Entrepreneurship Research Boot Camp

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This page provide resources for the 4th Entrepreneurship Research Boot Camp, organized by Thomas Hellmann, and taking place on July 27th-30th 2011.

Summary

In total we have 8 sessions from 8 presenters, spread over 4 days with 49 required readings and 83 recommended readings. Of the 83 recommended readings, 2 are required by other presenters, and a further 5 are duplicates, giving a total of 76 distinct additional readings. Approximately 40% of the required readings and 15% of the recommended readings are written by the presenter - the percentage is indicated in brackets for each section.

Sections

The Empirics of Entrepreneurial Venture Creation

Date:           Wednesday, July 27th
Session:        Morning session
Instructor:     Josh Lerner (HBS)
Title:          The Empirics of Entrepreneurial Venture Creation
Req'd Readings: 6 (33%)
Rec'd Readings: 0

Required Readings:


Privately versus Publicly Held Companies

Date:           Wednesday, July 27th
Session:        Afternoon session
Instructor:     Alexander Ljungqvist (NYU Stern)
Title:          Privately versus Publicly Held Companies
Req'd Readings: 5 (40%)
Rec'd Readings: 7 (0%)

Required Readings:

Recommended Readings:

  • Papers using U.S. data:
    • Chemmanur, Thomas J., Shan He, and Debarshi K. Nandy (2010), "The Going-Public Decision and the Product Market", Review of Financial Studies 23, 1855-1908. pdf
    • Edgerton, Jesse (2010), "Agency problems in public firms: Evidence from corporate jets in leveraged buyouts", Unpublished working paper, Federal Reserve Board. pdf
    • Gao, Huasheng, Michael Lemmon, and Kai Li (2010), "A comparison of CEO pay in public and private U.S. firms", Unpublished working paper, University of British Columbia. pdf
    • Wasserman, Noam (2006), "Stewards, Agents, and the Founder Discount: Executive Compensation in New Ventures", Academy of Management Journal 49, 960-976. pdf
  • Papers using British data:
    • Brav, Omer (2009), "Access to capital, capital structure, and the funding of the firm", Journal of Finance 64, 263-208. pdf
    • Michaely, Roni, and Michael R. Roberts (2007), "Corporate dividend policies: Lessons from private firms", Unpublished working paper, Cornell University. pdf
    • Saunders, Anthony, and Sascha Steffen (2009), "The costs of being private: Evidence from the loan market", Unpublished working paper, New York University. pdf

Venture Capital Financing

Date:           Thursday, July 28th
Session:        Morning session
Instructor:     Thomas Hellmann (UBC Sauder)
Title:          Venture Capital Financing
Req'd Readings: 6 (17%)
Rec'd Readings: 9 (22%)

Required Readings:

Recommended Readings:

  • Goldfarb, Brent, Gerard Hoberg, David Kirsch, and Alexander Triantis (2009), "Does Angel Participation Matter? An Analysis of Early Venture Financing", Working Paper,University of Maryland pdf
  • Gompers, Paul A., and J. Lerner (2001), "The Venture Capital Revolution", Journal of Economic Perspectives 15. Spring . pdf
  • Hellmann, Thomas and Manju Puri (2002), "Venture Capital and the Professionalization of Start-up Firms: Empirical Evidence", The Journal of Finance, 57(1), 169-197 pdf
  • Hellmann, Thomas (2006), "IPOs, Acquisitions and the Use of Convertible Securities in Venture Capital", Journal of Financial Economics, 81(3), 649-679. pdf
  • Kaplan, Steven, and Per Strömberg (2004), "Characteristics, Contracts, and Actions: Evidence from Venture Capital Analyses", Journal of Finance 59, 2177-2210. pdf
  • Kortum, Samuel and Josh Lerner (2000), "Assessing the Contribution of Venture Capital to Innovation", Rand Journal of Economics 31: 674-692. pdf
  • Lerner, Josh, and Antoinette Schoar (2005), "Does Legal Enforcement Affect Financial Transactions?: The Contractual Channel in Private Equity", Quarterly Journal of Economics, 120, 223-246. pdf
  • Sahlman, William (1990), "The structure and governance of venture capital organizations", Journal of Financial Economics 27, 473-521. pdf
  • Sorensen, Morten (2007), "How smart is the smart money? A two-sided matching model of venture capital", Journal of Finance 62:6, 2725-62. pdf


Start-Up Commercialization Strategy and the Market for Ideas

Date:           Thursday, July 28th
Session:        Afternoon session 
Instructor:     Scott Stern (MIT Sloan)
Title:          Start-Up Commercialization Strategy and the Market for Ideas
Req'd Readings: 5 (60%)
Rec'd Readings: 14 (14%)

Required Readings:

Recommended Readings:

