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The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis
Lerner, Josh; Schoar, Antoinette; Kerr, William R. - National Bureau of Economic Research (NBER) - 2010
This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...
Persistent link: https://www.econbiz.de/10008628350
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The Importance of Trust for Investment: Evidence from Venture Capital
Bottazzi, Laura; Hellmann, Thomas; Rin, Marco Da - National Bureau of Economic Research (NBER) - 2011
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment...
Persistent link: https://www.econbiz.de/10008919717
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Labor Regulations and European Private Equity
Bozkaya, Ant; Kerr, William R. - National Bureau of Economic Research (NBER) - 2009
European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment insurance benefits) for providing worker insurance. Employment regulations more directly tax firms making frequent labor adjustments than other labor insurance mechanisms....
Persistent link: https://www.econbiz.de/10008624615
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Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
Hochberg, Yael V.; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2011
. This effect is particularly pronounced for public pension funds, where the local overweighting amounts to 9.7% of the … private equity portfolio on average, based on 5-year rolling average benchmarks. Public pension funds' own-state investments …. Overweighting in home state investments by public pension funds is greater in states with higher levels of corruption, although …
Persistent link: https://www.econbiz.de/10009147541
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Business Partners, Financing, and the Commercialization of Inventions
Serrano, Carlos J.; Åstebro, Thomas - National Bureau of Economic Research (NBER) - 2011
This paper studies the effect of business partners on the commercialization of nvention based ventures, and it assesses the relative importance of partners' human and social capital on commercialization outcomes. Projects run by partnerships were five times more likely to reach...
Persistent link: https://www.econbiz.de/10009151111
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Financing Innovation
Kerr, William R.; Nanda, Ramana - National Bureau of Economic Research (NBER) - 2014
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review...
Persistent link: https://www.econbiz.de/10011071740
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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 States. We discuss rationales for the agglomeration of these activities and the economic consequences of clusters. We identify and discuss policies that are being pursued in the...
Persistent link: https://www.econbiz.de/10010969371
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The Twilight Zone: OTC Regulatory Regimes and Market Quality
Leuz, Christian; Brüggemann, Ulf; Kaul, Aditya; … - National Bureau of Economic Research (NBER) - 2013
We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms by trading venue and provide evidence on survival, success, frequency of venue changes, reporting status, and trading activity. A large...
Persistent link: https://www.econbiz.de/10010969441
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Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development
Karlan, Dean; Udry, Christopher; Knight, Ryan - National Bureau of Economic Research (NBER) - 2012
Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...
Persistent link: https://www.econbiz.de/10010950711
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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