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Entrepreneur's Wealth, Firm Performance and Cost of Capital

其他書名	A Bayesian Approach to the Capital Structure of Entrepreneurial Ventures
出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=PwD7zgEACAAJ&hl=&source=gbs_api

註釋We model theoretically the optimal capital structure of entrepreneurial firm relying on an endogenous estimation of the return requested by entrepreneurs that compensates for the risk they incur in case of bankruptcy. We estimate the probability according to the Bayesian approach. We also consider the fact that the entrepreneurs can invest additional wealth in their venture by providing personal guarantees. The implications for start-ups and established entrepreneurial firms are then examined. The model derivations and implications are robust with respect to the evidences of previous empirical research on small firms capital structure.