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Entrepreneurial Finance, 2nd Edition
Richard L. Smith,
Claremont Graduate Univ.
Janet Kiholm Smith,
Claremont McKenna College
ISBN: 978-0-471-23072-4
©2004
640 pages
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New to This Edition
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The emphasis on venture capital and private equity is elevated throughout the book.
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The emphasis on international aspects of new venture financing is elevated throughout.
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There is more discussion of corporate venturing.
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Simplified approaches to valuation and contracting are developed.
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The book is restructured so that it can easily be used with or without simulation. When simulation is not used,
discrete scenario analysis is used as a means of dealing with uncertainty.
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The text reflects the latest literature and advances relevant to entrepreneurial finance, and incorporates discussion of
important new literature.
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Downloadable valuation templates (which appear in the book as figures) have been revised and simplified.
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End-of-chapter problems have been revised and many new problems have been added. The emphasis on problems
that do not require simulation has been increased. Some problems are structured to simply apply the chapter material.
Others will help students to go beyond the formal text material. All problems have presentable solutions available for
use by instructors.
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The effects of illiquidity on value are fully developed in Chapter 9.
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The section on Using the RADR Form of the CAPM within Chapter 9: Valuation in Practice: The Investor's
Perspective has been updated and incorporates new data on beta risk and new thinking about market risk premium.
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A new section on evidence on opportunity cost of full commitments has also been added to Chater 10.
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In Chapter 13, Financial Contracting, the discussion of staging (and real options) has been simplified including a
simplified example of using discrete scenarios to assess the value of staging an investment. New discussion on how
staging creates value for the entrepreneur has also been added to Chapter 13.
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Chapter 14 contains new discussion of how regulation affects the structure of venture capital firms and on
international venture capital and private equity activity. There is new discussion of syndication and the volatility of
returns to venture capital and private equity investing.
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Chapter 15 includes new discussion of business angel groups and networks, and of how financing opportunities are
affected by market downturns, such as the end of the Internet episode.
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Chapter 16 includes new discussion of reverse merger as a means of going public. A discussion of the Internet
Bubble has been added and includes material on the aftermath.
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In their discussion of The Future of Entrepreneurial Finance within Chapter 17: The Future of Entrepreneurial
Finance: A Global Perspective, discussion of the relationship of entrepreneurial activity to economic growth has been
added.
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