Ewing Marion Kauffman Foundation Research Paper Series最新文献

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Kauffman Index of Startup Activity: National Trends 2016 考夫曼创业活动指数:2016年全国趋势
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-08-01 DOI: 10.2139/ssrn.2828359
R. Fairlie, E. Reedy, Arnobio Morelix, Joshua Russell-Fritch
{"title":"Kauffman Index of Startup Activity: National Trends 2016","authors":"R. Fairlie, E. Reedy, Arnobio Morelix, Joshua Russell-Fritch","doi":"10.2139/ssrn.2828359","DOIUrl":"https://doi.org/10.2139/ssrn.2828359","url":null,"abstract":"The Kauffman Index of Startup Activity is a comprehensive indicator of new business creation in the United States, integrating several high-quality sources of timely entrepreneurship information into one composite indicator of startup activity. The Index captures business activity in all industries and is based on both a nationally representative sample size of more than a half million observations each year and on the universe of all employer businesses in the United States — which covers approximately five million companies. This allows us to look at both entrepreneurs and the startups they create.This report presents trends in startup activity over the past two decades for the United States. Two upcoming reports look at these same trends in all fifty states and the forty largest U.S. metropolitan areas. Trends in startup activity also are reported at the national level for specific demographic groups for some of the Index components, when available.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127726562","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: 15
How Do Venture Capitalists Make Decisions? 风险投资家如何做决策?
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-08-01 DOI: 10.2139/SSRN.2801385
Paul A. Gompers, W. Gornall, S. Kaplan, Ilya A. Strebulaev
{"title":"How Do Venture Capitalists Make Decisions?","authors":"Paul A. Gompers, W. Gornall, S. Kaplan, Ilya A. Strebulaev","doi":"10.2139/SSRN.2801385","DOIUrl":"https://doi.org/10.2139/SSRN.2801385","url":null,"abstract":"We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization; and relationships with limited partners. In selecting investments, VCs see the management team as more important than business related characteristics such as product or technology. They also attribute more of the likelihood of ultimate investment success or failure to the team than to the business. While deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We also explore (and find) differences in practices across industry, stage, geography and past success. We compare our results to those for CFOs (Graham and Harvey 2001) and private equity investors (Gompers, Kaplan and Mukharlyamov forthcoming).","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131648521","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: 381
Horse and Cart: The Role of Order in New Ventures 马与车:秩序在新企业中的作用
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-07-25 DOI: 10.2139/ssrn.2919676
Nachiket Bhawe, Hans Rawhouser, J. Pollack
{"title":"Horse and Cart: The Role of Order in New Ventures","authors":"Nachiket Bhawe, Hans Rawhouser, J. Pollack","doi":"10.2139/ssrn.2919676","DOIUrl":"https://doi.org/10.2139/ssrn.2919676","url":null,"abstract":"Entrepreneurs need to accumulate different types of resources to take the initial steps to grow their ventures. While much is known about the configurations of resources that improve venture success, less is known on how ventures should initially accumulate resources to begin to exploit valuable opportunities. Using agent-based simulations, we classify resources by the functions (search and execution) that they provide. We find that acquiring search resources before execution resources leads to more valuable opportunities, but only under conditions of higher uncertainty. We contribute to the entrepreneurial resource acquisition literature by showing how resource order may affect an entrepreneur’s ability in opportunity discovery, evaluation, and exploitation. We draw inferences on contingencies that can increase the salience of resource order on venture success.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127399647","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 Effect of Population Aging on Economic Growth, the Labor Force and Productivity 人口老龄化对经济增长、劳动力和生产率的影响
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-07-01 DOI: 10.3386/w22452
Nicole Maestas, Kathleen J. Mullen, David Powell
{"title":"The Effect of Population Aging on Economic Growth, the Labor Force and Productivity","authors":"Nicole Maestas, Kathleen J. Mullen, David Powell","doi":"10.3386/w22452","DOIUrl":"https://doi.org/10.3386/w22452","url":null,"abstract":"Population aging is expected to slow US economic growth. We use variation in the predetermined component of population aging across states to estimate the impact of aging on growth in GDP per capita for 1980–2010. We find that each 10 percent increase in the fraction of the population age 60+ decreased per capita GDP by 5.5 percent. One-third of the reduction arose from slower employment growth; two-thirds due to slower labor productivity growth. Labor compensation and wages also declined in response. Our estimate implies population aging reduced the growth rate in GDP per capita by 0.3 percentage points per year during 1980–2010. (JEL E23, E24, J11, J14, J31, O47)","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134050018","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: 148
