes the power and value of an individual. In a developing country like Pakistan that ranks high when it comes to ease of doing business but very low in entrepreneurship, alternatives must be devised to empower individuals socially and economically. The Pakistani women being empowered than ever before have to be paid special attention to in case of entrepreneurship. The current study is thus aimed at assessing the e-business related entrepreneurial finance and potential of women doing e-business. E-business helps women overcome many traditional barriers to employment and entrepreneurship. Using Theory of Planned behavior and entrepreneurship models, a framework for assessing e-business and seeking entrepreneurial finance alternatives is developed. Unlike the previous theories which suggested eight variables the current study found that for e-business entrepreneurs only perceived propensity, desirability, feasibility, motherhood, management and meso and macro environment are significant. Besides money, market and management which are important for starting any business, IT knowledge is important. The results based on regression analysis suggest that the model fits well as it predicts value of the entrepreneurial intention at 95% with a 5% significance value. Based on the findings of the study a new model for assessment of e-business entrepreneurial intention is developed which includes all significant variables and IT knowledge as a moderating variable. Based on this assumption, there is a clear implication for the policy makers to stress IT literacy to encourage entrepreneurial activity.
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Macht, Stephanie Alexandra. "Putting “entrepreneurial finance education” on the map." Education + Training 58, no. 9 (October 10, 2016): 984–1002. http://dx.doi.org/10.1108/et-08-2015-0068.

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Purpose The purpose of this paper is to bring attention to “entrepreneurial finance education”, an aspect of entrepreneurship education that is widely taught but neglected by the educational literature. It does so by exploring how social capital, a key resource for entrepreneurs, can be incorporated into entrepreneurial finance education. Design/methodology/approach By drawing upon social capital literature in the context of funding sources for entrepreneurs, the paper highlights the significance of bonding and bridging social capital for entrepreneurial finance. Findings The review of relevant literature confirms the importance of social capital for entrepreneurial finance. The existence of bonding social capital, which refers to a trusting relationship between entrepreneurs and financiers, allows entrepreneurs to access their financiers’ resources (e.g. contacts, knowledge, reputation, further funds) through bridging social capital. Practical implications Students of entrepreneurial finance need to understand the role that both facets of social capital play in the context of fundraising. This paper proposes ways of incorporating social capital into various approaches to entrepreneurial finance education. This allows educators to include relevant topics and research into their syllabi, while enabling students to study a crucial, yet under-represented, topic in entrepreneurial finance education. Originality/value Given that entrepreneurial finance education has to date been neglected in the educational literature, this paper begins to address a huge void. It clarifies potential contents of entrepreneurial finance education, demonstrates the importance of including social capital in the education of entrepreneurial finance students and suggests practical ways of achieving this.
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Murzacheva, Ekaterina, and Jonathan Levie. "Entrepreneurial finance journeys: embeddedness and the finance escalator." Venture Capital 22, no. 2 (April 2, 2020): 185–214. http://dx.doi.org/10.1080/13691066.2020.1767756.

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Yazdipour, Rassoul. "Behavioral Finance and Entrepreneurial Finance: A Short Note." Journal of Entrepreneurial Finance 11, no. 1 (December 1, 2006): 1–2. http://dx.doi.org/10.57229/2373-1761.1229.

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Jackson, Paul, and Florian Madison. "Entrepreneurial finance and monetary policy." European Economic Review 141 (January 2022): 103961. http://dx.doi.org/10.1016/j.euroecorev.2021.103961.

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Häckner, Einar, and Robert D. Hisrich. "Editorial: Contemporary entrepreneurial finance research." Venture Capital 3, no. 3 (July 2001): 183–85. http://dx.doi.org/10.1080/13691060110060628.

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Pasquini, Ricardo A., Gabriela Robiolo, and Virginia Sarria Allende. "Matching in entrepreneurial finance networks." Venture Capital 21, no. 2-3 (May 29, 2019): 195–221. http://dx.doi.org/10.1080/13691066.2018.1457474.

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Dissertations / Theses on the topic "Entrepreneurial finance"

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Bernstein, Shai. "Essays in Entrepreneurial Finance." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10299.

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In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that completed their filing and went public with that of firms that withdrew their filing and remained private. I use NASDAQ fluctuations during the book-building period as a source of exogenous variation that affects IPO completion but is unlikely to affect long-run innovation. Using this approach, I find that the quality of internal innovation declines by 50 percent relative to firms that remained private. The decline in innovation is driven by both an exodus of skilled inventors and a decline in productivity among remaining inventors. However, going public allows firms to attract new human capital and purchase externally generated innovations through mergers and acquisitions. In the second essay, we explore the effects of private equity investments on the industries they invest at. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where PE funds have invested in the past five years have grown more quickly in terms of productivity and employment. It is hard to find support for claims that economic activity in industries with private equity backing is more exposed to aggregate shocks. The results using lagged private equity investments suggest that the results are not driven by reverse causality. Finally, in the third essay we model situations in which a principal offers a set of contracts to a group of agents to participate in a project. Agents’ benefits from participation depend on the identity of other participating agents. We show that when assuming multilateral externalities, the optimal contracts’ payoff relies on a ranking of the agents, which can be described as arising from a tournament among the agents. Rather than simply ranking agents according to a measure of popularity, the optimal contracting scheme makes use of a more refined two-way comparison between the agents. We derive results on the principal’s revenue extraction and the role of the level of externalities’ asymmetry.
Economics
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Nanda, Ramana. "Essays in entrepreneurial finance." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/40885.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2007.
"June 2007."
Includes bibliographical references.
There is growing belief that countries with better financing environments are associated with higher economic growth because they facilitate entrepreneurship and hence the Schumpeterian process of 'creative destruction'. This dissertation explores this hypothesis in more detail by understanding how the financing environment for new ventures impacts outcomes such as individuals' decision to become entrepreneurs, their sources of financing and the growth and survival of their firms. Rather than performing cross-country analyses however, the approach used in this dissertation is to perform within-country studies that shed more light on the mechanisms through which the financing environment impacts entrepreneurial activity. The first two essays in the dissertation exploit institutional reforms - one in Denmark and another in the US - that changed the financing environment for new businesses to study how they impacted individuals' entry and survival. These natural experiments are supplemented with detailed and comprehensive micro data that allow me to both explore and the refine the mechanisms at play in more detail. The final paper is more descriptive in nature and examines how the variation in entrepreneurs' use of Diaspora networks in developing countries is related to the financing and networking environment of the city in which they are based.
by Ramana Nanda.
Ph.D.
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Bozkaya, Ant. "Essays in entrepreneurial finance." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210683.

