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Some Simple Economics of Crowdfunding
Agrawal, Ajay K.; Goldfarb, Avi; Catalini, Christian - National Bureau of Economic Research (NBER) - 2013
It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of...
Persistent link: https://www.econbiz.de/10010969219
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How Much Do Banks Use Credit Derivatives to Reduce Risk?
Minton, Bernadette A.; Stulz, René; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2005
This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess of one billion dollars. Using the Federal Reserve Bank of Chicago Bank Holding Company Database, we find that in 2003 only 19 large banks out of 345 use credit derivatives....
Persistent link: https://www.econbiz.de/10005718877
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On the Correlation Structure of Microstructure Noise: A Financial Economic Approach
Diebold, Francis; Strasser, Georg - National Bureau of Economic Research (NBER) - 2010
We introduce the financial economics of market microstructure into the financial econometrics of asset return volatility estimation. In particular, we use market microstructure theory to derive the cross-correlation function between latent returns and market microstructure noise, which feature...
Persistent link: https://www.econbiz.de/10008683258
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Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry
Cabral, Luis M B; Wang, Zhu; Xu, Daniel Yi - National Bureau of Economic Research (NBER) - 2013
Taking the early U.S. automobile industry as an example, we evaluate four competing hypotheses on regional industry agglomeration: intra-industry local externalities, inter-industry local externalities, employee spinouts, and location fixed-effects. Our findings suggest that inter-industry...
Persistent link: https://www.econbiz.de/10010969338
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Clusters of Entrepreneurship and Innovation
Glaeser, Edward Ludwig; Chatterji, Aaron; Kerr, William R. - National Bureau of Economic Research (NBER) - 2013
This paper reviews recent academic work on the spatial concentration of entrepreneurship and innovation in the United … identify and discuss policies that are being pursued in the United States to encourage local entrepreneurship and innovation …
Persistent link: https://www.econbiz.de/10010969371
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Firms and the Economics of Skilled Immigration
Kerr, Sari Pekkala; Kerr, William R.; Lincoln, William F. - National Bureau of Economic Research (NBER) - 2014
Firms play a central role in the selection, sponsorship, and employment of skilled immigrants entering the United States for work through programs like the H-1B visa. This role has not been widely recognized in the literature, and the data to better understand it have only recently become...
Persistent link: https://www.econbiz.de/10010969384
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais Lærkholm; Leth-Petersen, Søren; Nanda, … - National Bureau of Economic Research (NBER) - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using … point increase in entrepreneurship, equivalent to a 4% increase in the number of entrepreneurs. New entrants were more … benefit from the reform. Our results provide evidence that credit constraints do affect entrepreneurship, but that the overall …
Persistent link: https://www.econbiz.de/10010969457
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Highway to Success: The Impact of the Golden Quadrilateral Project for the Location and Performance of Indian Manufacturing
Ghani, Ejaz; Goswami, Arti Grover; Kerr, William R. - National Bureau of Economic Research (NBER) - 2012
We investigate the impact of the Golden Quadrilateral (GQ) highway project on the Indian organized manufacturing sector using enterprise data. The GQ project upgraded the quality and width of 5,846 km of roads in India. We use a difference-in-difference estimation strategy to compare non-nodal...
Persistent link: https://www.econbiz.de/10010950745
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Patent Collateral, Investor Commitment, and the Market for Venture Lending
Serrano, Carlos J.; Hochberg, Yael V.; Ziedonis, … - National Bureau of Economic Research (NBER) - 2014
The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent...
Persistent link: https://www.econbiz.de/10010950751
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Clusters, Convergence, and Economic Performance
Delgado, Mercedes; Porter, Michael E.; Stern, Scott - National Bureau of Economic Research (NBER) - 2012
This paper evaluates the role of regional cluster composition in the economic performance of industries, clusters and regions. On the one hand, diminishing returns to specialization in a location can result in a convergence effect: the growth rate of an industry within a region may be declining...
Persistent link: https://www.econbiz.de/10010950757