Spatial Development and Agglomeration Economies in Services -- Lessons from India 服务业的空间发展和集聚经济——印度的经验教训
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-06-30 DOI: 10.1596/1813-9450-7741
Syed Ejaz Ghani, A. G. Goswami, W. Kerr
{"title":"Spatial Development and Agglomeration Economies in Services -- Lessons from India","authors":"Syed Ejaz Ghani, A. G. Goswami, W. Kerr","doi":"10.1596/1813-9450-7741","DOIUrl":"https://doi.org/10.1596/1813-9450-7741","url":null,"abstract":"Although many studies consider the spatial pattern of manufacturing plants in developing countries, the role of services as a driver of urbanization and structural transformation is still not well understood. Using establishment level data from India, this paper helps narrow this gap by comparing and contrasting the spatial development of services with that in manufacturing. The study during the 2001-2010 period suggests that (i) services are more urbanized than manufacturing and are moving toward the urban and, by contrast, the organized manufacturing sector is moving away from urban cores to the rural periphery; (ii) manufacturing and services activities are highly correlated in spatial terms and exhibit a high degree of concentration in just a few states and industries; (iii) manufacturing in urban districts has a stronger tendency to locate closer to larger cities relative to services activity; (iv) infrastructure has a significant effect on manufacturing output, while human capital matters more for services activity; and lastly, (v) technology penetration, measured by the penetration of the Internet, is more strongly associated with services than manufacturing. Similar results hold when growth in activity is measured over the study period rather than levels. Manufacturing and services do not appear to crowd each other out of local areas.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122400066","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: 10
Adoption with Social Learning and Network Externalities 采用与社会学习和网络外部性
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-05-01 DOI: 10.3386/W22282
M. Fafchamps, Måns Soderbom, Monique vanden Boogaart
{"title":"Adoption with Social Learning and Network Externalities","authors":"M. Fafchamps, Måns Soderbom, Monique vanden Boogaart","doi":"10.3386/W22282","DOIUrl":"https://doi.org/10.3386/W22282","url":null,"abstract":"Using a large administrate dataset covering the universe of phone calls and airtime transfers in a country over a four year period, we examine the pattern of adoption of airtime transfers over time. We start by documenting strong network effects: increased usage of the new airtime transfer service by social neighbors predicts a higher adoption probability. We then seek to narrow down the possible sources of these network effects by distinguishing between network externalities and social learning. Within social learning, we also seek to differentiate between learning about existence of the new product from learning about its quality or usefulness. We find robust evidence suggestive of social learning both for the existence and the quality of the product. In contrast, we find that network effects turn negative after first adoption, suggesting that airtime transfers are strategic substitutes among network neighbors.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116915742","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: 10
What Motivates Effort? Evidence and Expert Forecasts 努力的动力是什么?证据和专家预测
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-04-01 DOI: 10.1093/RESTUD/RDX033
Stefano DellaVigna, Devin G. Pope
{"title":"What Motivates Effort? Evidence and Expert Forecasts","authors":"Stefano DellaVigna, Devin G. Pope","doi":"10.1093/RESTUD/RDX033","DOIUrl":"https://doi.org/10.1093/RESTUD/RDX033","url":null,"abstract":"How much do different monetary and non-monetary motivators induce costly effort? Does the effectiveness line up with the expectations of researchers? We present the results of a large-scale real-effort experiment with 18 treatment arms. We compare the effect of three motivators: (i) standard incentives; (ii) behavioral factors like present-bias, reference dependence, and social preferences; and (iii) non-monetary inducements from psychology. In addition, we elicit forecasts by behavioral experts regarding the effectiveness of the treatments, allowing us to compare results to expectations. We find that (i) monetary incentives work largely as expected, including a very low piece rate treatment which does not crowd out incentives; (ii) the evidence is partly consistent with standard behavioral models, including warm glow, though we do not find evidence of probability weighting; (iii) the psychological motivators are effective, but less so than incentives. We then compare the results to forecasts by 208 experts. On average, the experts anticipate several key features, like the effectiveness of psychological motivators. A sizeable share of experts, however, expects crowd-out, probability weighting, and pure altruism, counterfactually. This heterogeneity does not reflect field of training, as behavioral economists, standard economists, and psychologists make similar forecasts. Using a simple model, we back out key parameters for social preferences, time preferences, and reference dependence, comparing expert beliefs and experimental results.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120993863","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: 303
