Similar Search Results

Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …

Persistent link: https://www.econbiz.de/10005789057

Does Idiosyncratic Business Risk Matter?

Michelacci, Claudio; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2008

Financial market imperfections can prevent entrepreneurs from diversifying away the idiosyncratic risk of their business. As a result idiosyncratic risk discourages entrepreneurial activity and hinders growth, with the effects being stronger in economies with lower risk diversification...

Persistent link: https://www.econbiz.de/10005791288

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605

Entrepreneurial Access and Absorption of Knowledge Spillovers: Strategic Board and Managerial Composition for Competitive Advantage

Audretsch, David B; Lehmann, Erik E - C.E.P.R. Discussion Papers - 2005

The resource theory of the firm implies that knowledge is a key resource bestowing a competitive advantage for entrepreneurial firms. However, it remains rather unclear up to now, how new ventures and small business can access knowledge resources. The purpose of this paper is to suggest two...

Persistent link: https://www.econbiz.de/10005791678

Liquidity Constraints and Entrepreneurial Performance

Hvide, Hans K; Møen, Jarle - C.E.P.R. Discussion Papers - 2007

If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway. Consistent with liquidity constraints being present, we...

Persistent link: https://www.econbiz.de/10005791690

Impeded Industrial Restructuring: The Growth Penalty

Audretsch, David B; Thurik, A R Roy - C.E.P.R. Discussion Papers - 2000

This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing...

Persistent link: https://www.econbiz.de/10005791840

Growth and Entrepreneurship: An Empirical Assessment

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2006

knowledge from the source creating it to the firm actually commercializing the new ideas. In this paper, entrepreneurship is … identified as one such mechanism facilitating the spillover of knowledge. Using a panel of entrepreneurship data for 18 countries …

Persistent link: https://www.econbiz.de/10005792084

Entrepreneurial Entry: Which Institutions Matter?

Aidis, Ruta; Estrin, Saul; Mickiewicz, Tomasz - C.E.P.R. Discussion Papers - 2009

In this paper we explore the relationship between the individual decision to become an entrepreneur and the institutional context. We pinpoint the critical roles of property rights and the size of the state sector for entrepreneurial activity and test the relationships empirically by combining...

Persistent link: https://www.econbiz.de/10005792210

The Quality of Entrepreneurs

Hvide, Hans K - C.E.P.R. Discussion Papers - 2005

What determines the quality of entrepreneurs? To address this question, the paper proposes a simple model of the interaction between individual workers’ decision to become entrepreneurs and established firms’ effort to keep their best workers and ideas. The main prediction from the model is...

Persistent link: https://www.econbiz.de/10005792326

What are Firms? Evolution from Birth to Public Companies

Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005

We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10005792538