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Personality Traits of Entrepreneurs: A Review of Recent Literature 企业家的人格特质:近期文献综述
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-12-01 DOI: 10.1561/0300000080
S. Kerr, W. Kerr, Tina Xu
{"title":"Personality Traits of Entrepreneurs: A Review of Recent Literature","authors":"S. Kerr, W. Kerr, Tina Xu","doi":"10.1561/0300000080","DOIUrl":"https://doi.org/10.1561/0300000080","url":null,"abstract":"We review the extensive literature since 2000 on the personality traits of entrepreneurs. We first consider baseline personality traits like the Big-5 model, self-efficacy and innovativeness, locus of control, and the need for achievement. We then consider risk attitudes and goals and aspirations of entrepreneurs. Within each area, we separate studies by the type of entrepreneurial behavior considered: entry into entrepreneurship, performance outcomes, and exit from entrepreneurship. This literature shows common results and many points of disagreement, reflective of the heterogeneous nature of entrepreneurship. We label studies by the type of entrepreneurial population studied (e.g., Main Street vs. those backed by venture capital) to identify interesting and irreducible parts of this heterogeneity, while also identifying places where we anticipate future large-scale research and the growing depth of the field are likely to clarify matters. There are many areas, like how firm performance connects to entrepreneurial personality, that are woefully understudied and ripe for major advances if the appropriate cross-disciplinary ingredients are assembled.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122526173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 136
The Social Origins of Inventors 发明家的社会起源
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-12-01 DOI: 10.3386/W24110
P. Aghion, Ufuk Akcigit, Ari Hyytinen, O. Toivanen
{"title":"The Social Origins of Inventors","authors":"P. Aghion, Ufuk Akcigit, Ari Hyytinen, O. Toivanen","doi":"10.3386/W24110","DOIUrl":"https://doi.org/10.3386/W24110","url":null,"abstract":"In this paper, we merge three datasets - individual income data, patenting data, and IQ data - to analyze the deterninants of an individual’s probability of inventing. We find that: (i) parental income matters even after controlling for other background variables and for IQ, yet the estimated impact of parental income is greatly diminished once parental education and the individual’s IQ are controlled for; (ii) IQ has both a direct effect on the probability of inventing an indirect impact through education. The effect of IQ is larger for inventors than for medical doctors or lawyers. The impact of IQ is robust to controlling for unobserved family characteristics by focusing on potential inventors with brothers close in age. We also provide evidence on the importance of social family interactions, by looking at biological versus non-biological parents. Finally, we find a positive and significant interaction effect between IQ and father income, which suggests a misallocation of talents to innovation","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114141271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 54
Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity 临近预测地方经济:使用Yelp数据来衡量经济活动
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-10-01 DOI: 10.3386/W24010
E. Glaeser, Hyunjin Kim, Michael Luca
{"title":"Nowcasting the Local Economy: Using Yelp Data to Measure Economic Activity","authors":"E. Glaeser, Hyunjin Kim, Michael Luca","doi":"10.3386/W24010","DOIUrl":"https://doi.org/10.3386/W24010","url":null,"abstract":"Can new data sources from online platforms help to measure local economic activity? Government datasets from agencies such as the U.S. Census Bureau provide the standard measures of local economic activity at the local level. However, these statistics typically appear only after multi-year lags, and the public-facing versions are aggregated to the county or ZIP code level. In contrast, crowdsourced data from online platforms such as Yelp are often contemporaneous and geographically finer than official government statistics. In this paper, we present evidence that Yelp data can complement government surveys by measuring economic activity in close to real time, at a granular level, and at almost any geographic scale. Changes in the number of businesses and restaurants reviewed on Yelp can predict changes in the number of overall establishments and restaurants in County Business Patterns. An algorithm using contemporaneous and lagged Yelp data can explain 29.2 percent of the residual variance after accounting for lagged CBP data, in a testing sample not used to generate the algorithm. The algorithm is more accurate for denser, wealthier, and more educated ZIP codes.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"14 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120904946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 65
Optimal Financing for R&D-Intensive Firms 研发密集型企业的最优融资
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-09-01 DOI: 10.2139/ssrn.3034428
Richard T. Thakor, A. Lo
