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- W2227703996 abstract "This paper studies how critical entrepreneurial finance outcomes such as the investment return and equity division are shaped by venture characteristics, financier risk preferences and competitive searching. Our analysis uses a double-hazard agency model in which financiers determine the equity division to maximize the expected utility of their investment return while entrepreneurs search for the best deal. Model results provide several novel insights on the role of risk, the venture funding cycle and coexistence of angels/VCs. The model provides theoretical justification for the pattern of venture funding activity by predicting that financiers with higher funding capacity (e.g. VC firms) will benefit by funding ventures at later stages of development as their expected investment return rises with the venture’s initial value and financier productivity. Its also shows that competitive searching by entrepreneurs enables financiers with a diverse set of risk preferences to coexist profitably by reducing the advantage (disadvantage) of lower (higher) risk-aversion financiers and making investment returns more similar. Lastly, the model’s prediction that the financier expected investment return will decline with venture risk means that only angels and VCs with lower levels of risk-aversion can profitably finance riskier projects (for risk-neutral financiers, venture risk has no affect on the equity division and expected return)." @default.
- W2227703996 created "2016-06-24" @default.
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- W2227703996 date "2015-01-01" @default.
- W2227703996 modified "2023-09-25" @default.
- W2227703996 title "Entrepreneurial Finance: Role of Financier Risk Aversion Heterogeneity & Search by Entrepreneurs" @default.
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- W2227703996 doi "https://doi.org/10.2139/ssrn.2711948" @default.
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