Recent research suggests that employment in young firms is more negatively impacted during economic downturns than employment in incumbent firms. This questions the effectiveness of policies that promote entrepreneurship to fight crises. We complement prior research that is mostly based on...

Recent research suggests that employment in young firms is more negatively impacted during economic downturns than employment in incumbent firms. This questions the effectiveness of policies that promote entrepreneurship to fight crises. We complement prior research that is mostly based on...

I generalize Modigliani-Miller’s (1958, 1963) capital structure theory, showing within it a theory for human capital’s capital structure that is also more nuanced than for physical capital. This paper integrates Becker’s (1962) view of education and Alchian’s (2006) on its financing, to...