  • Anton, J.J. and D.A. Yao (1994), "Expropriation and Inventions: Appropriable Rents in the Absence of Property Rights", American Economic Review, 84 190-209. pdf
  • Arora, A. (1995), "Licensing Tacit Knowledge: Intellectual Property Rights and the Market for Know-How", Economics of Innovation and New Technology 4 41-49. pdf
  • Arora, A., A. Fosfuri, and A. Gambardella (2001), "Markets for Technology: The Economics of Innovation and Corporate Strategy". Cambridge, MA: MIT Press. pdf
  • Baumol, W. (2011), "Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis", http://www.econ.nyu.edu/user/baumolw/sfg.pdf pdf
  • Gans, J.S., and S. Stern (2010), "Is There a Market for Ideas?", Industrial and Corporate Change 19(3): 805-837. pdf
  • Gans, J.S., D.H. Hsu and S. Stern (2002), "When Does Start-up Innovation Spur the Gale of Creative Destruction?", RAND Journal of Economics 33: 571-86. pdf
  • Hellmann, T. (2007), "The role of patents for bridging the science to market gap", Journal of Economic Behavior and Organization, 63(4): 624-657. pdf
  • Hellmann, T, and M. Puri (2000), "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital", Review of Financial Studies,13(4): 959-984 pdf
  • Hsu, D. (2006), "Venture Capitalists and Cooperative Start-up Commercialization Strategy", Management Science, 52: 204-219 pdf
  • Lerner, J. and R. Merges. (1998), "The Control of Technology Alliances: An Empirical Analysis of the Biotechnology Industry", Journal of Industrial Economics. 46 125-156. pdf
  • Lamoreaux, N. and K. Sokoloff (2001), "Market Trade in Patents and the Rise of a Class of Specialized Inventors in the 19th Century United States", American Economic Review Papers and Proceedings, 91(2): 39-44. pdf
  • Levine, A. (2007), "Licensing and Scale Economies in the Biotechnology Pharmaceutical Industry", mimeo., Stanford University. pdf
  • Malmendier, U. and J. Lerner (2004), "Contractibility and the Design of Research Agreements", American Economic Review, 100(1): 214-246. pdf
  • Teece, D. (1986), "Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy", Research Policy 15: 285-305. Friday, July 29th pdf


The Decision to become an Entrepreneur

Date:           Friday, July 29th
Session:        Morning session
Instructor:     Annamaria Lusardi (Dartmouth)
Title:          The Decision to become an Entrepreneur
Req'd Readings: 9 (33%)
Rec'd Readings: 5 (20%)

Required Readings:

Recommended Readings:

  • Bhidé, Amar (2000), "The Origin and Evolution of New Businesses", New York: Oxford University Press. pdf
  • Hamilton, Barton (2000), "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment", Journal of Political Economy, 108, pp. 604-631 pdf
  • Holtz-Eakin, Douglas, David Joulfaian and Harvey Rosen (1994), "Entrepreneurial Decisions and Liquidity Constraints", Rand Journal of Economics, 25, pp. 334-347. pdf
  • Hout, Michael and Harvey Rosen (2000), "Self-Employment, Family Background, and Race", Journal of Human Resources, 35(4), pp. 670-692. pdf
  • Hurst, Erik and Annamaria Lusardi (2008), "Liquidity Constraints and Entrepreneurship: Household Wealth, Parental Wealth, and the Transition In and Out of Entrepreneurship", in Overcoming Barriers to Entrepreneurship, Lexington Books, Lanham MD, pp. 47-68. pdf


Productivity and Entrepreneurship

Date:           Friday, July 29th
Session:        Afternoon session
Instructor:     John Haltiwanger (University of Maryland)
Title:          Productivity and Entrepreneurship 
Req'd Readings: 5 (90%)
Rec'd Readings: 10 (20%)

The focus of the lecture will be on what we know about the contribution of entry and young firms to productivity and job growth. An overview of theoretical underpinnings as well as the empirical evidence will be presented. In addition, both discussion and material about data sources that can be used to study entry and the productivity and survival dynamics of young firms will be provided.

Required Readings:

Recommended Readings:

