Funding Gaps

The Oxford Handbook of Entrepreneurial Finance

Volumn , Issue , 2012, Pages

  Cressy, Robert ^a  

^a UNIVERSITY OF BIRMINGHAM   (United Kingdom)

Author keywords

Capital constraints; Debt and equity gaps; Equity funding; Policy formulation; Vote winning

Indexed keywords

EID: 84923249749     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1093/oxfordhb/9780195391244.013.0010     Document Type: Chapter

References (74)

1. Astebro, T., and Bernhardt, E. 2005. The winner's curse of human capital. Small Business Economics 24, 63-78.
2. Aston Business School. 1990. Constraints on the Growth of Small Firms. Department of Trade and Industry, U.K.
3. Bank of England. 2004. Finance for Small Firms-Eleventh Report. April.
4. Berger, A., and Udell, G. 1992. Some evidence on the empirical significance of credit rationing. Journal of Political Economy 100(5), 1047.
5. Berger, A., and Udell, G. 1998. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance 22, 613-673.
6. Bernanke, B., Gertler, M., and Gilchrist, S. 1996. The financial accelerator and the flight to quality. Review of Economics and Statistics 77(1), 1-15.
7. Blanchflower, D., and Oswald, A. 1998. What makes an entrepreneur? Journal of Labor Economics, January, 26-60.
8. Bolton. 1971. Report of the Committee of Enquiry on Small Firms. Chaired by Sir John Bolton. HSMO, London.
9. Bond, S., and Meghir, Y. Y. Y. 1991. Dynamic investment models and the firm's financial policy. Review of Economic Studies 61(2), 197-222.
10. Burgel, O., Licht, G., Murray, G., and Nerlinger, E. A. 2005. The internationalisation of British and German startup companies in high technology industries. ZEW Discussion Paper No. 98-34, Mannheim, Germany.
11. Burgel, O., Murray, G., Fier, A., and Licht, G. 2005. Internationalisation of high tech startups and fast growth-Evidence for the U.K. and Germany. Discussion Paper 00-35, Anglo-German Foundation, London.
12. BVCA/NESTA. 2009. From funding gaps to thin markets: U.K. government support for early-stage venture capital. Report, NESTA, London, September.
13. Cabral, Luis. 1995. Sunk costs, firm size and firm growth. Journal of Industrial Economics 43(2), 161-172.
14. Carpentier, C., and Suret, J.-M. 2006. Bypassing the financial growth cycle: Evidence from capital pool companies. Journal of Business Venturing 21(1), 45-73.
15. Cochrane, J. H. 2005. The risk and return of venture capital. Journal of Financial Economics 75(1), 3-52.
16. Copeland, T. and Weston, F. 1988. Financial Theory and Corporate Policy. 3rd ed. Addison-Wesley, New York.
17. Cosh, A., Cumming, D., and Hughes, A. 2009a. Outside entrepreneurial capital. Economic Journal. doi:10.1111/j.1468-0297.x.
18. Cosh, A., Hughes, A., Bullock, A., and Milner, I. 2009b. SME finance and innovation in the current economic crisis. Report by Centre for Business Research, Judge Business School, University of Cambridge.
19. Cressy, R. C. 1993. "The startup tracking exercise." Third year report, for the National Westminster Bank, November.
20. Cressy, R. C. 1995. Borrowing and control: A theory of business types. Small Business Economics 7, 1-10.
21. Cressy, R. C. 1996a. "Are business startups debt-rationed? Economic Journal 106 (September), 1253-1270.
22. Cressy, R. C. 1996b. Pre-entrepreneurial income, cash-flow growth and survival of startup businesses: Model and tests on U.K. startup data. In Financing and Firm Dynamics, ed. G. Reid. Special issue of Small Business Economics 8(1), 49-58. DOI: 10.1007/BF00391975.
23. Cressy, R. C. 1998. Credit rationing or risk aversion? An alternative explanation for the Evans-Jovanovic finding. Economics Letters 66(2), 235-240.
