I investigate a simple model of advance-purchase contracts as a mode of financing costly projects. An entrepreneur has to meet some capital requirement in order to start production and sell the related good to a limited number of potential buyers who are privately informed about their...

I investigate a simple model of advance-purchase contracts as a mode of financing costly projects. The analysis can easily be reinterpreted as a model of the monopolistic provision of excludable public goods under private information. An entrepreneur has to meet some capital requirement in order...

This article studies the development of the venture capital (VC) industry in the United States and assesses how VC financing affects firm innovation and growth. The results highlight the essential role of VC financing for U.S. innovation and growth and suggest that VC development in other...

We model investment in entrepreneurial human capital (EHC) - the representative enterprise's share of production capacity allocated to investment in innovative industrial and commercial knowledge - as a distinct channel through which firm-specific human capital drives endogenous growth. Our...

We model investment in entrepreneurial human capital (EHC) – the representative enterprise's share of production capacity allocated to investment in innovative industrial and commercial knowledge – as a distinct channel through which firm-specific human capital drives endogenous growth. Our...

We model investment in entrepreneurial human capital (EHC) – the representative enterprise's share of production capacity allocated to investment in innovative industrial and commercial knowledge – as a distinct channel through which firm-specific human capital drives endogenous growth. Our...

The relationship between slack resources and innovation is complex, with the literature linking slack to both breakthrough innovations and resource misallocation. We reconcile these conflicting views by focusing on a novel mechanism: the role slack time plays in the endogenous allocation of time...

Entrepreneurs, creators of new firms, are a rare species. Even in innovation-driven economies, only 1-2% of the work force starts a business in any given year. Yet entrepreneurs, particularly innovative entrepreneurs, are vital to the competitiveness of the economy and may establish new jobs....

Entrepreneurship, as reflected in the start-up of new firms, the growth and market exit of existing firms, and the ow of venture capital, has been severely curtailed by the lockdown and social distancing measures taken by governments around the world in the fight against COVID-19. This paper,...