This paper addresses a question faced by every firm in the economy, namely is it optimal for a firm's founder to lead the company as CEO? To identify the treatment effect of founder CEOs on corporate policy and firm value, I exploit a natural experiment involving exogenous...

We compare individuals presently employed either at an university or at a firm from a R&D intensive sector and analyze which of their personal-specific and employer-specific characteristics determine their choice of subsequently founding a startup. Our data set is unusually rich and combines the...

We estimate differences in innovation behavior between foreign versus U.S.-born entrepreneurs in high-tech industries. Our data come from the Annual Survey of Entrepreneurs, a random sample of firms with detailed information on owner characteristics and innovation activities. We find uniformly...

Although economic globalization has transformed contemporary conceptions of space, location still matters enormously for both individual entrepreneurs seeking to develop a sustainable business and policy makers looking to foster entrepreneurship within a particular city or region. In making the...

We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantities immigrant contributions to new firm creation in a wide variety of fields and using multiple definitions. While significant...

This paper examines the capability antecedents of firm entry into nascent industries. Because a firm's technological investments in nascent industries typically take place at a time before market entry, this study makes a distinction between capability requirements at the time of market entry...

We compare individuals presently employed either at an university or at a firm from a R&D intensive sector and analyze which of their personal-specific and employer-specific characteristics determine their choice of subsequently founding a startup. Our data set is unusually rich and combines the...

In this article we examine how startup businesses finance their operations over time. We employ the Latent growth modeling technique to test the financial growth cycle theory developed by Berger and Udell (1998). The data used in this study is the Kauffman Firm Survey, the largest longitudinal...

This paper distinguishes entrepreneurial network effects from the firm effects and industry effects that have been the focus of much of the literature about the economics of technological change and the economics of industrial organization. A method of identifying entrepreneurial networks is...

We examine immigrant entrepreneurship and the survival and growth of immigrant-founded businesses over time relative to native-founded companies. Our work quantifies immigrant contributions to new firm creation in a wide variety of fields and using multiple definitions. While significant...