NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

J. David Brown

U.S. Bureau of the Census
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NBER Working Papers and Publications

June 2018Immigrant Entrepreneurs and Innovation in the U.S. High-Tech Sector
with John S. Earle, Mee Jung Kim, Kyung Min Lee
in The Role of Immigrants and Foreign Students in Science, Innovation, and Entrepreneurship, Ina Ganguli, Shulamit Kahn, Megan MacGarvie
June 2016Job Creation, Small versus Large versus Young, and the SBA
with John S. Earle, Yana Morgulis
in Measuring Entrepreneurial Businesses: Current Knowledge and Challenges, John Haltiwanger, Erik Hurst, Javier Miranda, and Antoinette Schoar, editors
Analyzing a list of all Small Business Administration (SBA) loans in 1991 to 2009 linked with annual information on all U.S. employers from 1976 to 2012, we apply detailed matching and regression methods to estimate the variation in SBA loan effects on job creation and firm survival across firm age and size groups. The number of jobs created per million dollars of loans generally increases with size and decreases in age. The results imply that firms that have grown most since birth (hiring first employee) are those that experience the greatest financial constraints to growth, while the growth of small, mature firms is least financially constrained. The estimated association between survival and loan amount is larger for younger and smaller firms facing the “valley of death.”
November 2015Job Creation, Small vs. Large vs. Young, and the SBA
with John S. Earle, Yana Morgulis: w21733
Analyzing a list of all Small Business Administration (SBA) loans in 1991 to 2009 linked with annual information on all U.S. employers from 1976 to 2012, we apply detailed matching and regression methods to estimate the variation in SBA loan effects on job creation and firm survival across firm age and size groups. The number of jobs created per million dollars of loans generally increases with size and decreases in age. The results imply that fast-growing firms (“gazelles”) experience the greatest financial constraints to growth, while the growth of small, mature firms is least financially constrained. The estimated association between survival and loan amount is larger for younger and smaller firms facing the “valley of death”.
 
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