A n entrepreneur is an individual with a project blueprint and limited wealth. If launching the project requires expenses that exceed the entrepreneur’s initial wealth, he needs outside financing. Entrepreneurs differ from “hired management” in that they are indispensable for the firm’s day-to-day operations. This is because entrepreneurs add value to companies perpetually, rather than by handi...

A n entrepreneur is an individual with a project blueprint and limited wealth. If launching the project requires expenses that exceed the entrepreneur’s initial wealth, he needs outside financing. Entrepreneurs differ from “hired management” in that they are indispensable for the firm’s day-to-day operations. This is because entrepreneurs add value to companies perpetually, rather than by handi...

Within institutional economics perspective of project finance, this paper empirically examines the potential influence of factors on debt capacity in project companies when financed through bankdominated financial systems with weak legal, regulatory and political institutions. The econometric results confirm that in order to capture the potential debt capacity of project companies financed thro...

Venture capitalists deliver investments to entrepreneurs in stages. This paper shows staged financing to be efficient. Staging lets investors abandon ventures with low early returns, and thus sorts good projects from bad. The primary implication from staging is that it is efficient to invest more in later rounds. The model yields a number of empirical implications on how the ratio of early to l...

Building on Dixit & Pindyck (1994) model for determining investment timing, this paper develops a real options framework to understand how and when Entrepeneurs seek for Venture Capital financing. The setting comprises an established start-up firm which is deciding between a small and a large expansion project. The Entrepeneur will be seeking Venture Capital financing to carry a larger expansio...

This document presents the results from the applied research in health care financing in over 40 countries around the developing world conducted by the Health Financing and Sustainability (HFS) Project. It describes the conceptual framework and outlines for the agenda for the research. It presents the research results, summarizes the findings and policy recommendations, and points to areas for ...

The introduction of new methods for industrial infrastructural development and the financing has led to emergence a promising direction - project financing. in Russian Federation is primarily associated with change legislation, within framework which system escrow accounts was introduced order preserve funds equity holders. gradual transition from traditional participation scheme should contrib...