We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can induce more entry of firms with greater long-run...

Using multiple administrative data sources from Norway, we examine how firm performance changes after entrepreneurs become parents. Female-owned businesses experience a substantial decline in profits, steadily decreasing to 30% below baseline ten years post-childbirth. In contrast, male-owned...

This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that individual LPs, on...

We consider founders of limited liability firms who previously held jobs in the formal sector of Brazil. Managers are five percent of former job holders but their startups account for 27 percent of new firm employment. Relatively little of their overrepresentation as founders or the larger size...

We study funding gaps on Kickstarter across multiple ethnic groups from 2009-2021. Scaling the concept of racially salient events, we quantify the close co-movement of minority funding gaps in crowd-funding to inflamed political rhetoric surrounding migration. The funding gap for minorities more...

This paper uses Norwegian tax records to examine the performance of angel investors. While most angel investments perform poorly, mean returns are twice the invested capital, due largely to extreme skewness: around one-third of investments are a total loss, but the top one-percent return more...

Immigrants contribute disproportionately to entrepreneurship in many countries, accounting for a quarter of new employer businesses in the US. We review recent research on the measurement of immigrant entrepreneurship, the traits of immigrant founders, their economic impact, and policy levers....

Using a novel firm-level remote work measure created from big data on Internet activity, we show that firms with higher remote work during the pandemic are more likely to see their employees becoming entrepreneurs. This effect holds both unconditionally and relative to other types of job...

We examine the performance of startups co-founded by immigrant and native teams. Leveraging unique data linking startups to founders' and employees' employment and education histories, we find native-migrant teams outperform native-only and migrant-only teams. Native-migrant startups have larger...

We investigate the influence of the growing trend of work-from-home (WFH) on new business formation, with a particular focus on the period surrounding the COVID-19 pandemic. At baseline, local new business entry is positively associated with the proportion of occupations amenable to telework in...