AN NBER PUBLICATION
ISSUE: No. 2, October 2023
The Bulletin on Entrepreneurship
Introducing recent NBER entrepreneurship research and the scholars who conduct it.
In Do Entrepreneurs Want Control? And Should They Get What They Want? A Historical and Theoretical Exploration (NBER Working Paper 31106), Naomi R. Lamoreaux and Jean-Laurent Rosenthal develop a model of startup financing in which founders and outside investors compete for control of the firm. They apply their framework to study how companies’ outcomes, in particular subsequent innovations, are influenced by which group has the upper hand.
The researchers find that no...
Article
Private equity (PE) firms’ business model is to acquire privately held companies, to change their strategy and operations with the goal of improving profitability and growth, and ultimately to sell the companies for a profit. The senior management team is replaced at a majority of private equity acquisitions. More than 40 percent of PE firms report that this is a key way to improve their acquisitions’ success.
In The Market for CEOs: Evidence from Private Equity (...
Article
Since the early 1990s, the Chinese economy has achieved some of the highest rates of growth in GDP per capita in recorded history. This was accompanied by market reforms and the entry of private enterprises. While there were almost no private firms in 1990, there were more than 8 million registered private firms in 2009 when such firms accounted for nearly 90 percent of all registered firms.
Chinese State Administration for Industry and Commerce (SAIC) firm...
Article
Sabrina Howell got into economics very early, while riding the New York City subway. Her father, an economics professor at The New School for Social Research, showed her how to read graphs while accompanying her on her way to school. As an undergraduate at Yale majoring in economics and East Asian studies, she became interested in energy and energy security. At the start of her dissertation research at Harvard, while exploring issues in energy and environmental economics,...
The NBER Bulletin on Entrepreneurship highlights economic research on the factors that stimulate and support successful entrepreneurial activity, the community of entrepreneurs, and the impact of entrepreneurs and the businesses they create on the broader economy. This digital bulletin, distributed twice each year, also introduces a leading scholar of entrepreneurship and highlights NBER projects that promote research on entrepreneurship. The NBER's Entrepreneurship Working Group and related initiatives are supported by the Ewing Marion Kauffman Foundation.
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