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Gründungsfinanzierung und optimale Kassenhaltung

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Brachtendorf, G., Witt, P. Gründungsfinanzierung und optimale Kassenhaltung. Credit and Capital Markets – Kredit und Kapital, 37(1), 86-116. https://doi.org/10.3790/ccm.37.1.86
Brachtendorf, German and Witt, Peter "Gründungsfinanzierung und optimale Kassenhaltung" Credit and Capital Markets – Kredit und Kapital 37.1, 2004, 86-116. https://doi.org/10.3790/ccm.37.1.86
Brachtendorf, German/Witt, Peter (2004): Gründungsfinanzierung und optimale Kassenhaltung, in: Credit and Capital Markets – Kredit und Kapital, vol. 37, iss. 1, 86-116, [online] https://doi.org/10.3790/ccm.37.1.86

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Gründungsfinanzierung und optimale Kassenhaltung

Brachtendorf, German | Witt, Peter

Credit and Capital Markets – Kredit und Kapital, Vol. 37 (2004), Iss. 1 : pp. 86–116

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German Brachtendorf, Vallendar

Peter Witt, Vallendar

References

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Abstract

Entrepreneurial Finance and Optimal Cash Inventories

In this paper we develop a lot size model for entrepreneurial financing problems. Starting out with a modified version of the standard lot sizing-model, we treat the cost of equity for externally provided equity as a dynamic variable. The start-up’s cash burn is also included as a dynamic variable. Using numerical examples, we show that the staging of equity investment in start-ups is significantly advantageous. From our model, we derive the optimum number of financing rounds and the absolute amount of money that can be saved by staging the investment.