In this paper, we offer a unique firm-level view of the empirical regularities underlying the evolution of the Lithuanian economy over the period of 2000–2014. Employing a novel dataset, we investigate key distributional moments of real and financial variables of Lithuanian firms. We focus in...

By comparing patenting among VC-backed firms to the universe of patents filed in the USPTO over the period 1976-2019, we document that while patents filed by VC backed firms are of significantly higher quality and economic importance than the average patent, VC-backed innovation is substantially...

We consider US Venture Capital (VC) activity as a measure of entrepreneurship and study its relationship with the business cycle. This measure addresses some biases in alternative measures such as self-employment and business ownership that have been considered in previous literature. Despite...

This study examines how fluctuations in the amount of capital flowing into venture funds affect the financing of innovative startup companies and how economic downturns affect such financing. We argue that the nature of the economic downturn can cause differential effects on the investment...

Global Recession to Global Recovery: It is well known fact that all good things, as also bad things, come to an end and business cycles pass through good and bad economic times. Economically 2010 was a year of transition from economic recession to recovery. Economies were improving in some...

This study investigates whether the properties of sell-side analysts' earnings forecasts are associated with the adverse macroeconomic conditions that exist at the time of their initial hire or major promotion. We find that analysts who begin their career in an economic recession are more...

This paper studies how the interplay between technological shocks and financial variables shapes the properties of macroeconomic dynamics. Most of the existing literature has based the analysis of aggregate macroeconomic regularities on the representative agent hypothesis (RAH). However, recent...

This paper investigates how cross-sectional micro-uncertainty influences the investment of small and large firms and discusses the aggregate implications of the heterogeneity in their investment decisions. Empirically, we find that large firms show less investment decline in times of heightened...