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Entrepreneurial Finance

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Covid-19 For Crowdfunding: Catalyst Or Deterrent? Evidence From Russia, Evgeny Torkanovskiy, Alexander Voinov Jul 2022

Covid-19 For Crowdfunding: Catalyst Or Deterrent? Evidence From Russia, Evgeny Torkanovskiy, Alexander Voinov

The Indonesian Capital Market Review

This paper explores the impact of the COVID-19 pandemic on crowdfunding by analyzing a 2-year sample of 7,024 rewards-based crowdfunding campaigns on the two major Russian platforms. The study employs a digital methods approach to demand and supply and multiple regression analysis. The findings show that COVID-19 and the associated lockdown had no immediate and straightforward effect on the crowdfunding sector, neither on backers nor on campaigns’ initiators. Thus, the crowdfunding sector unlike some other investment classes remains resilient to the global pandemic. Beyond that, empirical analysis revealed the undescribed phenomenon of sponsors’ readiness to finance projects being highly seasonal …

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The Impact Of Governance Mechanism On Performance And Survival Of Entrepreneurial Firms, Noura S. Metawa May 2018

The Impact Of Governance Mechanism On Performance And Survival Of Entrepreneurial Firms, Noura S. Metawa

University of New Orleans Theses and Dissertations

The dissertation consists of two essays.

The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, …

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Reward-Based Crowdfunding Technological Projects Determinants Of Success: A Quantitative Study, Khalid Mahmoud Fadlelmula Elkhidir Apr 2018

Reward-Based Crowdfunding Technological Projects Determinants Of Success: A Quantitative Study, Khalid Mahmoud Fadlelmula Elkhidir

The Journal of Entrepreneurial Finance

Crowdfunding success in terms of the achievement of target capital in reward-based crowdfunding projects is impacted by many factors (e.g., past created projects, campaign duration, pledged capital). This paper studies the determinants of success rate (pledged capital/target capital) or (P/T) in successful technological crowdfunding projects. The quantitative study started by data collection of 328 successful Kickstarter technological crowdfunding campaigns which are later decreased to 289 due to model censorship. Tobit model was adopted as the censored linear regression model to determine the existence of relationships between the dependent variable (P/T) and the independent variables. Results suggest that success rate is …

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Essays In Entrepreneurship And Household Finance, Yoosef Ghahreman Dec 2016

Essays In Entrepreneurship And Household Finance, Yoosef Ghahreman

Arts & Sciences Electronic Theses and Dissertations

My dissertation is focused on the relationship between financial and business decisions of households. The first essay examines how founders of new businesses changed their portfolios in the aftermath of the 2007-2008 financial crisis. Using the Survey of Consumer Finances 2007-2009 panel data, I find evidence that those who became entrepreneurs (entrants) reduced financial portfolio risk compared to those who remained paid employees. I identify a movement away from stockholdings as a result of entry, and provide support for a response to the background risk arising from privately held businesses. Business ownership was also associated with changes in the real …

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The Current [2014], Institute Of Business Administration Jan 2014

The Current [2014], Institute Of Business Administration

The Current

No abstract provided.

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An Examination Of The Financial Challenges Of Entrepreneurship Centers Throughout The World, Todd A. Finkle, Teresa Menzies, Donald F. Kuratko, Michael G. Goldsby Dec 2012

An Examination Of The Financial Challenges Of Entrepreneurship Centers Throughout The World, Todd A. Finkle, Teresa Menzies, Donald F. Kuratko, Michael G. Goldsby

Todd A Finkle

This article fills a need in the entrepreneurship literature by investigating the finances of entrepreneurship centers throughout the world. Entrepreneurship center directors were surveyed (249 U.S. and 111 Global) about the various facets of their center’s finances. We received 174 responses for a 49% response rate (U.S. 49%, international 49%). We explore the financing of entrepreneurship centers and the relationship between U.S. and international centers. The results of this research project can be used as a benchmark for entrepreneurship center directors in understanding the financial challenges confronting their centers.

