In this paper we develop a business cycle measure that can be shown to have excellent ex-ante forecasting properties for GDP growth. For identifying business cycle movements, we use a semantic approach. We infer nine different states of the economy directly from firms’ responses in business...

Biotechnology is considered as one of the key high-technology sectors in the future. It has been increasingly accepted that small, innovative businesses were the major stimulus for the development of this emerging industry. Many studies on new entrepreneurial entrants in biotechnology are mainly...