**2025 ERBC Reading List # **Jorge Guzman (Columbia and NBER)** **Main Readings** *Agglomeration* * Marshall, A. (1920). Principles of Economics (8th ed., Book IV, Chapter X). Macmillan. * Kerr, W. R., & Robert-Nicoud, F. (2020). Tech clusters. Journal of Economic Perspectives, 34(3), 50–76. *Measurement* * Andrews, R. J., Fazio, C., Guzman, J., Liu, Y., & Stern, S. (2022). Reprint of “The startup cartography project: Measuring and mapping entrepreneurial ecosystems.” *Research Policy*, 51(9), 104581\. *Location Preferences and Amenities* * Bryan, K. A., & Guzman, J. (2023). Entrepreneurial migration. *Review of Economics and Statistics*, 1–45. *Neighborhoods* * Arzaghi, M., & Henderson, J. V. (2008). Networking off Madison Avenue. *The Review of Economic Studies*, 75(4), 1011–1038. * Guzman, J., & Stern, S. (2015). Where is Silicon Valley? *Science*, 347(6222), 606–609. **Additional Readings** * Rosenthal, S. S., & Strange, W. C. (2012). Female entrepreneurship, agglomeration, and a new spatial mismatch. *Review of Economics and Statistics*, 94(3), 764–788. * Chinitz, B. (1961). Contrasts in agglomeration: New York and Pittsburgh. *American Economic Review*, 51(2), 279–289. * Glaeser, E. L., Kerr, S. P., & Kerr, W. R. (2015). Entrepreneurship and urban growth: An empirical assessment with historical mines. *Review of Economics and Statistics*, 97(2), 498–520. * Saxenian, A. (1996). *Regional Advantage: Culture and Competition in Silicon Valley and Route 128* (new preface). Harvard University Press. * Guzman, J. (2024). Go west young firm: The impact of startup migration on the performance of migrants. *Management Science*, 70(7), 4824–4846. * Moretti, E. (2021). The effect of high-tech clusters on the productivity of top inventors. *American Economic Review*, 111(10), 3328–3375. * Duranton, G., & Puga, D. (2001). Nursery cities: urban diversity, process innovation, and the life cycle of products. *American Economic Review*, 91(5), 1454–1477. * Chow, M. C., Fort, T. C., Goetz, C., Goldschlag, N., Lawrence, J., Perlman, E. R., … White, T. K. (2021). Redesigning the longitudinal business database (No. w28839). NBER. * Roback, J. (1982). Wages, rents, and the quality of life. *Journal of Political Economy*, 90(6), 1257–1278. * Choi, J., Guzman, J., & Small, M. (2024). Third Places and Neighborhood Entrepreneurship: Evidence from Starbucks Cafés. NBER Working Paper No. w32604. * Guzman, J., Murray, F., Stern, S., & Williams, H. (2024). Accelerating innovation ecosystems: The promise and challenges of regional innovation engines. *Entrepreneurship and Innovation Policy and the Economy*, 3(1), 9–75. * Fazio, C., Guzman, J., & Stern, N. S. (2024). Did COVID Change the Black Neighborhood Startup Deficit? Evidence from the Startup Cartography Project. * Rosenthal, S. S., & Strange, W. C. (2005). The geography of entrepreneurship in the New York metropolitan area. *Federal Reserve Bank of New York Economic Policy Review*, 11(2), 29–54. --- # **David Robinson (Duke and NBER)** * Bernstein, Shai and Albert Sheen (2016) “The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry” *The Review of Financial studies* 2387–2418 * Davis, Steven, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner, and Javier Miranda, (2014) “Private Equity, Jobs, and Productivity” *American Economic Review* 104(12) 3956–90 * Harris, Robert, Tim Jenkinson, and Steven Kaplan (2014) “Private Equity Performance: What Do We Know?” *The Journal of Finance* 69(5) 1851–1882 * 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 * Kaplan, Steven and Antoinette Schoar (2005) “Private Equity Performance: Returns, Persistence, and Capital Flows” *The Journal of Finance* 60(4) 1791–1823 * Kortum, Samuel, and Josh Lerner (2000) “Assessing the Contribution of Venture Capital to Innovation” *RAND Journal of Economics* 31(4) 674–692 * Metrick, Andrew and Ayako Yasuda (2009) “The Economics of Private Equity Funds” *Review of Financial Studies*, Vol. 23, 2303–2341 * Sorensen, Morten (2007) “How Smart is Smart Money: A Two-sided Matching Model of Venture Capital” *Journal of Finance*, 62(6) 488–512 * Strebulaev, Ilya, Paul A. Gompers, Will Gornall, and Steven N. Kaplan (2020) “How Do Venture Capitalists Make Decisions?” *Journal of Financial Economics* 135, 169–190 --- # **Josh Lerner (Harvard Business School)** *Government and Entrepreneurship* **Theory (brief)** * Lach, S., Neeman, Z., & Schankerman, M. (2021). Government financing of R\&D: A mechanism design approach. *American Economic Journal: Microeconomics*, 13, 238–272. * Bolton, P., Liu, S., Nanda, R., & Sunderesan, S. (2024). Moral hazard in experiment design: Implications for financing innovation. Unpublished manuscript. **Empirics** * Azoulay, P., Graff-Zivin, J., Li, D., & Sampat, B. (2019). Public R\&D investments and private sector patenting: Evidence from NIH funding rules. *Review of Economic Studies*, 86, 117–152. * Bai, J., Bernstein, S., Dev, A., & Lerner, J. (2022). The