We analyze the implications of entrepreneurial spawning for a variety of rm characteristics such as size, focus, profitability, and innovativeness. We examine the dynamics of spawning over time. Our model accounts for much of the empirical evidence relating to the relation between spawning and...

[fre] L'évaluation et le financement des start-up Internet. . Cet article analyse quelques phénomènes de finance d'entreprise liés aux start-up Internet, apparus durant la « bulle » des années 1998-2000. À cette période, l'arrivée des start-up Internet a produit un impact majeur sur...

This paper discusses some phenomena in the corporate finance of internet start-ups that emerged during the ?internet buble?? between 1998-2000. The advent of nternet start-ups had a major impact on the investment flow and the operations of the venture capital industry in the US and in Europe. It...

This article analyzes optimal financial contracts for an incumbent and potential entrant accounting for prospective asset mergers. Exercising a first-mover advantage, the incumbent increases his share of surplus by issuing public debt that appreciates in the event of merger. Incumbent debt...