FERNANDO ALVAREZ is Clinical Associate Professor in the BerkleyCenter for Entrepreneurial Studies at the Stern School of Businessat NYU. His current research focuses on the management of cashflows resulting from changes in working capital requirements, thestructure of cash flows, and the sources and uses of capital forthe entrepreneurial firm. His research has been funded by theMacArthur Foundation, the Kaufman Foundation, U.S. Trust of Boston, and Wells Fargo Bank.