This paper addresses the choice between different exit routes of venture capitalists for a project yielding a quality-improving product innovation. We explicitly introduce product market characteristics into the analysis with the aim to identify their effects on the optimal exit strategy and on...

This paper is part of a project that attempts to reveal the way labour market institutions, human capital and labour productivity are interconnected. First we discuss two approaches in the human capital theory, stressing some difficulties that could be solved if the approaches are combined. It...

We utilize a large establishment-level panel dataset to explore the links between gross job flows and gross worker flows. Our findings have relevance for models of job creation and job destruction, and labour reallocation. We find churning flows (the difference between worker and job flows at...

This paper uses U.S. micro level data on employment durations to quantify the effect of potential Unemployment Insurance (UI) entitlement on job separations. Economic theory motivates estimation of a competing risk hazard model for quits and layoffs. The estimation procedure simultaneously...

This paper considers the job satisfaction of academics using a detailed dataset of over two thousand academics from ten English higher education institutions. The results of our analysis suggest that one would be wrong to consider one single measure of job-satisfaction. Academics appear to be...

This paper considers a two-period optimal contracting model in which firms make new hires in the second period subject to the constraint that they cannot pay discriminate either against or in favor of the new hires. Under an assumption on the information available to workers, it is shown that...

Aggregate productivity growth can be decomposed into growth within establishments, between establishments, and the impact of entering and exiting establishments. We demonstrate that such a productivity decomposition formula can also be used for studying intraestablishment restructuring through...

This paper considers a two-period optimal contracting model in which firms make new hires in the second period subject to the constraint that they cannot pay discriminate either against or in favour of the new hires. Under an assumption on the information available to workers, it is shown that...

Observers of Silicon Valley’s computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates the reallocation of talent and resources toward firms with superior...