We analyze determinants of access to venture capital for Black founders of high-growth startups. We combine image- and name-processing algorithms with clerical review to identify race for over 100,000 startup founders “at risk” for venture funding. Black founders raise roughly one-third as...

I study whether access to return-based crowdfunding decreases the importance of local financial market development for entrepreneurial activities. Using both the staggered adoption of intrastate equity crowdfunding across U.S. states and the 2016 passage of Regulation CF, I find that access to...

Purpose - The purpose of this study is to investigate the initial investment's motivations and study the reinvesting motivations. The results revealed differences in reinvestors' motivations of reinvestors in both winning and losing situations. Specifically, financial return and excitement...

The COVID-19 pandemic brought about a shift in entrepreneurial opportunities in theUnited States. In this paper, we proxy entrepreneurial processes by examining housing prices indifferent regions of the United States. Housing prices capture the movement in people, taxdynamics, and behavioral...

Over the past half-century, while self-employment has consistently accounted for around one in ten of the United States workforce, its composition has changed. Since 1970, industries with high startup capital requirements have declined from 53% of self-employment to 23%. This same time period...

Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting their staggered implementation in 31 U.S. states, we find that they increase angel investment yet have no significant impact on entrepreneurial activity. Two mechanisms explain these results: Crowding...