failure for investors' decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both …. Therefore, failure conveys ambiguous information about skill. We predict that investors will discount entrepreneurs that … experienced past failure. However, in the presence of a signal of skill, the magnitude of the failure discount is reduced. We test …

Using comprehensive data for West Germany, this paper investigates the determinants of establishment exit. We find that … between 1975 and 2006 the average exit rate has risen considerably. In order to test various "liabilities" of establishment …, which confirms the liability of smallness. The probability of exit is substantially higher for young establishments which …

Using comprehensive data for West Germany, this paper investigates the determinants of establishment exit. We find that … between 1975 and 2006 the average exit rate has risen considerably. In order to test various "liabilities" of establishment …, which confirms the liability of smallness. The probability of exit is substantially higher for young establishments which …

surviving establishments, and this difference becomes stronger as exit approaches. We further show that prior to exit the …

exit the labour market, represents a viable mechanism for understanding the cyclical properties of vacancies and …

-ups and input costs. We find that each of these market fundamentals are important in explaining plant exit. We then use … on plant exit changed with in creased international competition. We find that greater international competition magnifies … the impact of productivity, and other market fundamentals, on plant exit. A dynamic simulation that compares the …

decisions, firm entry and exit, and transitory firm productivity shocks are incorporated into the model. Given that the cost of …