I study the effect of Obamacare on entrepreneurial activity in the states of United States (US). I compare entrepreneurial activity in the states that are fully on board in implementing Obamacare with those that refused to play a role in implementing Obamacare, using January 1, 2014 as the...

We explore whether financial access explains persistent gender and racial imbalance in entrepreneurship. The 1979 NLSY overlaps with bank deregulation events between 1971 and 2001, permitting a difference in differences analysis of the propensity for young people to attempt entrepreneurship. We...

This publication covers seed and early stage financing for high growth companies in OECD and non-OECD countries with a primary focus on angel investment. Angel investment is the primary source of outside equity financing for start-ups in a number of countries, yet it is frequently overlooked as...

Using the data from Crunchbase, the leading platform for detailed information on early-stage firms, we document evidence of geographic dispersion and industry declustering of new startups over time. We show that this trend is associated with investment incentives of local angel investors....

We study competition for startups among VCs with heterogeneous skill. VCs with established skill face two impediments. First, less established VCs compete aggressively for new startups in order to establish a reputation. Second, startups also value reliability in their VCs, which imposes a...

Entrepreneurs raise money for start-ups by acquiring debt, selling stock, mixing the two, and crowdfunding. This chapter explains the pros and cons of those start-up financing options. Start-ups must repay debt on time, which is hard for them to do before they start making profits. Stock...

Many policy actions of the CMU have the objective to enhance access to finance for the so-called backbone of the European economy-the SMEs. The CMU aims at improving the framework conditions for SME financing, at strengthening bank lending-as the most important external financing source for...

We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular,...