Governments often subsidize startups with the goal of spurring entrepreneurship using tax incentives. Exploiting the staggered implementation of angel investor tax credits in 31 U.S. states from 1988 to 2018, we find that these programs increase the number of angel investments and average investment size.
I investigate the exit outcomes of start-ups backed by government VCs (GVCs) and private VCs (PVCs), using a sample of 8,106 start-ups in China funded by VCs between 1991 and 2013 and exit information updated in 2018. I find that start-ups backed by GVCs are less likely to exit through domestic Initial Public Offerings (IPOs), oversea IPOs, and M&As. GVC backed start-ups are also less likely to list on the intermediate public market before companies go to IPOs.
We coin the term credit market fluidity to describe the intensity of credit reallocation, whose properties and implications we study within the commercial loan market in France over the period 1998 through 2018. We base our analysis on credit register data and thus provide a more complete account of gross credit flows across and within bank loan portfolios.
Hasbrouck (2018) takes advantage of the fact that U.S. equity market data are timestamped to nanosecond precision, and explores models of price dynamics at resolutions sufficient to capture the reactions of the fastest agents. The paper therefore addresses the econometric analysis of multivariate time series models at sub-millisecond frequencies and relies on long distributed lag models to alleviate the computational complexity while still taking advantage of the inherent sparsity of price transitions.
In a series of very influential studies, McKinsey (2015; 2018; 2020; 2023) reports finding statistically significant positive relations between the industry-adjusted earnings before interest and taxes margins of global McKinsey-chosen sets of large public firms and the racial/ethnic diversity of their executives. However, when we revisit McKinsey’s tests using data for firms in the publicly observable S&P 500® as of 12/31/2019, we do not find statistically significant relations between McKinsey’s inverse normalized Herfindahl-Hirschman measures of executive racial/ethnic diversity at mid-2020 and either industry-adjusted earnings before interest and taxes margin or industry-adjusted sales growth, gross margin, return on assets, return on equity, and total shareholder return over the prior five years 2015–2019.
Much is known about the importance of learning and some of the distinct learning processes that organizations use (e.g., trial-and-error learning, vicarious learning, experimental learning, and improvisational learning). Yet surprisingly little is known about whether these processes combine over time in ordered ways, because most research on learning explores one particular process. Using theory elaboration and theory-building methods and data on the accumulated country entries of entrepreneurial firms, we address this gap. Our core contribution is an emergent theoretical framework that develops the concept of learning sequences. We find that learning sequences exist and are influenced by initial conditions.
Much is known about the importance of dynamic capabilities. Yet, surprisingly little is known about how multiple dynamic capabilities might be developed in parallel, since most existing work explores a particular dynamic capability in isolation. Using rich quantitative and qualitative data on Dow Chemical's acquisitions, joint ventures, and divestitures over the past 20 years, we seek to address this gap. Besides contributing by adding fresh insights about managing growth and the utility of distributed practice, and by shedding light on positive and negative experience transfer, our core contribution is an emergent theoretical framework that develops the concept of “concurrent learning.
Financial distress can disrupt a durable goods producer's provision of complementary goods and services such as warranties, spare parts and maintenance. This reduces consumers' demand for the core product, causing indirect costs of financial distress. We test this hypothesis in the market for used cars sold at wholesale auctions.
The Kenan Institute Director’s Council is a forum of corporate executives, academic researchers and policymakers committed to the institute’s mission of leveraging private enterprise for the public good. Their participation helps support core initiatives of entrepreneurship, dynamic economies and global commerce by funding programs, research and graduate student fellows.
On Sept. 9-11, 2019, the Kenan Institute and the University of North Carolina at Chapel Hill’s Institute for African-American Research will co-host the second Black Communities Conference, an international gathering of scholars and community leaders from across the African diaspora. The conference's core mission is to connect academics from a variety of disciplines with black communities, with the goal of enhancing the life of those communities.
UNC Kenan-Flagler Business School presented alumni merit, leadership and Hall of Fame Awards to business and academic leaders who exemplify the school’s core values and have contributed to its success. Urban Investments Strategies Center Director Jim Johnson was honored with the Leadership Award for his more than 30 years of service to Kenan-Flagler.
Tomoki Tanaka, vice president of Mitsubishi UFJ Financial Group and MUFG Bank, will join Rethinc. Labs for the next event in their Quantum webinar series. Working with researchers from the financial team at the IBM Q Network Hub at Keio University, Tanaka found several quantum algorithms that may be implementable in near-term devices for estimating the amplitude of a given quantum state. This is a core subroutine in various computing tasks, such as the Monte Carlo method.
Black Communities Conference 2021 will be a vibrant, virtual gathering featuring roundtable discussions, collaborative sessions, films, book talks and more. Our core mission is to foster collaboration among Black communities and universities for the purpose of enhancing Black community life and furthering the understanding of Black communities.
The annual Kenan Institute Student Awards honor students who excel in research, leadership and service, recognize those who exhibit outstanding service and commitment, and celebrate those who exemplify Kenan-Flagler’s core values and advance the mission and vision of the institute.
Kenan Institute Research Director Christian Lundblad navigated the cognitive dissonance provided by another strong jobs report when considered alongside more negative indicators during the institute’s latest economic briefing July 8. The virtual event took place at 9 a.m. after the release of the latest monthly employment numbers. Lundblad also answered questions from the audience, including limitations on the Federal Reserve in addressing core consumer price issues, the differences among regional labor markets, and the probability of an actual recession vs. a technical recession occurring this year.
As the digital revolution rages on, every business leader must become technology literate. This guide provides executives with an introduction to the technologies that are transforming our world.
The 2018 UNC Sustainability Awards and Graduation event will recognize the exceptional leadership of a featured North Carolina business, a distinguished alumni, and those graduating MBA students receiving a concentration from UNC Kenan-Flagler’s Center for Sustainable Enterprise. The event will celebrate leaders who are committed to best practice in sustainability through Initiative, Innovation, and Impact.
On March 27, four of North Carolina’s immigrant business leaders will be featured as part of the 2018 Chandler Conversation in Southern Business History, entitled Making America: Immigration & Entrepreneurship in North Carolina. The event, sponsored by the Center for the Study of the American South, will be held at the FedEx Global Education Center at 301 Pittsboro Street in Chapel Hill, from 7:00 to 8:30 p.m.
This event is invitation only. The purpose of this nonpartisan event is to consider the effect of recent NC tax reform on the economic outcomes in the state
From April 23 through April 25, 2018, the Kenan Institute of Private Enterprise was proud to co-host the Black Communities Conference: A Conference for Collaboration at the Carolina Theatre of Durham, N.C. The event was put on by the institute’s affiliated center, NCGrowth, the Institute for African-American Research, the Southern Historical Collection and the Center for the Study of the American South.