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This thesis aims to better understand the process of the funding of young innovative

ventures, and how a deeper understanding of this process can help public policy to better

stimulate entrepreneurial firms—especially in high-technology industries. I interpret

entrepreneurial finance broadly to mean financing issues facing young innovative

ventures. It includes three essays which deal with a set of economic, institutional, and

public policy issues to examine entrepreneurial finance.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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Sannino, Francesco. "Essays in entrepreneurial finance." Thesis, London School of Economics and Political Science (University of London), 2018. http://etheses.lse.ac.uk/3721/.

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In Chapter 1, a theory of optimal fund size in venture capital is developed. Fund managers - the VCs - add value to the projects they finance, but their human capital is scarce. A matching model is proposed where VCs span their nurturing activity over more projects, and entrepreneurs, who own the projects, direct their search to VCs based on their projects’ quality. The work provides necessary and sufficient conditions for positive and negative assortative matching over VC attention and project quality to emerge and shows when VCs fundraising decision is distorted by selection considerations. The chapter ends with an investigation of the effects of entry of less skilled intermediaries. By attracting the worse entrepreneurs, these new agents alleviate the adverse selection problem associated to managing a larger fund. This offers a new angle to think about policies encouraging entry in the venture capital industry. In Chapter 2, the model developed in Chapter 1 is extended to a dynamic setting, where projects need time to develop and produce returns. VCs can choose to enter in a short-term contract with investors, giving them access to investors liquidity for a given period of time, and an open credit relationship that allows them to raise investors money at any point in time. The model illustrates a novel advantage of closed, finite-horizon funds, which emerge in equilibrium even when they are socially undesirable: they attract the best entrepreneurs, who value the most the exclusive relationship that only a closed-end fund can guarantee. The interpretation is that VCs benefit from committing to a size in the first place. In Chapter 3, the focus moves to the study of the distortions in fund managers’ behavior that may occur within a fund’s life. A setting is introduced where information about a manager’s ability is imperfect and managers are interested in their reputation. Given the application to investments in young firms, managers in the model are agents that create value because they can experiment and learn about a projects potential. Their incentive to take on risk is distorted by career concerns, and can result in under or over risk-taking. The result contrasts with Holmstrom (1999) where managers directly affect the project’s success rate, and career concerns can only produce inefficiently low risk-taking. It is shown that the inefficiency is reduced when the market can also observe the outcome of projects with the same fundamental.
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Liu, Zilong. "Two Essays on Entrepreneurial Finance." Kent State University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=kent1463607076.

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Sewaid, Ahmed. "Entrepreneurial Finance: Three Essays on Crowdfunding." Doctoral thesis, Universitat Autònoma de Barcelona, 2020. http://hdl.handle.net/10803/670854.

