Liu, Sheen; Woodlock, Peter; Qi, Howard; Xie, Yan Alice - In: The Journal of Entrepreneurial Finance and Business Ventures 11 (2006) 3, pp. 123-136
Both solid business ventures and those not on as firm a footing can fail because they do not manage risk properly. This study shows that start-ups with a positive NPV project can fail because of inadequate cash reserves. We apply the first-hitting time model to analyze the effect of a cash...
