What Do Small Businesses Do?
---- Acknowledgements -----
This paper was previously circulated with the title "Understanding Small Business Heterogeneity." We would like to thank Mark Aguiar, Fernando Alvarez, Jaroslav Borovicka, Augustin Landier, Josh Lerner, E.J. Reedy, Jim Poterba, David Romer, Sarada, Andrei Shleifer, Mihkel Tombak, Justin Wolfers and seminar participants at Boston College, the 2011 Duke/Kauffman Entrepreneurship Conference, the Federal Reserve Bank of Minneapolis, Harvard Business School, the Institute for Fiscal Studies, the 2011 International Industrial Organization Conference, London School of Economics, MIT, 2010 NBER Summer Institute Entrepreneurship Workshop, Penn State, Stanford University, and the University of Chicago for comments. Hurst and Pugsley gratefully acknowledge the financial support provided by the George J. Stigler Center for the Study of Economy and the State as well as the financial support provided by the Brookings Institute. Additionally Hurst thanks the financial support provided by the University of Chicago's Booth School of Business and Pugsley thanks the financial support from the Ewing Marion Kauffman Foundation. Certain data included herein are derived from the Kauffman Firm Survey release 3.1 public-use data file. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of the Ewing Marion Kauffman Foundation or the National Bureau of Economic Research.