We identify the impact of local firm concentration on incumbent performance in a historic setting that has quasi-experimental characteristics. When Germany was divided after World War II, many firms in the machine tool industry fled the Soviet-occupied zone to prevent expropriation. We show that...

This paper presents a first-ever empirical examination of the effectiveness of signals that entrepreneurs use to induce (small) investors to commit financial resources in an equity crowdfunding context. We examine the impact of venture quality (human capital, social (alliance) capital, and...

We study location choices and firm performance in the German machine tool industry, focusing on the forced migration of East German firms after World War II. Our analysis of location choices supports earlier findings that industry agglomerations attract further entrants. Relocating firms...

The paper investigates the stability and change of regional economic activities in the long run. As the unit of analysis, we selected the machine tool industry in West Germany for the years 1953--2002. We spot a strong variance in the activities between different regions. These differences are...

We identify the impact of local firm concentration on incumbent performance with a quasi natural experiment. When Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent expropriation. We show that the regional location decisions...

We explore the extent to which organizational capabilities are location-specific by studying the location choices and longevity of East German machine tool producers that relocated to West Germany after World War II. Relocating firms were similar in performance to experienced West German...