Horizontal interaction and networking between competitors as opposed to vertical value-chain-based linkages has long been under-conceptualized in the literature on the internal and external structure of clusters. Combining labor mobility/spill-offs, friendship ties among competitors, the role of...

This paper studies the impact of diversity in cognitive ability among members of a team on their performance. We conduct a large field experiment in which teams start up and manage real companies under identical circumstances. Exogenous variation in – otherwise random – team composition is...

One of the most salient and relevant dimensions of team heterogeneity is ethnicity. We measure the causal impact of ethnic diversity on the performance of business teams using a randomized field experiment. We follow 550 students who set up 45 real companies as part of their curriculum in an...

We theoretically analyze the editorial process in scientific journals. In our model, a journal editor maximizes his journal's expected payoff from publishing high quality papers, net of costs due to (mistakenly) publishing low quality papers. The editor, with a prior probability assessment...

Entrepreneurship education ranks highly on policy agendas in Europe and the US, but little research is available to assess its impacts. In this context it is of primary importance to understand whether entrepreneurship education raises intentions to be entrepreneurial generally or whether it...

Online crowdfunding platforms enable entrepreneurs and investors to interact with fewer geographic constraints and have become an important financing alternative for (micro-)entrepreneurship. However, local preference and information frictions could lead investors to overly focus on local...

The thought of Hayek has been a topic of considerable interest for a while now and the studies of Laozi's philosophy have also been drawing increasing attention worldwide. In particular, increasingly people seek answers to current political, economic and social questions within Laozi's wisdom...

We show that the concept of “entrepreneurial opportunity” in current entrepreneurship process theories is a conflation of opportunities as situations and opportunities as judgments, which are two different concepts both ontologically and epistemologically. Although all entrepreneurs make...

Snap's IPO with no voting rights shows there is disagreement on what good governance means. Some experts viewed the founders' total control over Snap, and the resulting lack of accountability to shareholders, as a “banana republic approach” to corporate governance. Others believe that Snap's...

Economic activities such as crowdfunding often involve sequential interactions, observational learning, and project implementation contingent on achieving certain thresholds of support. We incorporate endogenous all-or-nothing thresholds in a classic model of information cascade. We find that...