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When to Start a New Firm?: Modelling the Timing of Novice and Serial Entrepreneurs

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Author Info
Gries, Thomas
Naude, Wim

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Abstract

The success of new start-up firms often depends on timing. It is valuable for the potential entrepreneur to wait for the right moment before starting a new firm. In this paper we provide a theoretical model to determine the optimal time for starting a new firm. We integrate insights from the real option theory with the theory on entrepreneurial market entry. An important and novel feature of our model is that it allows the start-up timing decisions of novice and serial entrepreneurs to be distinguished.

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2009/RP2009-39.pdf
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Publisher Info
Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Papers with number UNU-WIDER Research Paper RP2009/39.

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Length: 45
Date of creation: 2009
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Handle: RePEc:unu:wpaper:rp2009-39

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Related research
Keywords: entrepreneurship; serial entrepreneurship; start-ups; real options; stochastic optimal control;

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  6. Jacobs, Bas, 2007. "Real options and human capital investment," Labour Economics, Elsevier, vol. 14(6), pages 913-925, December. [Downloadable!] (restricted)
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  16. Hogan, Vincent & Walker, Ian, 2007. "Education choice under uncertainty: Implications for public policy," Labour Economics, Elsevier, vol. 14(6), pages 894-912, December. [Downloadable!] (restricted)
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  17. Gaglio, Connie Marie & Katz, Jerome A, 2001. " The Psychological Basis of Opportunity Identification: Entrepreneurial Alertness," Small Business Economics, Springer, vol. 16(2), pages 95-111, March. [Downloadable!] (restricted)
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  22. Tobias J. Moskowitz & Annette Vissing-Jorgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," NBER Working Papers 8876, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  24. Henrekson, Magnus, 2007. "Entrepreneurship and Institutions," Working Paper Series 707, Research Institute of Industrial Economics. [Downloadable!]
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