About 90% of entrepreneurs in the high-tech and professional service industries were previously employed in the same sector. In this paper, we provide a theory for how aspiring entrepreneurs choose an employer. We contrast 'transparent' employers (or firms) promoting personal accountability and...

We provide a theory for career choices of employees willing to become entrepreneurs and facing credit constraints. We show that they need a sufficient mix of reputation and financial capital. We consider their choice to work for transparent or opaque firms. Transparent firms disclose more...

We analyze the role of professional reputation in the transition to entrepreneurial activity when credit is rationed. We study an employee's willingness to allow the market to learn information about talent by choosing more or less informative projects. This choice impacts the employee's...

About 90% of entrepreneurs in the high-tech and professional service industries were previously employed in the same sector. In this paper, we provide a theory for how aspiring entrepreneurs choose an employer. We contrast 'transparent' employers (or firms) promoting personal accountability and...

This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish a firm in the future, we show that a priori talented managers may indulge in undertaking risky projects now. Indeed, such a choice renders more...

This paper first presents the workings (institutions, claims, issuance procedures and calendar) of the primary market for Treasury Bills within the Eurozone and in the U.K. Then, it describes the secondary market, and focuses on electronic platforms. Finally, it compares the efficiency of...