Financing early-stage ventures: the role of uncertainty and financial markets in the investment choices of venture capitalists

Our paper sheds light on the reasons for which a rational venture capitalist decides to reallocate his or her portfolio from later to early-stage investment. We explain why, during certain periods, there is a strong correlation between the performance of financial markets and the funds invested in early-stage ventures while, during other periods, the performance of financial markets does not affect such investments. Some hypotheses inferred from our theoretical model, and notably the existence of successive periods of “easy financing” and “lasting rationing” for early-stage firms in the United States venture capital industry, are tested and empirically validated.venture capital, early stage financing, rationality, uncertinty, financial markets, confidence

A discussion of stock market speculation by Pierre-Joseph Proudhon

The object of this contribution is to present the ideas behind the thinking of the French economist Pierre-Joseph Proudhon (1809-1865) in relation to the causes and effects of Stock market speculation. It is based upon the works of this author but particularly on his “Manuel du spéculateur à la Bourse” (Stock Market Speculator Manual) edited in 1857 in Paris. Compared to the markets of today, however, the stock market described by Proudhon appears embryonic. Nevertheless it represents the location for transactions in financial assets, commodities, precious metals and even some transactions involving options. This contribution is organised in the following manner - the first section is devoted to the development of Proudhon's thought in relation to speculation. It is divided into two parts. The first part is dedicated to Pierre-Joseph Proudhon's definitions of stock market speculation or gambling with shares that for him served no purpose either from a human or economic perspective and was therefore condemnable and to be contrasted with entrepreneurial speculation that, even though it is a highly-risky activity, involves the spirit of enterprise and provides the lifeblood of economic growth. The second part allows us to present Pierre-Joseph Proudhon's propositions in relation to restricting the speculation that he considers obnoxious. The second section has two objectives: one part places in perspective the views of Proudhon and the characteristics of stock market activity under the Second Empire whilst the other part examines current-day aspects of the characteristics evoked by Proudhon. We are interested especially in the question of the regulation and that of the relevance today of certain accounting practices.Proudhon ; speculation ; stock market ; regulation of financial markets

LA STRUCTURE FINANCIERE DES PME FRANÇAISES : UNE ANALYSE SECTORIELLE SUR DONNEES DE PANEL

International audienceThis article analyzes the capital structure of 1535 French SME observed over a period of 8 years. Two representations of financing behavior are tested: the first one considers that companies implement a debt policy to reach a target debt ratio while the second one relying on a pecking order of financing considers that there is no such a target ratio. Statistical tests validate the first approach. The choice of financing of French SMEs confirms the greatest explanatory power of the target ratio explanation. The industrial sector of the firms does not affect these resultsCet article analyse la structure financière de 1535 PME françaises observées sur une durée de 8 années. Deux représentations du comportement de financement sont testées : la première considère que les entreprises mettent en oeuvre une politique d'endettement avec un objectif de ratio d'endettement cible ; la seconde qui suppose l'exis-tence d'une hiérarchie de financement estime au contraire qu'il n'existe pas un tel ratio cible. Les tests statistiques valident davantage la première approche. Le choix de financement des PME fran-çaises confirme le plus grand pouvoir explicatif d'une analyse fondée sur l'existence d'un ratio d'endettement cible. La prise en compte de l'appartenance sectorielle ne remet pas en cause ces résultats

SCORING ET ANTICIPATION DE DEFAILLANCE DES ENTREPRISES : UNE APPROCHE PAR LA REGRESSION LOGISTIQUE

International audienceL'anticipation de la défaillance des entreprises a été étudiée en détail et de manière récurrente dans la littérature comptable et financière. Cette analyse peut s'appuyer sur la mise en oeuvre de différents modèles statistiques. L'analyse discriminante popularisée par les travaux de la Banque de France en est une illustration. Dans ce travail, l'application de la technique de la régression logistique à deux échantillons d'entreprises -saines et faillies en 2002- nous permet d'obtenir des résultats significatifs et de proposer un modèle de prévisio