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En aquesta dissertació, ens acostem a tres línies úniques de la literatura de crowdfunding. En el primer capítol, desenvolupem un model teòric que avalua el finançament òptim de l'emprenedor i l'elecció de llançament a l'triar entre crowdfunding basat en recompenses i finançament de deute. Contràriament a la literatura anterior, vam mostrar que quan s'utilitza el crowdfunding basat en recompenses, l'estratègia òptima de fixació de preus de l'empresari implica comprometre amb el preu minorista futur durant la campanya de crowdfunding i que aquesta estratègia òptima única implica recompensar els patrocinadors amb un descompte en relació amb els futurs clients minoristes. A l'triar entre finançament de deute i crowdfunding basat en recompenses, vam mostrar que no hi ha una estratègia òptima única. L'estratègia òptima dependria dels requisits de capital de el projecte i la taxa d'interès vigent. Vam descobrir que els projectes amb requisits de capital més baixos preferiran llançar-mitjançant crowdfunding, ja que no necessiten apartar-se dels preus òptims de crowdfunding. Mentre que per requisits de capital més alts, l'estratègia òptima depèn dels nivells de taxa d'interès. En el segon capítol, ens vam separar de l'anàlisi clàssica dels motius no financers en el crowdfunding basat en recompenses i investiguem com els empresaris poden incentivar financerament als patrocinadors per millorar el rendiment de la campanya. Mostrem específicament com es pot utilitzar l'estratègia de fixació de preus de l'emprenedor per indicar la qualitat de el projecte i la recompensa financera que reben els patrocinadors en relació amb els clients minoristes. El nostre estudi implica l'anàlisi de dos senyals costoses, compromís de preu i descompte, i un senyal sense cost, el nombre de classes de recompensa. Els nostres resultats mostren que l'ús de l'compromís de preus i el descompte per part de l'emprenedor està positivament associat amb l'exercici de la campanya. El nombre de classes de recompensa exhibeix una relació similar amb el rendiment de l'crowdfunding. No obstant això, destaquem que els senyals no funcionen de manera aïllada i que, en presència dels senyals costoses, l'efecte del senyal sense cost es debilita. Això proporciona suport addicional per l'argument que quan els senyals costoses i sense cost interactuen, els patrocinadors donen prioritat a les primeres. El tercer capítol d'aquesta tesi amplia la literatura incipient sobre el crowdfunding en sèrie a l'tenir en compte la dimensió contextual de les campanyes a la plataforma, prèviament descurada. Investiguem els efectes dels contextos canviants (indústria i / o ubicació geogràfica) en el rendiment de la campanya. Presumim de canviar el context afectarà negativament el resultat de la campanya, ja que parteix de el coneixement adquirit de campanyes anteriors és específic de l'context. A més, postulem que els emprenedors amb un major nivell d'experiència en crowdfunding estan en millors condicions per fer generalitzacions a partir de l'experiència prèvia i aplicar-les a diferents contextos, de manera que pateixen menys els canvis en els contextos. Una anàlisi empírica de l'univers de crowdfunders en sèrie en Kickstarter recolza les nostres hipòtesis. A més, vam mostrar que canviar el context després de l'fracàs afegeix una capa de complexitat que intensifica la relació negativa entre canviar el context i el resultat de la campanya.
En esta disertación, nos acercamos a tres líneas únicas de la literatura de crowdfunding. En el primer capítulo, desarrollamos un modelo teórico que evalúa el financiamiento óptimo del emprendedor y la elección de lanzamiento al elegir entre crowdfunding basado en recompensas y financiamiento de deuda. Contrariamente a la literatura anterior, mostramos que cuando se utiliza el crowdfunding basado en recompensas, la estrategia óptima de fijación de precios del empresario implica comprometerse con el precio minorista futuro durante la campaña de crowdfunding y que esta estrategia óptima única implica recompensar a los patrocinadores con un descuento en relación con los futuros clientes minoristas. Al elegir entre financiamiento de deuda y crowdfunding basado en recompensas, mostramos que no existe una estrategia óptima única. La estrategia óptima dependería de los requisitos de capital del proyecto y la tasa de interés vigente. Descubrimos que los proyectos con requisitos de capital más bajos preferirán lanzarse mediante crowdfunding, ya que no necesitan apartarse de los precios óptimos de crowdfunding. Mientras que para requisitos de capital más altos, la estrategia óptima depende de los niveles de tasa de interés. En el segundo capítulo, nos separamos del análisis clásico de los motivos no financieros en el crowdfunding basado en recompensas e investigamos cómo los empresarios pueden incentivar financieramente a los patrocinadores para mejorar el rendimiento de la campaña. Mostramos específicamente cómo se puede utilizar la estrategia de fijación de precios del emprendedor para indicar la calidad del proyecto y la recompensa financiera que reciben los patrocinadores en relación con los clientes minoristas. Nuestro estudio implica el análisis de dos señales costosas, compromiso de precio y descuento, y una señal sin costo, el número de clases de recompensa. Nuestros resultados muestran que el uso del compromiso de precios y el descuento por parte del emprendedor está positivamente asociado con el desempeño de la campaña. El número de clases de recompensa exhibe una relación similar con el rendimiento del crowdfunding. Sin embargo, destacamos que las señales no funcionan de forma aislada y que, en presencia de las señales costosas, el efecto de la señal sin costo se debilita. Esto proporciona soporte adicional para el argumento de que cuando las señales costosas y sin costo interactúan, los patrocinadores dan prioridad a las primeras. El tercer capítulo de esta tesis amplía la literatura incipiente sobre el crowdfunding en serie al tener en cuenta la dimensión contextual de las campañas en la plataforma, previamente descuidada. Investigamos los efectos de los contextos cambiantes (industria y / o ubicación geográfica) en el rendimiento de la campaña. Presumimos que cambiar el contexto afectará negativamente el resultado de la campaña, ya que parte del conocimiento adquirido de campañas anteriores es específico del contexto. Además, postulamos que los emprendedores con un mayor nivel de experiencia en crowdfunding están en mejores condiciones para hacer generalizaciones a partir de la experiencia previa y aplicarlas a diferentes contextos, de modo que sufren menos los cambios en los contextos. Un análisis empírico del universo de crowdfunders en serie en Kickstarter respalda nuestras hipótesis. Además, mostramos que cambiar el contexto después del fracaso agrega una capa de complejidad que intensifica la relación negativa entre cambiar el contexto y el resultado de la campaña.
In this dissertation, we approach three unique strands of the crowdfunding literature. In the first chapter, we develop a theoretical model evaluating the entrepreneur’s optimal financing and launching choice when choosing between reward-based crowdfunding and debt financing. Contrary to previous literature, we show that when using reward-based crowdfunding, the entrepreneur’s optimal pricing strategy involves committing to the future retail price during the crowdfunding campaign and that this unique optimal strategy involves rewarding backers with a discount relative to future retail customers. When choosing between debt financing and reward-based crowdfunding, we show that there is no unique optimal strategy. The optimal strategy would depend on the project capital requirements and the prevailing interest rate. We find that projects with lower capital requirement will prefer to launch via crowdfunding since they do not need to diverge away from the optimal crowdfunding prices. Whereas for higher capital requirements, the optimal strategy depends on the interest rate levels. In the second chapter, we diverge from the classical analysis of non-financial motives in reward-based crowdfunding and investigate how entrepreneurs can financially incentivize backers in order to improve campaign performance. We specifically show how the entrepreneur’s pricing strategy can be used to signal the project’s quality and the financial reward that backers receive relative to retail customers. Our study involves the analysis of two costly signals, price commitment and discount, and a costless signal, the number of reward classes. Our results show that the use of price commitment and discount by the entrepreneur is positively associated with the campaign performance. The number of reward classes exhibits a similar relationship with crowdfunding performance. However, we highlight that signals do not work in isolation and that in the presence of the costly signals, the effect of the costless signal is weakened. This provides additional support for the argument that when costly and costless signals interact, backers prioritize the former. The third chapter of this thesis extends the nascent literature on serial crowdfunding by accounting for the previously neglected contextual dimension of campaigns on the platform. We investigate the effects of changing contexts (industry and/or geographic location) on the campaign performance. We hypothesize that changing context will adversely affect the campaign outcome as some of the acquired knowledge from previous campaigns is context-specific. Moreover, we posit that entrepreneurs with higher level of crowdfunding experience are better able to make generalizations from previous experience and apply them to different contexts such that they suffer less from changing contexts. An empirical analysis of the universe of serial crowdfunders on Kickstarter provides support for our hypotheses. We additionally show that changing context following failure adds a layer of complexity which intensifies the negative relationship between changing context and campaign outcome.
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Leboeuf, Gael. "Design des Campagnes de Crowdfunding." Thesis, Lille 2, 2016. http://www.theses.fr/2016LIL20012/document.

