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dc.contributor.authorBlazenko, George W.en
dc.contributor.authorPavlov, Andrey D.en
dc.date.accessioned2012-03-15T14:00:47Z-
dc.date.available2012-03-15T14:00:47Z-
dc.date.issued2010-
dc.identifier.citation|aJournal of Entrepreneurial Finance, JEF|c1551-9570|v14|h3|nThe Academy of Entrepreneurial Finance (AEF)|lMontrose, CA|y2010|p37-68en
dc.identifier.urihttp://hdl.handle.net/10419/55912-
dc.description.abstractA key requirement for the start of many entrepreneurial businesses is private equity or venture capital financing. In the traditional approach to entrepreneurial investment analysis, an entrepreneur starts a new venture and a venture capitalist finances the new venture when business return exceeds the financial opportunity cost for comparable risk the cost of capital for the new venture. The real options literature recommends that entrepreneurs delay business start due to investment irreversibility until business return reaches a threshold greater than the cost of capital. In this paper, we show that for new ventures with modest earnings volatility, an entrepreneur starts his/her business before return exceeds the cost of capital. We identify the circumstances in which the cost of capital is an unduly conservative return benchmark for the start of a new business and discuss the empirical implications of our findings.en
dc.language.isoengen
dc.publisher|aThe Academy of Entrepreneurial Finance (AEF) |cMontrose, CAen
dc.subject.ddc650en
dc.subject.keywordnew venturesen
dc.subject.keywordbusiness starten
dc.subject.keywordcorporate investmenten
dc.titleInvestment timing for new business ventures-
dc.typeArticleen
dc.identifier.ppn663311144en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
econstor.citation.journaltitleJournal of Entrepreneurial Finance, JEFen
econstor.citation.issn1551-9570en
econstor.citation.volume14en
econstor.citation.issue3en
econstor.citation.publisherThe Academy of Entrepreneurial Finance (AEF)en
econstor.citation.publisherplaceMontrose, CAen
econstor.citation.year2010en
econstor.citation.startpage37en
econstor.citation.endpage68en

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