  • Asplund, M. and V. Nocker (2006), "Firm Turnover in Imperfectly Competitive Markets", Review of Economic Studies, 73(2): 295-327. pdf
  • Baily, M., C. Hulten, and D.Campbell (1992), "Productivity Dynamics in Manufacturing Establishments", Brookings Papers on Economic Activity: Microeconomics, 187-249. pdf
  • Bartelsman, E. and M. Doms (2000), "Understanding Productivity: Lessons from Longitudinal Microdata", Journal of Economic Literature, 38(3): 569-595. pdf
  • Davis, S., and J. Haltiwanger (1999), "Gross Job Flows", in Ashenfelter and Card (eds.),Handbook of Labor Economics, North-Holland: Amsterdam. pdf
  • Davis, S. , J. Haltiwanger, R. Jarmin, C.J. Krizan, J. Miranda, A. Nucci, and K. Sandusky (2009), "Measuring the Dynamics of Young and Small Businesses: Integrating the Employer and Nonemployer Universes", NBER Working paper. No. 13226. Forthcoming in Timothy Dunne, J. Bradford Jensen, and Mark J. Roberts (eds.), "Producer dynamics: new evidence from micro data". pdf
  • Dunne, T. M. Roberts, and L. Samuelson (1988), "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries", RAND Journal of Economics, 19(4): 495-515. pdf
  • Ericson, R. A. Pakes (1995), "Markov Perfect Industry Dynamics: A Framework for Empirical Work", Review of Economic Studies, Vol. 62(1), 53-82. pdf
  • Hopenhayn, H. (1992), "Entry, Exit, and Firm Dynamics in Long Run Equilibrium", Econometrica, 60(5): 1127-1150. pdf
  • Jovanovic, B. (1982), "Selection and the Evolution of Industry", Econometrica, 50(3), 649-670. pdf
  • Melitz, M. and G. Ottaviano (2008), "Market Size, Trade, and Productivity", Review of Economic Studies, January. pdf

Development and Entrepreneurship

Date:           Saturday, July 30th
Session:        Morning session
Instructor:     Antoinette Schoar (MIT Sloan)
Title:          Development and Entrepreneurship
Req'd Readings: 7 (29%)
Rec'd Readings: 5 (20%)

Required Readings:

Recommended Readings:

  • Bennedson, M., Nielsen, K., Perez-Gonzalez, F., Wolfenzon, D. (2007), "Inside the family firm: the role of families in succession decisions and performance", Quarterly Journal of Economics 122, 647-691. pdf
  • Bertrand, M., S. Johnson, K. Samphantharak and A. Schoar (2008), "Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them", The Journal of Financial Economics, June, 88 (3), 466-498. pdf
  • Claessens, S., Djankov, S., Lang, L. (2000), "The separation of ownership and control in East Asian Corporation", Journal of Financial Economics 58, 81-112. pdf
  • Schoar, A. (2010), "The Divide Between Subsistence and Transformational Entrepreneurship", in: Innovation Policy and the Economy, Vol. 10, edited by Josh Lerner and Scott Stern, NBER, University of Chicago Press. pdf
  • Udry, C.and Anagol, S. (2006), "The Return to Capital in Ghana", American Economic Review, 96(2): 388-393. pdf


Sociological Approaches to Entrepreneurship

Date:           Saturday, July 30th
Session:        Afternoon session
Instructor:     Olav Sorenson (Yale SOM)
Title:          Sociological Approaches to Entrepreneurship
Req'd Readings: 6 (17%)
Rec'd Readings: 33 (24%)

Though the topic has gained prominence recently, sociologists have been studying entrepreneurs for at least forty years. Any attempt to cover this large body of research comprehensively in three hours would be doomed to fail. Instead, I have organized the reading list below as a sampling of some of the more important articles in - or relevant to - some of the broad themes found in the sociology of entrepreneurship (particularly those that have been active arenas for research over the past decade). Please note that the idea is not for you to read everything. Within each theme, I have selected one exemplary article for you to read in advance (denoted by an *) - this is the one that you can also find in the required readings list. Those of you potentially interested in pursuing one of these themes further may find the other listed articles useful as places to look next.

Required Readings:

Suggested additional readings (only those students that are particularly interested should have a look):

1 Overviews

  • Thornton, Patricia H. (1999), "The sociology of entrepreneurship", Annual Review of Sociology, 25: 19-46 pdf
  • Stuart, Toby E., and Olav Sorenson (2005), "Social networks and entrepreneurship", pp 211-228 in Alvarez, Agrawal and Sorenson (Eds.), "Handbook of Entrepreneurship Research: Interdisciplinary Perspectives", Springer pdf

2 Social relationships

  • Burt, Ronald S. (1992), "Structural Holes: The Social Structure of Competition", Harvard University Press pdf
  • Stuart, Toby E., and Olav Sorenson (2007), "Strategic networks and entrepreneurial ventures", Strategic Entrepreneurship Journal, 1: 211-227 pdf

2.1 Influence

  • Stuart, Toby E., and Waverly W. Ding (2006), "Why do scientists become entrepreneurs? The social structural antecedents of commercial activity in the academic life sciences", American Journal of Sociology, 112: 97-144 pdf
  • Nanda, Ramana, and Jesper Sørensen (2010), "Workplace peers and entrepreneurship", Management Science, 56: 1116-1126 pdf