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Si le succès d'une campagne de crowdfunding dépend du projet qui est financé, il est aussi fortement lié aux choix stratégiques faits par l'entrepreneur et par le design de la campagne de financement en elle-même. Cette thèse étudie trois composants principaux du design d'une campagne de crowdfunding en se basant sur une base de données unique de plus de 22 000 projets présentés sur la plateforme Indiegogo. Premièrement, en choisissant entre les modèles de financement "keep-it-all" et "all-or-nothing", l'entrepreneur a la possibilité de transférer lerisque entre lui-même et la foule. Cela aura un impact sur la quantité d'informations qu'il divulguera et sur le comportement des participants. Deuxièmement, la personnalité de l'entrepreneur, et plus particulièrement son niveau de narcissisme, affecte également la manière dont la campagne est mise en place (taille, informations,...) et du soutien qu'il/elle obtient de la foule. Enfin, étant donné que nous savons que les entrepreneurs en série bénéficient habituellement de leur expérience via leur réseau et leur réputation, nous analysons sa capacité à recommencer une seconde campagne, la manière dont l'entrepreneur la conçoit et sa capacité à gagner, ou pas, le soutien du public après un premier succès ou un premier échec
If the crowdfunding campaign success depends on the project that is financed, it is also closely linked to the strategic choices of the entrepreneur and by the design of the financing campaign in itself. This thesis investigates three main components of the campaign design by using a unique database of more than 22,000 crowdfunding projects presented on the Indiegogo platform. First, by choosing between the keep-it-all and the all-or-nothing funding model, the entrepreneur is able to shift the risk between himself and the crowd. This will impact thecampaign disclosures and the behavior of the participants. Second, the personality of the entrepreneur and more precisely his level of narcissism also affects the way that the campaign is set up (size, soft information,...) and the support he/she receives from the crowd. Finally, since we know that serial entrepreneurs usually benefit from experience through network and reputation, we analyze his/her ability to restart a second campaign, the way that entrepreneurs design it and his/her capacity to gain, or not, support from the crowd after a first success or after a first failure
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Imai, Yasuharu. "Financial evaluation of entrepreneurial strategic choice." Thesis, Normandie, 2019. http://www.theses.fr/2019NORMC022/document.

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L’objectif de cette thèse est de développer des modèles quantitatifs utilisant les options réelles pour une évaluation financière des choix stratégiques entrepreneuriaux. Cependant, il ne s’agit pas seulement de développer des aspects techniques (ou manipulations mathématiques). Les modèles proposés dans la thèse visent également à fournir des informations pratiques utiles à la fois aux entrepreneurs et aux investisseurs, afin de faciliter la prise de décision dans les négociations contractuelles pour le financement et l'investissement dans les start-ups et les firmes entrepreneuriales.Cette thèse se compose de deux parties. La première partie définit les concepts utilisés afférents à la question de recherche. L’adoption de la perspective proposée par la finance entrepreneuriale nous permet de centrer notre approche sur la négociation et une relation d'égalité entre les participants dans le processus de prise de décision, alors que la finance d’entreprise traditionnelle s’intéresse à la relation principal-agent. En effet, les méthodes généralement utilisées comme les cash-flows actualisés (DCF) ou le Taux de Rendement Interne (TRI) ne sont pas adéquates pour effectuer une évaluation financière dans un contexte entrepreneurial. Ainsi, la problématique de cette thèse peut être formulée de la manière suivante : Comment les choix stratégiques des start-ups et firmes entrepreneuriales devraient-ils être évalués dans le cadre des négociations contractuelles ?Afin de traiter cette problématique, trois problèmes particuliers seront exposés dans la deuxième partie. Nous proposerons de les étudier à partir de l’approche par les options réelles qui convient parfaitement à l'analyse des choix stratégiques dans un contexte de finance entrepreneuriale.Le premier article analyse l’évaluation d’un contrat de licence dans le secteur biopharmaceutique. En résumé, lors de la conclusion d’un contrat de licence, les dirigeants et les responsables de la négociation doivent prendre en compte de nombreux facteurs tels que la phase de développement, la prévision des coûts d'investissement et la volatilité des marchés. De plus, la prise en compte des interactions comportementales des deux parties lors de la négociation du contrat de licence est essentielle pour la construction d'un modèle de simulation, notamment en ce qui concerne l’interaction dynamique entre le donneur de licence et le preneur de licence.Le deuxième article s’intéresse à la question de la dilution pour les nouveaux actionnaires lors du deuxième tour de financement en présence de détenteurs d’obligations convertibles. Selon les résultats de la simulation, il est possible de vérifier que le taux de « discount » et le « valuation cap » ont un impact important sur le coût de la prise de décision en matière d’investissement en actions. Les résultats montrent également que plus le taux de discount est élevé et moins le valuation cap est important, plus les coûts sont élevés, et la probabilité de succès de la négociation devient donc faible. Par conséquent, l’entrepreneur doit en tenir compte lorsqu’il entre en négociation lors du deuxième tour de financement.Le troisième article aborde le choix d’une stratégie de sortie pour un entrepreneur (acquisition ou introduction en bourse) notamment « The IPO valuation premium puzzle » proposé par Bayar et Chemmanur (2011). Bien qu'il soit normal que l’entrepreneur et les investisseurs en capital-risque envisagent l’introduction en bourse, il est également possible qu'ils choisissent l'acquisition comme stratégie de sortie. En utilisant la théorie des jeux, ce phénomène contradictoire peut être expliqué par l’existence de deux équilibres de Nash. En complément de la gestion des risques afférents au marché, l’entrepreneur doit prêter attention à la relation avec le capital-risqueur lorsqu’il choisit la stratégie de sortie
The objective of this dissertation is to develop the quantitative models that adopt the real options analysis for financially evaluating the entrepreneurial strategic choices. However, it does not only focus on the technical aspects (or its mathematical methodologies). The models proposed in the dissertation aim to provide the practically useful information in order for both entrepreneurs and investors to make decisions in the contractual negotiation of financing and investing in the start-ups and ventures.This dissertation consists of two parts. The first part gives the definitions of the essential concepts that shall be incorporated into the research question. Adopting the perspectives that are provided in entrepreneurial finance leads us to focus on the fair negotiations among participants in the process of decision-making, while the traditional corporate finance emphasises the principal-agent problem. Actually, the common methods, such as Discounted Cash-Flows and Internal Rate of Return, are not always suitable for implementing financial valuations in the context of entrepreneurial finance. Therefore, the research question of this dissertation can be set as follows: How should strategic choices in contract negotiation be financially evaluated?In order to deal with this problem, three particular issues are introduced in the second part. The real options analysis is utilised in all of the three issues, which is quite suitable for analysing them.The first article deals with the issue of licensing contract with bio-pharma venture. In summary, when closing a licensing contract negotiation, those in charge of the negotiation must consider many factors, such as the phases of R&D, the investment costs and the market volatility. In addition to those, the interaction of the participants of the contractual negotiation should be taken into account. For modelling this relationship, the assumption of dynamic interaction between licensor and licensee is introduced.The second article focuses on the dilution problem in the second financing round under the existence of convertible note holders. According to the simulation results, “discount” and “valuation cap” have a great impact on the equity decision-making cost. The results also show that the costs increase when the degree of discount becomes greater and the valuation cap becomes smaller. This may jeopardize the success of negotiation. Entrepreneurs should take these factors into consideration in the second financing round.The third article analyses the exit choice (acquisition or IPO), especially the “IPO valuation premium puzzle” proposed by Bayar et Chemmanur (2011). While entrepreneurs and venture capitalists prefer an IPO, acquisition can be chosen. Utilising the game theory, this contradictory phenomenon can be explained as the two Nash equilibria. In addition to financial market risks, entrepreneurs should pay attention to the relationship with venture capitalists, when they choose the exit strategy
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Howell, Sabrina T. "Essays in Energy Economics and Entrepreneurial Finance." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17467337.