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Wisdom From Warren Buffett, Todd A. Finkle Dec 2011

Wisdom From Warren Buffett, Todd A. Finkle

Todd A Finkle

This article documents a trip that was made to visit Warren Buffett, chairman and CEO of Berkshire Hathaway world at his Global Headquarters in Omaha, Nebraska. A select number of universities are invited to visit Buffett every year. Gonzaga University was fortunate to be invited by Buffett based on an innovative assignment assigned by Dr. Todd A. Finkle in an entrepreneurship course. This article discusses the strategy that was used to get Buffett to invite Gonzaga to visit Buffett. The trip to Omaha entailed visiting two of Berkshire Hathaway’s subsidiaries Furniture Mart and Borsheim’s Jewelers; a 2.5 hour question and …

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Financing Activities Of Entrepreneurship Centers In The United States, Todd A. Finkle, Teresa Menzies, Donald F. Kuratko, Michael G. Goldsby Dec 2011

Financing Activities Of Entrepreneurship Centers In The United States, Todd A. Finkle, Teresa Menzies, Donald F. Kuratko, Michael G. Goldsby

Todd A Finkle

This article examines the financial activities within a sample of entrepreneurship centers in the United States. 249 entrepreneurship centers were surveyed about their center's endowments, budgets, salaries, fundraising, seminars/workshops and other financial activities. We received 122 responses for a 49% response rate. The findings of this research can be used as a benchmark for both U.S. schools and center directors in deter,mining benchmarks for their respective centers.

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Richard Branson And Virgin, Inc., Todd A. Finkle Dec 2010

Richard Branson And Virgin, Inc., Todd A. Finkle

Todd A Finkle

Richard Branson built a billion dollar company based on numerous entrepreneurial endeavors, however he was facing one of the most difficult times in his career. The global economic crisis had a significant negative impact on his companies’ revenues and earnings. Virgin, Inc. was down 40%. The world was stuck in the worst economic crisis since the 1930’s. The Dow Jones Industrial Average (DJIA) had collapsed 55% from 2007 to 2009 and the banking system was on the verge of collapse. Yet, Branson was optimistic because he was thinking about what opportunities lay ahead. He had five billion dollars in cash …

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Lessons Learned From The “Oracle Of Omaha” Warren Buffett, Todd A. Finkle Dec 2009

Lessons Learned From The “Oracle Of Omaha” Warren Buffett, Todd A. Finkle

Todd A Finkle

This article documents a trip that was made by students from the University of Akron’s College of Business to visit Warren Buffett, chairman and CEO of Berkshire Hathaway and the second richest man in the world at his Global Headquarters in Omaha, Nebraska. Every year, Buffett invites a select number of schools to Omaha to visit with him and tour a few of his companies. This article discusses the strategy that the University of Akron used to get invited to visit Buffett, the activities throughout the day with Buffett, and the lessons learned from the “Oracle of Omaha”. The trip …

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The (Not So) Puzzling Behavior Of Angel Investors, Darian M. Ibrahim Jan 2008

The (Not So) Puzzling Behavior Of Angel Investors, Darian M. Ibrahim

Darian M Ibrahim

Angel investors fund start-ups in their earliest stages, which creates a contracting environment rife with uncertainty, information asymmetry, and agency costs in the form of potential opportunism by entrepreneurs. Venture capitalists also encounter these problems in slightly later-stage funding, and use a combination of staged financing, preferred stock, board seats, negative covenants, and specific exit rights to respond to them. Curiously, however, traditional angel investment contracts employ none of these measures, which appears inconsistent with what financial contracting theory would predict. This Article explains this (not so) puzzling behavior on the part of angel investors, and also explains the recent …

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Insider Trading Around New Drug Approvals, Todd A. Finkle, Laurence Blose, Reinhold Lamb Dec 2004