2.2 Opportunity recognition

  • Burt, Ronald S. (2004), "Structural holes and good ideas", American Journal of Sociology, 110: 349-399 pdf
  • Renzulli, Lisa A., Howard E. Aldrich and James Moody (2000), "Family matters: Gender, networks, and entrepreneurial outcomes", Social Forces, 79: 523-546 pdf
  • Ruef, Martin (2002), "Strong ties, weak ties and islands: Strutural and cultural predictors of organizational innovation", Industrial and Corporate Change, 11: 427-449 pdf
  • Ryall, Michael and Olav Sorenson (2007), "Brokers and competitive advantage", Management Science, 53: 566-583 pdf
  • Lee, Jeongsik (2010), "Heterogeneity, Brokerage, and Innovative Performance: Endogenous formation of collaborative inventor networks", Organization Science, 21: 804-822 pdf

2.3 Resource mobilization

  • Uzzi, Brian (1996), "The sources and consequences of embeddedness for economic performance of organizations", American Sociological Review, 61: 674-698 pdf
  • Sorenson, Olav, and David M.Waguespack (2006), "Social networks and exchange: Selfconfirming dynamics in Hollywood", Administrative Science Quarterly, 51: 560-589 pdf
  • Sorenson, Olav, and Toby E. Stuart (2001), "Syndication networks and the spatial distribution of venture capital investments", American Journal of Sociology, 106: 156-1588 pdf
  • Shane, Scott, and Toby E. Stuart (2002), "Organizational endowments and the performance of university startups", Management Science, 48: 154-170 pdf
  • Hallen, Benjamin L. (2008), "The causes and consequences of the initial network positions of new organizations: From whom do entrepreneurs receive investments?" pdf
  • Ruef, Martin, Howard E. Aldrich and Nancy M. Carter (2003), "The structure of founding teams: Homophily, strong ties, and isolation among U.S. entrepreneurs", American Sociological Review, 68: 195-222 pdf
  • Ruef, Martin (2010), "The Entrepreneurial Group: Social Identities, Relations, and Collective Action", Princeton University Press Google Books

2.4 Consequences

  • Sorenson, Olav and Pino G. Audia (2000), "The social structure of entrepreneurial activity: Geographic concentration of footwear production in the United States, 1940-1989", American Journal of Sociology, 106: 424-462 pdf
  • Hochberg, Yael V., Alexander Ljungqvist and Yang Lu (2007), "Whom you know matters: Venture capital networks and investment performance", Journal of Finance, 62:251-301 pdf
  • Dahl, Michael S., and Olav Sorenson (2011), "Home sweet home: Entrepreneurs' location choices and the performance of their ventures" pdf

3 Status

  • Podolny, Joel M. (1993), "A status-based model of market competition", American Journal of Sociology, 98: 829-872 pdf
  • Stuart, Toby E., Ha Hoang and Ralph C. Hybels (1999), "Interorganizational endorsements and the performance of entrepreneurial ventures", Administrative Science Quarterly, 44: 315-349 pdf
  • Hsu, David (2004), "What do entrepreneurs pay for venture capital affiliation?", Journal of Finance, 59: 1805-1844 pdf
  • Roberts, Peter W., Mukti Khaire and Christopher Rider (2011), "Isolating the symbolic implications of employee mobility: Price increases after hiring winemakers from prominent wineries", American Economic Review, 101: in press pdf

4 Categories

  • Zuckerman, Ezra W. (1999), "The categorical imperative: Securities analysts and the illegitimacy discount", American Journal of Sociology, 104: 1346-1397 pdf
  • Zuckerman, Ezra W., Tai-Young Kim, Kalinda Ukanwa and James von Rittmann (2003), "Robust identities or non-entities? Typecasting in the feature film labor market", American Journal of Sociology, 108: 1018-1075 pdf

4.1 Industry emergence

  • Ruef, Martin (2000), "The emergence of organizational forms: A community ecology approach", American Journal of Sociology, 106: 658-714 pdf
  • McKendrick, David G., Jonathan Jaffee, Glenn R. Carroll and Olga M. Khessina (2003), "In the bud? Disk array producers as a (possibly) emergent organizational form", Aministrative Science Quarterly, 48: 60-93 pdf
  • Navis, Chad, and Mary Ann Glynn (2010), "How new market categories emerge:Temporal dynamics of legitimacy, identity, and entrepreneurship in satellite radio, 1990-2005", Administrative Science Quarterly, 55: 439-471 pdf

4.2 Legitimacy

  • Baron, James N., Michael T. Hannan and M. Diane Burton (2001), "Labor pains: Change in organizational models and employee turnover in young, high-tech firms", American Journal of Sociology, 106: 960-1012 pdf
  • Ruef, Martin, and Kelly Patterson (2009), "Credit and classification: The impact of industry boundaries on nineteenth-century America", Administrative Science Quarterly, 54: 486-520 pdf
  • Leung, Ming D., and Amanda J. Sharkey (2009), "Out of sight, out of mind: The mere labeling effect of multi-category membership in markets" pdf
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