employment in incumbent firms. This questions the effectiveness of policies that promote entrepreneurship to fight crises. We … complement prior research that is mostly based on aggregate data by analyzing cyclical effects at the firm level. Using new … linked employer-employee data on German start-ups we show that under constant human capital of the firms' founders …

employment in incumbent firms. This questions the effectiveness of policies that promote entrepreneurship to fight crises. We … complement prior research that is mostly based on aggregate data by analyzing cyclical effects at the firm level. Using new … linked employer-employee data on German start-ups we show that under constant human capital of the firms' founders …

matter for the generation of market novelties by new ventures. Using data about German start-ups, we find that there are no …