Decision problems in environments with iid shocks are typically modeled as involving payoffs that follow a martingale process. The paper formalizes entrepreneurial skills as the ability to design optimal investment strategies for problems, in which payoffs do not follow a martingale. It develops...

Crowdfunding, the raising of capital from a large and diverse pool of donors via online platforms, has grown exponentially in the past five years, spurred by the rise of Kickstarter and IndieGoGo. While legislative attention in the US has turned to the potential to use crowdfunding as a means of...

Studying women's entrepreneurial intentions is critical not only for encouraging women's entrepreneurship but also for developing their entrepreneurial competencies. However, in the case of Lebanon, there is still a gap in the scientific studies related to identifying factors influencing women's...

In our analysis of the impact of new firm formation on regional employment change we identified considerable time lags.We investigated the structure and extent of these time lags by applying the Almon lag model and found that new firms can have both a positive and a negative effect on regional...

Audretsch and Fritsch (2002) proposed two explanations for the mixed evidenceregarding the relationship between new firm formation and regional development. Firstly,they found evidence for the existence of long time lags needed before the main effects of newfirm formation on employment change...

We investigate the impact of new business formation on regional employment. The maineffects occur after a considerable time lag. Obviously, a large part of the effect is not due tojob creation by the newcomers but rather is of indirect nature. This implies that a large part ofthe debate about...

A new model of economic growth introduces the knowledge filter between new generic knowledge and economically-useful knowledge. It identifies both the formation of new ventures and the absorptive capacity of incumbent firms as the mechanisms that penetrate the knowledge filter. Recent empirical...

A new model of economic growth introduces the knowledge filter between new knowledge and economically useful knowledge. It identifies both new ventures and incumbent firms as the mechanisms that penetrate the knowledge filter. Recent empirical work has shown that new firms are more proficient at...

We investigate the effects of new business formation on employment change in German regions. A special focus is on the lag-structure of this effect and on differences between regions. The different phases of the effects of new business formation on regional development are relatively pronounced...

We investigate regional differences in the level and the development of regional new business formation activity. There is a pronounced variance of start-up rates across the regions. The level of regional new firm formation is rather path-dependent so that changes are relatively small. The main...