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Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …

Persistent link: https://www.econbiz.de/10005789057

Does Idiosyncratic Business Risk Matter?

Michelacci, Claudio; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2008

Financial market imperfections can prevent entrepreneurs from diversifying away the idiosyncratic risk of their business. As a result idiosyncratic risk discourages entrepreneurial activity and hinders growth, with the effects being stronger in economies with lower risk diversification...

Persistent link: https://www.econbiz.de/10005791288

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605

Entrepreneurial Access and Absorption of Knowledge Spillovers: Strategic Board and Managerial Composition for Competitive Advantage

Audretsch, David B; Lehmann, Erik E - C.E.P.R. Discussion Papers - 2005

The resource theory of the firm implies that knowledge is a key resource bestowing a competitive advantage for entrepreneurial firms. However, it remains rather unclear up to now, how new ventures and small business can access knowledge resources. The purpose of this paper is to suggest two...

Persistent link: https://www.econbiz.de/10005791678

Liquidity Constraints and Entrepreneurial Performance

Hvide, Hans K; Møen, Jarle - C.E.P.R. Discussion Papers - 2007

If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway. Consistent with liquidity constraints being present, we...

Persistent link: https://www.econbiz.de/10005791690

Impeded Industrial Restructuring: The Growth Penalty

Audretsch, David B; Thurik, A R Roy - C.E.P.R. Discussion Papers - 2000

This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing...

Persistent link: https://www.econbiz.de/10005791840

Growth and Entrepreneurship: An Empirical Assessment

Acs, Zoltán J; Audretsch, David B; Braunerhjelm, Pontus; … - C.E.P.R. Discussion Papers - 2006

knowledge from the source creating it to the firm actually commercializing the new ideas. In this paper, entrepreneurship is … identified as one such mechanism facilitating the spillover of knowledge. Using a panel of entrepreneurship data for 18 countries …

Persistent link: https://www.econbiz.de/10005792084

Management of Knowledge Workers

Hvide, Hans K; Kristiansen, Eirik Gaard - C.E.P.R. Discussion Papers - 2007

We study how complementarities and intellectual property rights affect the management of knowledge workers. The main results relay when a firm will wish to sue workers that leave with innovative ideas, and the effects of complementary assets on wages and on worker initiative. We argue that firms...

Persistent link: https://www.econbiz.de/10005497759

Learning to be an Entrepreneur

Guiso, Luigi; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2005

entrepreneurship to allow for the possibility that entrepreneurial talents may be acquired by watching other entrepreneurs in action …

Persistent link: https://www.econbiz.de/10005497788

What Makes an Entrepreneur and Does it Pay? Native Men, Turks and Other Migrants in Germany

Constant, Amelie; Shachmurove, Yochanan; Zimmermann, Klaus F - C.E.P.R. Discussion Papers - 2004

This Paper focuses on the entrepreneurial endeavors of immigrants and natives in Germany. We pay closer attention to Turks, since they are the largest immigrant group with a strong entrepreneurial tradition; self-employed Turks in Germany represent about 70% of all Turkish entrepreneurs in the...

Persistent link: https://www.econbiz.de/10005497816