Empirical research has found that entrepreneurial activity correlates positively with innovation and job creation, and governments around the world have shown a growing interest in interventions that promote entrepreneurial success. However, research on whether entrepreneurial success can be...

"This paper investigates the capital structure choices that firms make in their initial year of operation, using restricted-access data from the Kauffman Firm Survey. Contrary to many accounts of startup activity, the firms in our data rely heavily on external debt sources such as bank...