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When does government intervention successfully correct perceived market failures? What effects do such interventions have on firm decisions? These questions are especially vital to the energy sector, which features large negative externalities, volatile commodity prices, and intensive regulation. My dissertation examines energy policies in three otherwise disparate contexts: a U.S. national research and development (R&D) subsidy intended to expedite clean energy technology deployment; a U.S. state-level oil price risk management policy targeting highway paving firms; and a Chinese fuel economy standard aimed at reducing oil consumption and hastening technology adoption among Chinese automakers. Each analysis evaluates the public policy and uses it to glean insight into firm financial constraints and innovation investment. Together, the three chapters contribute to the literatures on entrepreneurial finance, corporate risk management, innovation, and industrial policy. Motivating the first paper is the observation that governments regularly subsidize new ventures to spur innovation, often in the form of R&D grants. I examine the effects of such grants in the first large-sample, quasi-experimental evaluation of R&D subsidies. I implement a regression discontinuity design using data on ranked applicants to the Small Business Innovation Research grant program at the U.S. Department of Energy. An award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and the likelihood of achieving revenue. The effects are stronger for more financially constrained firms. In the second part of the paper, I use a signal extraction model to identify why grants lead to future funding. The evidence is inconsistent with a certification effect, where the award contains information about firm quality. Instead, the grant money itself is valuable, possibly because it funds proof-of-concept work that reduces investor uncertainty about the technology. The second chapter examines how firms manage oil price risk when oil is an important input cost. Despite a rich theoretical literature, there is little empirical evidence about risk management heterogeneity across firm types. I evaluate a policy that shifts oil price risk in highway procurement from the private sector to the government, reducing the cost of hedging to zero. In a triple-differences design using data from Kansas and Iowa, I show that firms value hedging oil price risk between the auction and commencement of work. Consistent with the prediction that hedging is more valuable for financially constrained firms, I find higher risk premiums in private vis-à-vis public firms and in smaller vis-à-vis larger firms. I also find that family ownership and a lack of diversification are associated with higher risk premiums. Competition is highly imperfect in this industry. Monopoly power in product markets, together with market frictions in derivative hedging, may limit the pass- through of risk to financial markets, and thus prevent efficient allocation of risk. I turn to China - a very different economic setting - in the third chapter. Technology absorption is critical to emerging market growth. To study this process I exploit fuel economy standards, which compel automakers to either acquire fuel efficiency technology or reduce vehicle quality. With novel, unique data on the Chinese auto market between 1999 and 2012, I evaluate the effect of China’s 2009 fuel economy standards on firms’ vehicle characteristic choices. Through differences-in-differences and triple differences designs, I show that Chinese firms responded to the new policy by manufacturing less powerful, cheaper, and lighter vehicles. Foreign firms manufacturing for the Chinese market, conversely, continued on their prior path. For example, domestic firms reduced model torque and price by 12% and 13% of their respective means relative to foreign firms. Private Chinese firms outperformed state-owned firms and were less affected by the standards, but Chinese firms in joint ventures with foreign firms suffered the largest negative effect regardless of ownership. My evidence suggests that fuel economy standards and joint venture mandates - both intended to increase technology transfer - have instead retarded Chinese firms’ advancement up the automotive manufacturing quality ladder.
Political Economy and Government
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Rajaiya, Harshit. "Three Essays in Corporate and Entrepreneurial Finance:." Thesis, Boston College, 2020. http://hdl.handle.net/2345/bc-ir:108781.

