Topic
Exit strategy
About: Exit strategy is a research topic. Over the lifetime, 789 publications have been published within this topic receiving 10383 citations.
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TL;DR: In this article, the authors examine the impact of firms' financial roadmaps (e.g., pre-planned exit strategies such as IPOs or acquisitions), external certification (awards, government grants and patents), internal governance (such as board structure), and risk factors ( such as amount of equity offered and the presence of disclaimers) on fundraising success.
Abstract: This paper presents an initial empirical examination of which start-up signals will induce small investors to commit financial resources in an equity crowdfunding context. We examine the impact of firms’ financial roadmaps (e.g., preplanned exit strategies such as IPOs or acquisitions), external certification (awards, government grants and patents), internal governance (such as board structure), and risk factors (such as amount of equity offered and the presence of disclaimers) on fundraising success. Our data highlight the importance of financial roadmaps and risk factors, as well as internal governance, for successful equity crowdfunding. External certification, by contrast, has little or no impact on success. We also discuss the implications for successful policy design.
1,113 citations
18 Mar 2004
TL;DR: In this paper, the authors discuss the evolution of United Nations Complex Peace Operations and the use of force to maintain law and order in post-conflict regions. But their focus is on elections and exit strategies: No Exit without a Strategy, or No Strategy without an Exit.
Abstract: Introduction 1. Colonies and Occupied Territories: Transitional Administrations Through the Twentieth Century 2. Power and Change: The Evolution of United Nations Complex Peace Operations 3. Peace and Security: The Use of Force to Maintain Law and Order 4. Consultation and Accountability: Building Democracy Through Benevolent Autocracy 5. Justice and Reconciliation: The Rule of Law in Post-Conflict Territories 6. Relief and Reconstruction: The Politics of Humanitarian and Development Assistance 7. Elections and Exit Strategies: No Exit Without a Strategy, or No Strategy Without an Exit 8. 'You, the People': The Future of State-Building
495 citations
TL;DR: In this paper, the authors define entrepreneurial exit and demonstrate how this conceptualization provides concepts that are unique from those addressed by researchers in other domains; thus outlining a space for it within the literature.
483 citations
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TL;DR: In this article, the authors model the impact of public and private ownership structures on firms' incentives to invest in innovative projects and show that it is optimal to go public when exploiting existing ideas and optimal when exploring new ideas.
Abstract: We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas and optimal to go private when exploring new ideas. This result derives from the fact that private firms are less transparent to outside investors than are public firms. In private firms, insiders can time the market by choosing an early exit strategy if they receive bad news. This option makes insiders more tolerant of failures and thus more inclined to invest in innovative projects. In contrast, the prices of publicly traded securities react quickly to good news, providing insiders with incentives to choose conventional projects and cash in early.
266 citations
TL;DR: The model reveals de-escalation as a four-phase process: (1) problem recognition, (2) re-examination of prior course of action, (3) search for alternative course ofaction, and (4) implementing an exit strategy.
Abstract: Project failure in the information technology area is a costly problem, and troubled projects are not uncommon. In many cases, these projects seem to take on a life of their own, continuing to absorb valuable resources, while failing to deliver any real business value. While prior research has shown that managers can easily become locked into a cycle of escalating commitment to a failing course of action, there has been comparatively little research on de-escalation, or the process of breaking such a cycle. Through de-escalation, troubled projects may be successfully turned around or sensibly abandoned. This study seeks to understand the process of de-escalation and to establish a model for turning around troubled projects that has both theoretical and practical significance. Through a longitudinal case study of the IT-based baggage handling system at Denver International Airport (DIA), we gathered qualitative data on the de-escalation of commitment to a failing course of action, allowing us to inductively develop a model of the de-escalation process as it unfolded at DIA. The model reveals de-escalation as a four-phase process: (1) problem recognition, (2) re-examination of prior course of action, (3) search for alternative course of action, and (4) implementing an exit strategy. For each phase of the model, we identified key activities that may enable de-escalation to move forward. Implications of this model for both research and practice are discussed.
240 citations