Research- and technology-intensive universities, especially via their entrepreneurial spinoffs, have a dramatic impact on the economies of the United States and its fifty states. A new report on just one such university, the Massachusetts Institute of Technology, indicates conservatively that,...

Prior research often focuses on how many entrepreneurial firms are created, rather than on institutions that encourage specific types of firms or entrepreneurs. This paper identifies institutional changes that reduce barriers to growth as an important factor influencing the propensity of...

Stanford University has a deep history in entrepreneurship and technological innovation. For more than a century, the university has incubated ideas, educated entrepreneurs and fostered breakthrough technologies that have been instrumental in the rise and constant regeneration of Silicon Valley,...

We examine the role that changes to the institutional environment play in the formation, exit, and performance of ventures. We do so by taking advantage of two natural experiments in Japan that relates to the exit of a venture: successful IPO, and failure in bankruptcy. In our first study, we...