Revenue and Incentive Effects of Basis Step-Up at Death: Lessons from the 2010 "Voluntary" Estate Tax Regime 死亡时基差上升的税收和激励效应:2010年“自愿”遗产税制度的经验教训
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-03-01 DOI: 10.1257/AER.P20161037
Robert N. Gordon, David Joulfaian, J. Poterba
{"title":"Revenue and Incentive Effects of Basis Step-Up at Death: Lessons from the 2010 \"Voluntary\" Estate Tax Regime","authors":"Robert N. Gordon, David Joulfaian, J. Poterba","doi":"10.1257/AER.P20161037","DOIUrl":"https://doi.org/10.1257/AER.P20161037","url":null,"abstract":"Abstract In 2010, the U.S. estate tax expired and executors of wealthy decedents were not required to file estate tax returns. In the absence of the estate tax, beneficiaries received assets with carryover rather than stepped-up basis. Unrealized capital gains accounted for 44 percent of the fair market value of non-cash assets in estates that chose the carryover basis regime, and an even higher percentage for some asset categories. Many of the largest gains were on assets that had been held for at least two decades.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"591 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123941131","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: 3
Crowdsourcing City Government: Using Tournaments to Improve Inspection Accuracy 众包市政府:利用比赛提高检查准确性
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-03-01 DOI: 10.1257/AER.P20161027
E. Glaeser, Andrew N. Hillis, S. Kominers, Michael Luca
{"title":"Crowdsourcing City Government: Using Tournaments to Improve Inspection Accuracy","authors":"E. Glaeser, Andrew N. Hillis, S. Kominers, Michael Luca","doi":"10.1257/AER.P20161027","DOIUrl":"https://doi.org/10.1257/AER.P20161027","url":null,"abstract":"Can open tournaments improve the quality of city services? The proliferation of big data makes it possible to use predictive analytics to better target services like hygiene inspections, but city governments rarely have the in-house talent needed for developing prediction algorithms. Cities could hire consultants, but a cheaper alternative is to crowdsource competence by making data public and offering a reward for the best algorithm. This paper provides a simple model suggesting that open tournaments dominate consulting contracts when cities have a reasonable tolerance for risk and when there is enough labor with low opportunity costs of time. We also illustrate how tournaments can be successful, by reporting on a Boston-based restaurant hygiene prediction tournament that we helped coordinate. The Boston tournament yielded algorithms—at low cost—that proved reasonably accurate when tested “out-of-sample” on hygiene inspections occurring after the algorithms were submitted. We draw upon our experience in working with Boston to provide practical suggestions for governments and other organizations seeking to run prediction tournaments in the future.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124248722","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: 91
The Causes of Peer Effects in Production: Evidence from a Series of Field Experiments 生产中同伴效应的原因:来自一系列田间试验的证据
Ewing Marion Kauffman Foundation Research Paper Series Pub Date : 2016-02-29 DOI: 10.2139/ssrn.1652993
J. Horton, R. Zeckhauser
{"title":"The Causes of Peer Effects in Production: Evidence from a Series of Field Experiments","authors":"J. Horton, R. Zeckhauser","doi":"10.2139/ssrn.1652993","DOIUrl":"https://doi.org/10.2139/ssrn.1652993","url":null,"abstract":"Workers respond to the output choices of their peers. What explains this well documented phenomenon of peer effects? Do workers value equity, fear punishment from equity-minded peers, or does output from peers teach them about employers’ expectations? We test these alternative explanations in a series of field experiments. We find clear evidence of peer effects, as have others. Workers raise their own output when exposed to high-output peers. They also punish low-output peers, even when that low output has no effect on them. They may be embracing and enforcing the employer’s expectations. (Exposure to employer-provided work samples influences output much the same as exposure to peer-provided work.) However, even when employer expectations are clearly stated, workers increase output beyond those expectations when exposed to workers producing above expectations. Overall, the evidence is strongly consistent with the notion that peer effects are mediated by workers’ sense of fairness related to relative effort.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116109065","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
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