24. Cressy, R. C. 1999. Small business failure: Failure to fund or failure to learn by doing? In Entrepreneurship, SMEs and the Macro Economy, ed. Z. Acs B. and Carlsson. Cambridge, U.K.: Cambridge University Press.
25. Cressy, R. C. (ed.). 2002. Funding gaps: A symposium. Special issue of Economic Journal, February.
26. Cressy, R. C. 2006a. Determinants of small firm survival and growth. In The Oxford Handbook of Entrepreneurship, ed. M. Casson, B. Yeung, A. Basu, and N. Wadeson. Oxford: Oxford University Press.
27. Cressy, R. C. 2006b. Venture capital. In The Oxford Handbook of Entrepreneurship, ed. M. Casson, B. Yeung, A. Basu, and N.Wadeson. Oxford: Oxford University Press.
28. Cressy, R. C. 2006c. Why do most firms die young? Small Business Economics, 26(2), 103-116.
29. Cressy, R. C. 2010. Funding gaps in U.K. biotechnology and their implications for performance: Results from a survey. Occasional Paper, Entrepreneurship and Innovation Centre, Birmingham Business School, U.K.
30. Cressy, R. C., and Olofsson, C. 1997. European SME financing: An overview. Small Business Economics 9, 87-96.
31. Cressy, R., and Remer, S. 2006. Case 13: UrgenT and CardioGenix. In Entrepreneurship: Selected Cases from the Gate2Growth Academic Network. Brussels: EIASM.
32. Cressy, R. C., and Storey, D. 1994. New firms and their bank. National Westminster Bank of Great Britain, Report.
33. Cressy, R. C., and Toivanen, O. 2001. Is there adverse selection in the credit market? Venture Capital 3(3), 215-238.
34. de Meza, D., and Southey, C. 1996. The borrower's curse, optimism and entrepreneurship. Economic Journal 106(435), 375-386.
35. de Meza, D., and Webb, D. 1987. Too much investment: A problem of asymmetric information. Quarterly Journal of Economics 102(2), 281-292.
36. Evans, D. S. 1987a. The relationship between firm growth, size and age: Estimates for 100 manufacturing industries. Journal of Industrial Economics 35, 567-581.
37. Evans, D. S. 1987b. Tests of alternative theories of firm growth. Journal of Political Economy 95(4), 657-674.
38. Evans, D., and Jovanovic, B. 1989. An estimated model of entrepreneurial choice under liquidity constraints. Journal of Political Economy 97(4), 808-827.
39. Fazzari, S., Hubbard, G., and Petersen, B. 1988. Financing constraints and corporate investment. Brookings Papers on Economic Activity 1, 141-195.
40. Fraser, S. 2006. Finance for SMEs: A report on the 2004 U.K. Survey of SME Finances. Warwick Business School, U.K.
41. Fraser, S. 2009. Small firms in the credit crisis: Evidence from the U.K. Survey of SME Finances. ESRC, Grant RES-177-25-0007.
42. Gilchrist, S., and Himmelberg, C. P. 1995. Evidence on the role of cash flow for investment. Journal of Monetary Economics 36(3), 541-572.
43. Gompers, P., and Lerner, J. 2004. The venture capital cycle. Cambridge, Mass.: MIT Press.
44. Guiso, L., and Paiella, M. 1999. Risk aversion, wealth and background risk. Unpublished manuscript. Birkbeck College, London.
45. Harding, R., and Cowling, M. 2006. Assessing the scale of the equity gap. Journal of Small Business and Enterprise Development 13(1), 115-132.
46. Heger, D., Fier, A., and Murray, G. 2005. Review essay: Regional venture capital policy: UK and Germany compared. Venture Capital 7(4), October, 373-383.
47. Himmelberg, C., and Petersen, B. 1994. R&D and internal finance: A panel study of small firms in high-tech industries. Review of Economics and Statistics 76(1), 38-51.
48. Holtz-Eakin, D., Joulfaian, D., and Rosen, H. S. 1994a. Entrepreneurial decisions and liquidity constraints. RAND Journal of Economics 25(2), 324-347.
