Advances in Small Business Finance
Springer Netherlands, Feb 28, 1991 - Business & Economics - 184 pages
Small business research is becoming more sophisticated as an increasing number of scholars study more complex analytical issues. In many cases research pertaining to the small firm is part of the incomplete and inefficient markets controversy in the finance literature. Because of their size and traditional organizational form, small firms often find it extremely difficult to attract significant resources in sophisticated financial markets. These markets appear to be segmented and incomplete; whether or not the markets are efficient is subject to much debate. Adyances in Small Business Finance presents a variety of research studies that indicate the unique roles of debt and equity and the sources of funds for small firms. This book contributes important insight into major questions that face small finns' financiers, managers, and owners on a daily basis. Many of the studies in this volume deal with aspects of valuation of the small firm. In some instances, the focus is on the firm's ability to attract debt or equity and in others the emphasis is on valuation of the small firm's capital. Constand, Osteryoung, and Nast focus on the determinants of capital structure for small firms that are privately owned and are highly dependent on commercial loans as their supply of debt. Timothy Bates examines firm viability and finds that surviving firms are those that began with greater initial capital, create new jobs, and are led by entrepreneurs who are better educated.
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Pricing Minority Discounts in Closelyheld Corporations
An Empirical Analysis of Financing the Small Firm
Financial Capital Structure and Small Business Viability
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Advances in Small agency costs analysis asset structure Asset-Based Lending average bank borrower buyout premiums California State University capital structure coefficient collateral company-owned units corporations default discontinuance empirical equation equity estimated examined explanatory variables Federal Reserve Federal Reserve System financial capital Financial Economics financing the small firm value firm's fixed asset franchisee-owned unit franchisor function funds Glass-Steagall Act groups hypothesis impact incentive independent variables Initial Public Offerings interest rate investment issue Journal of Financial large firms lender lending loan ltdr managerial managers minority discount minority shares monitoring net present value owners ownership structure paper percent profit proxies Regression Set regulatory relationship Research risk risk-based capital sample securities Senbet shareholders significant Small Business Administration Small Business Finance small firm financing small firms statistically Survey Table tax shields term total assets trade credit underwriting fees University valuation wealth transfer white male Yazdipour