Insider Trading Around New Drug Approvals, Todd A. Finkle, Laurence Blose, Reinhold Lamb

Todd A Finkle

This paper examines the stock market reaction to 167 FDA announcements of new drug approvals during the period 1980 - 1999. Using an event study methodology, the study finds that there are significant positive abnormal returns on the day of the announcement of new drug approvals. However, there is no evidence of significant positive returns prior to the announcement. Accordingly, the paper concludes that any buying pressure arising from insiders anticipating the approval announcement does not affect the value of the stock. Significant returns do not occur until after the announcement, which is consistent with the behavior of an efficient …

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A Comparative Analysis Of The Performance Of Emerging Versus Nonemerging Industry Initial Public Offerings, Todd A. Finkle, Reinhold Lamb Dec 2001

A Comparative Analysis Of The Performance Of Emerging Versus Nonemerging Industry Initial Public Offerings, Todd A. Finkle, Reinhold Lamb

Todd A Finkle

This study fills a gap in previous research by investigating differences between the short and long run aftermarket performance in a sample of emerging versus non-emerging industries. Utilizing the entire population of biotechnology, semiconductor, and Internet IPOs from 1993-1996 as a representative sample of emerging industries, this study found that emerging firms were significantly underpriced compared to a set of non-emerging IPOs.

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The Performance Of Initial Public Offerings In The Biotechnology Industry, Todd A. Finkle, Dan French Dec 1997

The Performance Of Initial Public Offerings In The Biotechnology Industry, Todd A. Finkle, Dan French

Todd A Finkle

This study examines the underpricing and aftermarket performance of the emerging industry of biotechnology. Findings indicate that the average first day return for the biotech firms was 1.8 and 1.6 percent. Furthermore, the biotech firms significantly underperformed the NASDAQ (-30.7%) and NYSE (-16.5%) over a two-year period after going public.

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An Examination Of Initial Public Offerings In The “High Flying” Internet Industry, Todd A. Finkle, Dan French Dec 1997

An Examination Of Initial Public Offerings In The “High Flying” Internet Industry, Todd A. Finkle, Dan French

Todd A Finkle

This study examines the underpricing and aftermarket performance of the emerging industry of biotechnology. Findings indicate that the average first day return for the biotech firms was 1.8 and 1.6 percent. Furthermore, the biotech firms significantly underperformed the NASDAQ (-30.7%) and NYSE (-16.5%) over a two-year period after going public.

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The Relationship Between Boards Of Directors And Initial Public Offerings In The Biotechnology Industry, Todd A. Finkle Dec 1997

The Relationship Between Boards Of Directors And Initial Public Offerings In The Biotechnology Industry, Todd A. Finkle

Todd A Finkle

Utilizing the entire population of public biotechnology firms from 1980-1994, three models were tested to determine if a relationship exists between the size and composition of the board of directors with performance. Results indicate significant positive relationships between director expertise and the size of a firm’s initial public offering. Going public during hot markets and larger firms were also related to larger initial public offerings. These findings will benefit practitioners in the formation of boards within the biotechnology industry. Managers of firms within the biotechnology industry who are contemplating a public offering will be able to proactively address the composition …

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Activity Of Small Businesses In Nebraska, Todd A. Finkle, Raymond Marquardt, Allen Klose Dec 1992

Activity Of Small Businesses In Nebraska, Todd A. Finkle, Raymond Marquardt, Allen Klose

Todd A Finkle

A comparative study was used to analyze the financing of small businesses, less than 3 years old versus firms 3 years and older in Nebraska. Findings indicate that younger firms will give up partial ownership of their company in exchange for equity financing and managerial assistance significantly more than older firms. New firms were also found to be more willing to give up 100% ownership and a local market in exchange for majority ownership and a national market. Moreover, no differences in startup financing were found between younger versus older firms.

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