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Thesis advisor: Thomas Chemmanur
My dissertation consists of three chapters. In the first chapter, I analyze the impact of firms' innovation success on their corporate financial policies. I hypothesize that innovation success reduces the information asymmetry facing firms and, through the information channel, affects their capital structure and dividend policies. I measure innovation success using the quantity and quality of patents. I show that firms with higher innovation success face lower information asymmetry, measured using analyst coverage, dispersion, and forecast error. Further, I show that firms with higher innovation success have lower leverage ratios; have a greater propensity to issue equity rather than debt; and have lower dividend payout ratios. I establish causality using instrumental variable analyses with patent examiner leniency as an instrument for patent grants. In the second chapter, co-authored with Thomas Chemmanur, Xuan Tian, and Qianqian Yu, we analyze the impact of trademarks in entrepreneurial firms' success. We hypothesize that trademarks play two economically important roles for entrepreneurial firms: a “protective” role, leading to better product market performance; and an “informational” role, signaling higher firm quality to investors. We develop testable hypotheses based on the above two roles of trademarks, relating the trademarks held by private firms to the characteristics of venture capital (VC) investment in them, their probability of successful exit, their valuations at their initial public offering (IPO) and in the immediate secondary market; institutional investor IPO participation; post-IPO information asymmetry; and post-IPO operating performance. We test these hypotheses using a large and unique dataset of trademarks held by VC-backed private firms. We establish causality using an instrumental variable (IV) analysis using trademark examiner leniency as the instrument. For private firms, we find that the number of trademarks held by the firm is positively related to the total amount invested by VCs and negatively related to the extent of staging by VCs. We show that the number of trademarks held by a firm increases its probability of successful exit (IPOs or acquisitions). Further, for the subsample of VC-backed firms going public, we show that the number of trademarks held by the firm leads to higher IPO and immediate secondary market firm valuations; greater IPO participation by institutional investors; a lower extent of information asymmetry in the equity market post-IPO; and better post-IPO operating performance. In the third chapter, co-authored with Thomas Chemmanur and Jinfei Sheng, we develop testable hypotheses and empirically analyze the effects of outside investors having access to soft information such as online employee ratings from the Glassdoor website on firms' financing and investment policies. We find that higher online employee ratings are associated with larger equity issue announcement effects; a greater propensity to have positive announcement effects and to issue equity rather than debt to raise external financing; higher investment expenditures; greater equity issue participation by institutional investors; and better long-run post-issue operating performance. We establish causality using a difference-in-differences methodology relying on the staggered adoption of anti-SLAPP laws across U.S. states
Thesis (PhD) — Boston College, 2020
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Books on the topic "Entrepreneurial finance"

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Börner, Christoph J., and Dietmar Grichnik, eds. Entrepreneurial Finance. Heidelberg: Physica-Verlag HD, 2005. http://dx.doi.org/10.1007/b137996.

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Lam, Miranda S., and Gina Vega. Entrepreneurial Finance. Second Edition. | New York : Routledge, 2021. | Revised edition of the authors’ Entrepreneurial finance, 2016.: Routledge, 2020. http://dx.doi.org/10.4324/9780429325045.

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W, Melicher Ronald, ed. Entrepreneurial finance. 3rd ed. Mason, OH: South-Western Cengage Learning, 2009.

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M, Marks Alan, ed. Entrepreneurial finance. 5th ed. Upper Saddle River, N.J: Prentice Hall, 2010.

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Leach, J. Chris. Entrepreneurial Finance. 2nd ed. London: South Western Educational Publishing, 2005.

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W, Melicher Ronald, ed. Entrepreneurial finance. Mason, Ohio: Thomson/South-Western, 2003.

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W, Melicher Ronald, ed. Entrepreneurial finance. 4th ed. Mason, OH: South-Western Cengage Learning, 2012.

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Kiholm, Smith Janet, ed. Entrepreneurial finance. 2nd ed. New York: Wiley, 2004.

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W, Melicher Ronald, ed. Entrepreneurial finance. 2nd ed. Mason, Ohio: Thomas/South-Western, 2006.

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M, Marks Alan, ed. Entrepreneurial finance: Finance for small business. Upper Saddle River, NJ: Prentice Hall, 1998.

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Book chapters on the topic "Entrepreneurial finance"

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Evers, Natasha, James Cunningham, and Thomas Hoholm. "Entrepreneurial Finance." In Technology Entrepreneurship, 343–79. London: Macmillan Education UK, 2014. http://dx.doi.org/10.1007/978-1-137-02011-6_12.

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Achleitner, Ann-Kristin, and Reiner Braun. "Entrepreneurial Finance." In Handbuch Entrepreneurship, 1–20. Wiesbaden: Springer Fachmedien Wiesbaden, 2015. http://dx.doi.org/10.1007/978-3-658-05263-8_8-1.

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Achleitner, Ann-Kristin, and Reiner Braun. "Entrepreneurial Finance." In Handbuch Entrepreneurship, 319–42. Wiesbaden: Springer Fachmedien Wiesbaden, 2018. http://dx.doi.org/10.1007/978-3-658-04994-2_8.

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Freiling, Jörg, and Jan Harima. "Entrepreneurial Finance." In Entrepreneurship, 295–340. Wiesbaden: Springer Fachmedien Wiesbaden, 2019. http://dx.doi.org/10.1007/978-3-658-26117-7_14.

