find that spinoffs are less likely to exit than other startups. We show that in West and East Germany and in all sectors …

Using comprehensive data for West Germany, this paper investigates the determinants of establishment exit. We find that …

Using a large administrative dataset for Germany, this paper compares employment developments in exiting and surviving … establishments. For both West and East Germany we find a clear "shadow of death" effect reflecting lingering illness: establishments … are more clearly visible in West than in East Germany. Our results also hold when applying a matching approach. …