49. Holtz-Eakin, D., Joulfaian, D., and Rosen, H. S. 1994b. Sticking it out: Entrepreneurial survival and liquidity constraints. Journal of Political Economy 102(11), 53-75.
50. Hurst, E., and Lusardi, A. 2004. Liquidity constraints, household wealth and entrepreneurship. Journal of Political Economy 112(2), 319-347.
51. Hubbard, R. G. 1998. Capital market imperfections and investment. Journal of Economic Literature 36 (March), 193-225.
52. Hubbard, R. G., Kashyap, A. K., and Whited, T. M. 1995. International finance and firm investment. Journal of Money, Credit and Banking 27(3), 683-671.
53. Jovanovic, B. 1982. Selection and the evolution of industry. Econometrica 50(3), 649-670.
54. Kaplan, S. N., and Zingales, L. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112(1), 169-215.
55. King, S. R. 1986. Monetary transmission: Through bank loans or bank liabilities? Journal of Money, Credit and Banking 18(3), 290-303.
56. Lawton, T. C. 2002. Missing the target: Assessing the role of government in bridging the European equity gap and enhancing economic growth. Venture Capital: An International Journal of Entrepreneurial Finance 4(1), 7-23.
57. Lockett, A., Murray, G., and Wright, M. 2002. Do U.K. VCs still have a bias against investment in new technology based firms? Research Policy 31, 1009-1030.
58. Mason, C. M., and Harrison, R. T. 2002. Barriers to investment in the informal venture capital sector. Entrepreneurship and Regional Development 14, 271-287.
59. Mason, C. M., and Harrison, R. T. 2003. Closing the equity gap: A critique of the Department of Trade and Industry's Regional Venture Capital Funds Initiative. Regional Studies 37(8), 855-868.
60. Mueller, E. 2008. Benefits of control, capital structure and company growth. Applied Economics 40(21), 2721-2734.
61. Murray, G. 1992. The second equity gap: Problems for seed and early stage venture capitalists and their investee companies. International Small Business Journal 12(4), 59-76.
62. Murray, G., and Lott, J. 1995. Have U.K. venture capitalists a bias against investment in new technology-based firms? Research Policy 24, 283-299.
63. Myers, S., and Majluf, N. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13(2), 187-221.
64. Ozga, S.A. 1960. Imperfect markets through lack of knowledge. Quarterly Journal of Economics 74, 29-52.
65. Parker, S. C. 2002. Do banks ration credit to new enterprises? And should governments intervene? Scottish Journal of Political Economy 49, 162-195.
66. Parker, S. C., and Van Praag, M. 2003. Schooling, capital constraints and entrepreneurial performance: The endogenous triangle. Working Paper, Durham Business School, University of Durham, U.K.
67. Pierrakis, Y., and Mason, C. 2008. Shifting sands: The changing nature of the early stage venture capital market in the U.K. September. Report to NESTA, London.
68. Shane, S. 2008. The illusions of entrepreneurship: The costly myths that entrepreneurs, investors and policy makers live by. New Haven, Conn.: Yale University Press.
69. Slovin, M. B., and Sushka, M. E. 1983. A model of the commercial loan rate. Journal of Finance 38(5), 1583-1596.
70. Smith, R., and Smith, J.-K. 2003. Entrepreneurial Finance. New York: Wiley.
71. Sofianos, G., Wachtel, P., and Melnik, A. 1990. Loan commitments and monetary policy. Journal of Banking and Finance 14 (October), 677-689.
72. Stigler, G. J. 1961. The economics of information. Journal of Political Economy 69(3), 213-225.
73. Stiglitz, J., and Weiss, A. 1981. Credit rationing in markets with imperfect information. American Economic Review 71(3), 393-411.
74. Toivanen, O., and Cressy, R. C. 2001. Lazy firms or dominant banks? An analysis of the U.K. market for SME loans. Working Paper, University of Warwick.