Novice, portfolio, and serial founders: are they different?

https://people.socsci.tau.ac.il/mu/danield/files/2010/07/headlines-relevance.pdf

On newspaper headlines as relevance optimizers

Beginning with Banz (1981), I review 30 years of research on the size effect in equity returns. Since Fama and French (1992), there has been a vigorous, ongoing debate on whether the size premium is a compensation for systematic risk. Since the late 1990s, research on the size effect has been characterized by two developments that are seemingly contradictory. At last, theoretical models have emerged in which the size effect arises endogenously as a result of systematic risk. However, recent empirical studies assert that the size effect has disappeared after the early 1980s. In this review, I address this disconnect between recent theoretical and empirical research.

Is Size Dead? A Review of the Size Effect in Equity Returns

Eberhard Ritz : Feature Editor 

An increased incidence of malignant tumors in transplant recipients was recognized as early as in the 1970s, and this effect was ascribed to the administration of immunosuppressive medication ([1,2][1][⇓][2]). In the early days of transplantation medicine, however

Malignancy in Renal Transplantation

The process of new business gestation, or theplanning activities that nascent entrepreneurs carry out in the startupprocess, is explored. The goal is to examine the effect of previous experiencefounding a company on the process of planning a new business and theprobability that a new business plan is actually implemented. Three types of entrepreneurs are considered: novice founders, serialfounders (previous owners of businesses), and parallel founders (those whofound a new business while already owning one). A sample of almost 10,000Norwegian adults taken in 1996 was examined. For the 160 nascent entrepreneursidentified, business planning was tracked for one year. Also examined were thevarious entrepreneurial activities carried out during the gestation process:(1) business planning, (2) new firm financing, and (3) interaction with thelarger business environment. Findings indicate that parallel founders carry out more startup activitiesthan other founders; serial founders carry out more earlier-phase activitiesthan parallel founders; serial founders are less likely to implement a businessthan parallel or novice founders; novice founders begin the process similarlyto others but take longer in the first-phase process; and novice founders aresignificantly less likely than parallel founders to start thecompany.(TNM)

The Business Gestation Process of Novice, Serial, and Parallel Business Founders

This paper concentrates on the theme of multiple business starters (entrepreneurs involved in the creation of different businesses). A comparison between a sample of multiple business starters and a sample of other starters show interesting differences regarding profile (e.g. educational level) and strategic behaviour (e.g. geographical orientation of the market). Also, the multiple business starters are looked upon in more detail, (e.g. reasons to become a multiple business starter, planning approach).

Multiple business starters who? why? what?

The case reports of three patients who received cancer-bearing organs at this institution are presented. A fourth recipient, who was to be transplanted with a cancerous kidney, was spared this disastrous complication. The relevant data regarding the donors is also alluded to, with special reference to the type and site of the primary malignancy. Following these case reports, the implications of these issues, their possible prevention, and further management are discussed.

/pdf/misdiagnosed-malignancy-in-transplanted-organs-45hgtgapgx.pdf

Misdiagnosed Malignancy in Transplanted Organs

In this paper the relationship is examined between the average return and the risk of a sample of 144 French common stocks which traded continuously over the decade 1969–1979. Although it was found that a negative relationship existed between average return and systematic risk, sufficient evidence could not be gathered to reject the hypothesis that the pricing of French common stocks conforms to the Capital Asset Pricing Model. The nature and implications of the observed negative risk-return trade-off are discussed.

An assessment of the risk and return of french common stocks

This paper presents the first empirical examination of the relationship between the average return and the risk of a comprehensive sample of 200 securities which traded continuously from 1966 to 1980 on the Brussels Stock Exchange, a relatively thin equity market. Based on our empirical findings, we cannot reject the hypothesis that the pricing of common stocks on the Brussels Stock Exchange conforms to the Capital Asset Pricing Model.

The pricing of risky assets on the Belgian stock market

Ces dernieres annees, la recherche universitaire en finance s'est penchee avec un succes moyen sur la petite et moyenne entreprise (PME). Dans cet article consacre a la finance entrepreneuriale, nous remontons les courants de la pensee scientifique qui ont modele les connaissances financieres pour eventuellement y deceler des elements qui ne seraient pas pertinents a l'objet de notre etude et, partant, pour reorienter les efforts de recherche tant theorique qu'empirique. Elaboree en prenant la grande entreprise comme modele de reference, la theorie financiere moderne, dans une forme pure ou amendee, s'avere souvent impuissante a prendre en compte les caracteristiques manageriales de la PME. Nous illustrons ici la faible portee analytique des paradigmes ou methodologies traditionnellement en vigueur. La theorie de la firme, du fait de son role particulier en relation avec la science economique, represente selon nous la pierre angulaire de toute avancee significative en modelisation de la PME: en particulier, les notions de competence et d'experience de l'entrepreneur actif sur des marches en situation de desequilibre constant doivent prendre le pas sur l'hypothese non realiste d'un comportement rationnel base sur la maximisation des benefices a l'equilibre. Enfin, dans un ultime elargissement de notre champ d'investigation, nous analysons le bien-fonde d'une etude purement financiere de la PME et les espoirs dont sont porteuses des disciplines scientifiques peu conventionnelles en sciences de gestion. Notre contribution se veut avant tout revelatrice puis integratrice de la hierarchie naturelle des concepts sur lesquels repose le developpement de la finance entrepreneuriale.

/pdf/vers-une-theorie-financiere-adaptee-aux-pme-reflexion-sur-gtmsc1xmi9.pdf

Pierre Michel

Papers

Multiple business starters who? why? what?

Misdiagnosed Malignancy in Transplanted Organs

An assessment of the risk and return of french common stocks

The pricing of risky assets on the Belgian stock market

Vers une théorie financière adaptée aux PME. Réflexion sur une science en genèse