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- W3121651344 abstract "A key requirement for the start of many entrepreneurial business 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." @default.
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- W3121651344 date "2010-12-01" @default.
- W3121651344 modified "2023-10-07" @default.
- W3121651344 title "Investment Timing for New Business Ventures" @default.
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- W3121651344 doi "https://doi.org/10.57229/2373-1761.1016" @default.
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