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    <title>EconStor Community: Academy of Entrepreneurial Finance (AEF), Montrose, CA</title>
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    <title>Value creation and the entrepreneurial business</title>
    <link>http://hdl.handle.net/10419/56007</link>
    <description>Title: Value creation and the entrepreneurial business
&lt;br/&gt;
&lt;br/&gt;Authors: Spivey, Michael F.; McMillan, Jeffrey J.</description>
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  <item rdf:about="http://hdl.handle.net/10419/56006">
    <title>Optimal liquidation of venture capital stakes</title>
    <link>http://hdl.handle.net/10419/56006</link>
    <description>Title: Optimal liquidation of venture capital stakes
&lt;br/&gt;
&lt;br/&gt;Authors: Dubil, Robert
&lt;br/&gt;
&lt;br/&gt;Abstract: We model the optimal liquidation behavior of a venture capital or non-diversified asset management firm faced with a sale of concentrated security holdings. As the firm.s stake is large, its sales can lead to permanent and temporary price depressions. At the optimum, the institution chooses the liquidation interval to balance the exposure to the market return variance against the impact of its own sales on the realized return. We obtain closed-form solutions for power impact functions uncorrelated with returns. We also consider market impact correlated with the return process, i.e. a case where liquidity evaporates during severe price dislocations.</description>
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    <title>Letter from the editors</title>
    <link>http://hdl.handle.net/10419/56005</link>
    <description>Title: Letter from the editors
&lt;br/&gt;
&lt;br/&gt;Authors: Young, Allan; Wilemon, David; Wu, Chunchi</description>
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    <title>Small business financing: Differences between young and old firms</title>
    <link>http://hdl.handle.net/10419/56004</link>
    <description>Title: Small business financing: Differences between young and old firms
&lt;br/&gt;
&lt;br/&gt;Authors: Robb, Alicia M.
&lt;br/&gt;
&lt;br/&gt;Abstract: Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in depth look at the patterns of small business financing in the late nineties. Evidence suggests that debt financing for small businesses was extremely important, especially for young firms.</description>
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