{"title":"Optimal Financing for R&D-Intensive Firms","authors":"Richard T. Thakor, A. Lo","doi":"10.2139/ssrn.3034428","DOIUrl":"https://doi.org/10.2139/ssrn.3034428","url":null,"abstract":"We develop a theory of optimal financing for R&D-intensive firms that uses their unique features—large capital outlays, long gestation periods, high upside, and low probabilities of R&D success—that explains three prominent stylized facts about these firms: their relatively low use of debt, large cash balances, and underinvestment in R&D. The model relies on the interaction of the unique features of R&D-intensive firms with three key frictions: adverse selection about R&D viability, asymmetric information about the upside potential of R&D, and moral hazard from risk shifting. We establish the optimal pecking order of securities with direct market financing. Using a tradeoff between tax benefits and the costs of risk shifting for debt, we establish conditions under which the firm uses an all-equity capital structure and firms raise enough financing to carry excess cash. A firm may use a limited amount of debt if it has pledgeable assets in place. However, market financing still leaves potentially valuable R&D investments unfunded. We then use a mechanism design approach to explore the potential of intermediated financing, with a binding precommitment by firm insiders to make costly ex post payouts. A mechanism consisting of put options can be used in combination with equity to eliminate underinvestment in R&D relative to the direct market financing outcome. This optimal intermediary-assisted mechanism consists of bilateral “insurance” contracts, with investors offering firms insurance against R&D failure and firms offering investors insurance against very high R&D payoffs not being realized.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114637676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
Agricultural Trade Reform, Reallocation and Technical Change: Evidence from the Canadian Prairies 农业贸易改革、再分配和技术变革:来自加拿大大草原的证据
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-09-01 DOI: 10.22004/ag.econ.263492
W. Brown, Shon M. Ferguson, C. Viju
{"title":"Agricultural Trade Reform, Reallocation and Technical Change: Evidence from the Canadian Prairies","authors":"W. Brown, Shon M. Ferguson, C. Viju","doi":"10.22004/ag.econ.263492","DOIUrl":"https://doi.org/10.22004/ag.econ.263492","url":null,"abstract":"We decompose the impact of trade reform on technology adoption and land use to study how aggregate changes were driven by reallocation versus within-farm adaptation. Using detailed census data covering over 30,000 farms in Alberta, Saskatchewan and Manitoba, Canada we find a range of new results. We find that the reform-induced shift from producing low-value to high-value crops for export, the adoption of new seeding technologies and reduction in summerfallow observed at the aggregate level between 1991 and 2001 were driven mainly by the within-farm effect. In the longer run, however, reallocation of land from shrinking and exiting farms to growing and new farms explains more than half of the aggregate changes in technology adoption and land use between 1991 and 2011.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123075469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Persistent Effect of Initial Success: Evidence from Venture Capital 初始成功的持续效应:来自风险投资的证据
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-08-01 DOI: 10.2139/ssrn.2900862
Ramana Nanda, S. Samila, O. Sorenson
{"title":"The Persistent Effect of Initial Success: Evidence from Venture Capital","authors":"Ramana Nanda, S. Samila, O. Sorenson","doi":"10.2139/ssrn.2900862","DOIUrl":"https://doi.org/10.2139/ssrn.2900862","url":null,"abstract":"We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments, though this effect erodes with time. In exploring its sources, we document several additional facts: successful outcomes stem in large part from investing in the right places at the right times; VC firms do not persist in their ability to choose the right places and times to invest; but early success does lead to investing in later rounds and in larger syndicates. This pattern of results seems most consistent with the idea that initial success improves access to deal flow. That preferential access raises the quality of subsequent investments, perpetuating performance differences in initial investments.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114725562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 69
The Causes and Costs of Misallocation 错配的原因和代价
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-05-01 DOI: 10.1257/JEP.31.3.151
Diego Restuccia, Richard Rogerson
