Are entrepreneurs liquidity-constrained? We attempt to answer this question by investigating the impact of financial capital on startup survival. The analysis of about 5,000 startups from the Kauffman Firm Survey data shows that, controlling for human capital, having some type of financial...

Superstar firms, the few firms that outperform the rest significantly in profitability and/or productivity, are increasingly important for driving industry growth or export patterns. It is thus critical to understanding the vital factors contributing to their success. However, it is also...

In a comprehensive sample of mergers and acquisitions, we find a reference price effect: Acquirers earn higher (lower) announcement-period returns when their pre-announcement stock prices are well below (near) their 52-week highs. This reference price effect is stronger in acquisitions of...