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Lafarre, Anne, and Ivona Schoonbrood. "Entrepreneurial Finance." In Data Science for Entrepreneurship, 353–80. Cham: Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-19554-9_15.

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Freiling, Jörg, and Jan Harima. "Entrepreneurial Finance." In Entrepreneurship, 281–328. Wiesbaden: Springer Fachmedien Wiesbaden, 2024. http://dx.doi.org/10.1007/978-3-658-44080-0_14.

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von Nitzsch, Rüdiger, Christian Rouette, and Olaf Stotz. "Kapitalstrukturentscheidungen junger Unternehmen." In Entrepreneurial Finance, 409–29. Heidelberg: Physica-Verlag HD, 2005. http://dx.doi.org/10.1007/3-7908-1603-5_20.

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Lam, Miranda S., and Gina Vega. "Forecasting Cash Flows." In Entrepreneurial Finance, 169–205. Second Edition. | New York : Routledge, 2021. | Revised edition of the authors’ Entrepreneurial finance, 2016.: Routledge, 2020. http://dx.doi.org/10.4324/9780429325045-11.

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Lam, Miranda S., and Gina Vega. "Pro Forma Financial Statements." In Entrepreneurial Finance, 206–49. Second Edition. | New York : Routledge, 2021. | Revised edition of the authors’ Entrepreneurial finance, 2016.: Routledge, 2020. http://dx.doi.org/10.4324/9780429325045-12.

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Lam, Miranda S., and Gina Vega. "Capital Budgeting and Costs of Capital." In Entrepreneurial Finance, 253–86. Second Edition. | New York : Routledge, 2021. | Revised edition of the authors’ Entrepreneurial finance, 2016.: Routledge, 2020. http://dx.doi.org/10.4324/9780429325045-14.

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Conference papers on the topic "Entrepreneurial finance"

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Worapishet, Thirarut. "CREATING CODE FRAME AND COMMON DIMENSIONS FOR ENTREPRENEURIAL MARKETING CONCEPT." In 16th Economics & Finance Conference, Prague. International Institute of Social and Economic Sciences, 2022. http://dx.doi.org/10.20472/efc.2022.016.014.

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Pineda, Fausto, Juan Carlos Olives Maldonado, Roxana Acosta, José Tomalá Uribe, and Mercedes Rendón. "Determinants of Entrepreneurial Intention and the Role of Entrepreneurial Education: An Analysis in the Ecuadorian University Context." In SECOND INTERNATIONAL CONFERENCE ON FINANCE, INFORMATION TECHNOLOGY AND MANAGEMENT. SCITEPRESS - Science and Technology Publications, 2022. http://dx.doi.org/10.5220/0011604100003581.

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TENG, LEI, and YANG YAN. "THE ENTREPRENEURIAL MECHANISM OF DIGITAL FINANCE FOR INCLUSIVE GROWTH—EVIDENCE FROM CHINA." In 2021 International Conference on Management, Economics, Business and Information Technology. Destech Publications, Inc., 2021. http://dx.doi.org/10.12783/dtem/mebit2021/35621.

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Inclusive growth is an important goal of economic development. Active entrepreneurial activities have brought a large number of new jobs, which make development benefit more people and become an important means to achieve inclusive growth. However, financial constraints often become an obstacle for entrepreneurial activities. This paper studies the mechanism of using digital financial development to alleviate the constraints of venture capital and achieve inclusive growth. It is found that digital financial development is indeed conducive to the development of entrepreneurial activities to achieve inclusive growth, and the use depth and digital degree of digital finance play a more significant role in easing the constraints of venture capital.
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Ionescu, Dan Dumitru. "FEMALE ENTREPRENEURS: CHARACTERISTICS AND ENTREPRENEURIAL BEHAVIOR." In SGEM 2014 Scientific SubConference on POLITICAL SCIENCES, LAW, FINANCE, ECONOMICS AND TOURISM. Stef92 Technology, 2014. http://dx.doi.org/10.5593/sgemsocial2014/b24/s7.036.

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Katic, Petra, and Dina Vasic. "The Role of Venture Capital and Private Equity in the Entrepreneurial Finance Ecosystem." In Organizations at Innovation and Digital Transformation Roundabout: Conference Proceedings. University of Maribor Press, 2020. http://dx.doi.org/10.18690/978-961-286-388-3.26.

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This paper researches the role of venture capital and private equity in the entrepreneurial ecosystem by reviewing the literature within that domain. The existing literature, studies and other literature reviews are included in this paper to learn if there is a progress in the field and to collect the most critical data regarding venture capital and private equity in entrepreneurial finance. An analysis is limited to scholarly journal articles and reviews published during the last five years (2014 – 2019) and available within the ISI Web of Science database. To detect current themes in the field, we performed a bibliometric analysis of entrepreneurial equity financing research. By dividing the literature into four clusters that are presenting the main findings within the area, this study provides a better understanding of venture capital and other sources of entrepreneurial funding. The results of this study indicate that the essential benefit that venture capitalists offer to entrepreneurs after financing consists of their involvement, monitoring and advising. This paper highlights the main points that can assist entrepreneurs in understanding the role of venture capital better.
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Carvalho, João. "What Do Customers Demand? Inclusive and Sustainable Entrepreneurial Marketing." In 6th International Conference on Finance, Economics, Management and IT Business. SCITEPRESS - Science and Technology Publications, 2024. http://dx.doi.org/10.5220/0012201900003717.

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Yu, HeXuan. "Research on the Satisfaction of Technological Innovation and Entrepreneurial Finance Policy." In Proceedings of the 2018 8th International Conference on Management, Education and Information (MEICI 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/meici-18.2018.18.

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Zhong, Xiong, and Zhiyan Chen. "Research on the Satisfaction of Technological Innovation and Entrepreneurial Finance Policy." In 8th International Conference on Education, Management, Information and Management Society (EMIM 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/emim-18.2018.90.

