We explore the role of founding teams in accounting for the post-entry dynamics of startups. While the entrepreneurship literature has largely focused on business founders, we broaden this view by considering founding teams as both the founders and early joiners. We investigate the idea that the...

We use the U.S. patent data merged with firm-level datasets to establish new facts about the role of mega firms in generating "novel patents"--innovations that introduce new combinations of technology components for the first time. While the importance of mega firms in novel patents had been...

We study the impact of the 2018-2019 trade war on U.S. local labor markets, distinguishing between regional exposure to foreign tariffs on U.S. exports, U.S. import tariffs, and U.S. tariffs on intermediate inputs. We find foreign retaliatory tariffs on U.S. exports have led to an increase in...

During the 2018-2019 trade war, U.S. exports have been affected by foreign retaliatory tariffs, U.S. import tariffs that act through input-output linkages, and policy uncertainty. We establish, first, that the large negative impact of foreign tariffs on U.S. exports is highly heterogeneous...