{"title":"The Causes and Costs of Misallocation","authors":"Diego Restuccia, Richard Rogerson","doi":"10.1257/JEP.31.3.151","DOIUrl":"https://doi.org/10.1257/JEP.31.3.151","url":null,"abstract":"Why do living standards differ so much across countries? A consensus in the development literature is that differences in productivity are a dominant source of these differences. But what accounts for productivity differences across countries? One explanation is that frontier technologies and best practice methods are slow to diffuse to low income countries. The recent literature on misallocation offers a distinct but complementary explanation: low income countries are not as effective in allocating their factors of production to their most efficient use. We provide our perspective on three key questions. First, how important is misallocation? Second, what are the causes of misallocation? And third, beyond the direct cost of lower contemporaneous output, are there additional costs associated with misallocation? A summary of our answers is as follows. Misallocation appears to be a substantial channel in accounting for productivity differences across countries, but the measured magnitude of the effects depends on the approach and context. Researchers have not yet found a dominant source of misallocation; instead, many specific factors seem to contribute a small part of the overall effect. Beyond the static cost of misallocation, we believe that the dynamic effects of misallocation on productivity growth are significant and deserve much more attention going forward.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124966976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 347
Management and Student Achievement: Evidence from a Randomized Field Experiment 管理与学生成绩:来自随机现场实验的证据
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-05-01 DOI: 10.3386/w23437
Roland G. Fryer
{"title":"Management and Student Achievement: Evidence from a Randomized Field Experiment","authors":"Roland G. Fryer","doi":"10.3386/w23437","DOIUrl":"https://doi.org/10.3386/w23437","url":null,"abstract":"This study examines the impact on student achievement of implementing management training for principals in traditional public schools in Houston, Texas, using a school-level randomized field experiment. Across two years, principals were provided 300 hours of training on lesson planning, data-driven instruction, and teacher observation and coaching. The findings show that offering management training to principals significantly increases student achievement in all subjects in year one and has an insignificant effect in year two. We argue that the results in year two are driven by principal turnover, coupled with the cumulative nature of the training. Schools with principals who are predicted to remain in their positions for both years of the experiment demonstrate large treatment effects in both years – particularly those with principals who are also predicted to implement the training with high fidelity – while those with principals that are predicted to leave have statistically insignificant effects in each year of treatment.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129557489","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 55
Immigration and the Rise of American Ingenuity 移民与美国创造力的崛起
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-02-01 DOI: 10.1257/AER.P20171021
Ufuk Akcigit, J. Grigsby, T. Nicholas
{"title":"Immigration and the Rise of American Ingenuity","authors":"Ufuk Akcigit, J. Grigsby, T. Nicholas","doi":"10.1257/AER.P20171021","DOIUrl":"https://doi.org/10.1257/AER.P20171021","url":null,"abstract":"This paper builds on the analysis in Akcigit et al. (2017) by using US patent and Census data to examine macro and micro-level aspects of the relationship between immigration and innovation. We construct a measure of foreign born expertise and show that technology areas where immigrant inventors were prevalent between 1880 and 1940 experienced more patenting and citations between 1940 and 2000. We also show that immigrant inventors were more productive during their life cycle than native born inventors, although they received significantly lower levels of labor income than their native born counterparts. Overall, the contribution of foreign born inventors to US innovation was substantial, but we also find evidence of an immigrant inventor wage-gap that cannot be explained by differentials in productivity.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115620519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 94
Mutual Funds as Venture Capitalists? Evidence from Unicorns 共同基金是风险投资?来自独角兽的证据
Kauffman: Large Research Projects - NBER (Topic) Pub Date : 2017-01-10 DOI: 10.2139/SSRN.2897254
S. Chernenko, J. Lerner, Yao Zeng
{"title":"Mutual Funds as Venture Capitalists? Evidence from Unicorns","authors":"S. Chernenko, J. Lerner, Yao Zeng","doi":"10.2139/SSRN.2897254","DOIUrl":"https://doi.org/10.2139/SSRN.2897254","url":null,"abstract":"\u0000 “Founder-friendly” venture financings and nontraditional venture investors have both flourished over the past decade. Using detailed contract data, we study open-end mutual funds investing in private venture-backed firms. We posit that conflicts between early-stage venture investors and liquidity-constrained later-stage ones influence the classic agency problems affecting entrepreneurs and investors. We find that mutual funds with more stable funding are more likely to invest in private firms and that financing rounds with mutual fund participation have stronger redemption, stronger IPO-related rights, and less board representation. These findings are consistent with our conceptual framework.","PeriodicalId":115451,"journal":{"name":"Kauffman: Large Research Projects - NBER (Topic)","volume":"242 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122834199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 52
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