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Patrisia, Dina, Abror Abror, Shinta Doriza, and Ernita Maulida. "The Entrepreneurial Attitudes of Higher Education Students." In Proceedings of the 1st International Conference on Economics, Business, Entrepreneurship, and Finance (ICEBEF 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/icebef-18.2019.123.

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Shokhnekh, A. V. "Entrepreneurial Readiness Of Youth To Perceive Opportunities And Threats In Small Business." In International Conference on Finance, Entrepreneurship and Technologies in Digital Economy. European Publisher, 2021. http://dx.doi.org/10.15405/epsbs.2021.03.37.

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Reports on the topic "Entrepreneurial finance"

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Chen, Hui, Jianjun Miao, and Neng Wang. Entrepreneurial Finance and Non-diversifiable Risk. Cambridge, MA: National Bureau of Economic Research, April 2009. http://dx.doi.org/10.3386/w14848.

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Bai, Jessica, Shai Bernstein, Abhishek Dev, and Josh Lerner. Public Entrepreneurial Finance around the Globe. Cambridge, MA: National Bureau of Economic Research, April 2021. http://dx.doi.org/10.3386/w28744.

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Ewens, Michael. Race and Gender in Entrepreneurial Finance. Cambridge, MA: National Bureau of Economic Research, September 2022. http://dx.doi.org/10.3386/w30444.

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Kerr, William, Josh Lerner, and Antoinette Schoar. The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis. Cambridge, MA: National Bureau of Economic Research, March 2010. http://dx.doi.org/10.3386/w15831.

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Ewens, Michael, and Joan Farre-Mensa. Private or Public Equity? The Evolving Entrepreneurial Finance Landscape. Cambridge, MA: National Bureau of Economic Research, December 2021. http://dx.doi.org/10.3386/w29532.

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Hernández, Juan, and Daniel Wills. Fighting for the Best, Losing with the Rest: The Perils of Competition in Entrepreneurial Finance. Inter-American Development Bank, January 2024. http://dx.doi.org/10.18235/0005506.

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Financiers in early-stage entrepreneurial finance are known for their “spray-and-pray” approach, where they fund multiple start-ups expecting profits on a few to compensate losses on a lot of failed ones. We develop a theoretical framework in which financiers compete to fund entrepreneurs in an environment featuring risk, adverse selection, and limited liability. Financiers use steep payoff schedules to screen entrepreneurs, but limited liability implies they can only do so by giving more to all entrepreneurs. In equilibrium, competition for the best entrepreneurs forces intermediaries to offer better terms to all customers, there is cross-subsidization among entrepreneurs, and intermediation profits are zero. Competition among financial intermediaries always forces them to fund projects with negative expected returns both from a private and from a social perspective. This is an extensive margin inefficiency, as all projects are funded at their efficient scale. The three main features of our framework (competition, adverse selection, and limited liability) are necessary to get the inefficient laissez-faire outcome and a role for regulation. The inefficiency shrinks, but some part will always persist, when firms can collateralize some portion of the credit as long as there is still an unsecured fraction. Additional imperfect information, like a credit score, may increase inefficiency. Crucially, a small externality on financiers exacerbates the extensive margin inefficiency, yielding a negative social surplus in the entrepreneurial financing market.
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Chen, Jinqiang, and Bolormaa Luvsandorj. Rebuilding Micro, Small, and Medium-Sized Enterprises Post-COVID-19 in Mongolia. Asian Development Bank, October 2023. http://dx.doi.org/10.22617/brf230408-2.

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This brief looks at how projects to build entrepreneurial capacity and improve access to finance and equipment can strengthen the resilience of Mongolia’s micro, small, and medium-sized enterprises (MSMEs). It details how MSMEs, which account for around 70% of Mongolia’s employment, suffered financially during the COVID-19 pandemic and shares feedback from needs assessments, capacity building, and equipment provision programs. It recommends future programs focus on improving access to loans, offer e-commerce and digital marketing training, and support the growth of local cooperatives to bolster income equality and build more sustainable businesses.
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Rojas, Eduardo. The Long Road to Housing Reform: Lessons from the Chilean Experience. Inter-American Development Bank, July 1999. http://dx.doi.org/10.18235/0008522.

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Chile's housing policy is widely regarded as a success. For almost a decade, new construction has been above the level required to provide houses for new families and replace obsolete structures. This raises hopes that within the next decade all families in Chile will occupy dwellings that comply with minimum quality and service standards. This is no small accomplishment for a country just entering the middle ground in the development scale. Moreover, the private sector is taking an increasingly active role in housing production and financing. This too is a significant achievement considering that in the 1970s most housing was built and financed by the government. Further, government assistance is effectively reaching the poor, and most public resources are benefiting low-income households. Confidence in the housing policy is high among the low-income population as expressed in their high level of participation in a housing savings program and by the absence of land invasions. These accomplishments are the result of a long maturation process in the Chilean housing sector. Fifty years of government policy have consolidated the legal, institutional, and entrepreneurial foundations of the current housing production and financing system. Several success factors can be identified: an integrated sector approach (which incorporates the housing needs of all income groups); an efficient subsidy system (the result of a long process of experimentation); and reforms of the general banking system and the social security system (which created strong institutions to intermediate the financial resources accumulated by pension funds and life insurance companies). Even with its accomplishments, Chile's housing sector still faces significant challenges. Improvements are needed to more effectively mobilize the resources devoted to housing. The lack of coordination between housing and urban development policies is becoming a major liability for both efficient housing production and equitable urban growth. Direct government involvement in house construction and home financing enforce uniformity in design and repayment schedules failing to fully meet the diversified demand of the target households and to fully mobilize the repayment capacity of beneficiaries. It is suggested that it may be time for housing policy to move beyond this basic approach introducing more flexibility through greater market participation in low-income housing.
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