dance between government and private investors: Public entrepreneurial finance around the globe. NBER Working Paper No. 28744\. * Budish, E., Roin, B., & Williams, H. (2015). Do firms underinvest in long-term research? Evidence from cancer clinical trials. *American Economic Review*, 105(7), 2044–2085. * Dimmock, S. G., Huang, J., & Weisbenner, S. J. (2022). Give Me Your Tired, Your Poor, Your High-Skilled Labor: H-1B Lottery Outcomes and Entrepreneurial Success. *Management Science*, 68, 6950–6970. * Howell, S. (2017). Financing innovation: Evidence from R\&D grants. *American Economic Review*, 107(4), 1136–1164. * Howell, S. T., Rathje, J., Van Reenen, J., & Wong, J. (2024). Opening up military innovation: Causal effects of reforms to US defense research. NBER Working Paper No. 28700\. * Myers, K., & Lanahan, L. (2022). Estimating spillovers from publicly funded R\&D: Evidence from the US Department of Energy. *American Economic Review*, 112(7), 2393–2423. --- # **Raffaella Sadun (Harvard Business School)** *Firm Training* * Black, D., Skipper, L., & Smith, J. A. (2023). [Firm Training](https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D4359372&data=05%7C02%7Cra612%40universityofcambridgecloud.onmicrosoft.com%7C23544bfef25d4402c3fa08dd986c78b9%7C49a50445bdfa4b79ade3547b4f3986e9%7C1%7C0%7C638834313994854052%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=d5Kf6X7e9OF5ZQqYgUjSDQMSHk8l3FnUNEwsKdo7R1M%3D&reserved=0). CESifo Working Paper No. 10268\. * Diaz, B. S., Neyra Nazarrett, A., Ramirez, J., Sadun, R., & Tamayo, J. A. (2025). *Training within Firms*. NBER Working Paper No. 33670\. https://doi.org/10.3386/w33670 *Technology Adoption* * Autor, D., Levy, F., & Murnane, R. (2002). Upstairs, Downstairs: Computers and Skills on Two Floors of a Large Bank. *ILR Review*. * Bloom, N., Sadun, R., & Van Reenen, J. (2012). Americans Do IT Better: US Multinationals and the Productivity Miracle. *American Economic Review*, 102(1), 167–201. * Atkin, D., Chaudhry, A., Chaudry, S., Khandelwal, A. K., & Verhoogen, E. (2010). Organizational Barriers to Technology Adoption: Evidence from Soccer Ball Producers in Pakistan. *Quarterly Journal of Economics*, 125(2), 103–145. * Brandimarti, E., Minni, V., Naira, P., Sadun, R., & Tamayo, J. (forthcoming). Technological change and the organization of work in a Colombian bank. *Background* * Hoffman, M., & Stanton, C. (2015). People, Practices, and Productivity: A Review of New Advances in Personnel Economics. --- # **Antoinette Schoar (MIT & NBER)** **Required Readings** * Bennedsen, 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. * Bertrand, M., & Schoar, A. (2006). The role of family in family firms. *Journal of Economic Perspectives*, 20(2), 73–96. * Bruhn, M., Karlan, D., & Schoar, A. (2010). What capital is missing in developing countries? *American Economic Review*, 100(2), 629–633. * De Mel, S., McKenzie, D., & Woodruff, C. (2008). Returns to capital in microenterprises: Evidence from a field experiment. *Quarterly Journal of Economics*, 123(4), 1329–1372. * Field, E., Pande, R., Papp, J., & Rigol, N. (2013). Does the classic microfinance model discourage entrepreneurship among the poor? Evidence from India. *American Economic Review*, 103(6), 2196–2226. * Karlan, D., & Zinman, J. (2009). Observing unobservables: Identifying information asymmetries with a consumer credit field experiment. *Econometrica*, 77, 1993–2008. * Kerr, W. R., Lerner, J., & Schoar, A. (2014). The consequences of entrepreneurial finance: A regression discontinuity analysis. *Review of Financial Studies*, 27, 1–34. * La Porta, R., López-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. *Journal of Political Economy*, 106(6), 1113–1155. * Rajan, R., & Zingales, L. (1998). Financial dependence and growth. *American Economic Review*, 88(3), 559–586. **Recommended Readings** * Bertrand, M., Johnson, S., Samphantharak, K., & Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. *Journal of Financial Economics*, 88(3), 466–498. * Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. *Journal of Financial Economics*, 58, 81–112. * Lerner, J., Schoar, A., Sokolinski, S., & Wilson, K. (forthcoming). The globalization of angel investments: Evidence across countries. *Journal of Financial Economics*. * Schoar, A. (2010). The divide between subsistence and transformational entrepreneurship. In J. Lerner & S. Stern (Eds.), *Innovation Policy and the Economy* (Vol. 10). University of Chicago Press. * Udry, C., & Anagol, S. (2006). The return to capital in Ghana. *American Economic Review*, 96(2), 388–393. --- # **Benjamin Pugsley (University of Notre Dame & NBER)** *Productivity, Firm Dynamics & Entrepreneurship* **Required Readings** * Azoulay, P., Jones, B. F., Kim, D. K., & Miranda, J. (2020). Age and high-growth entrepreneurship. *American Economic Review: Insights*, 2(1), 65–82. * Bartelsman, E., Haltiwanger, J., & Scarpetta, S. (2013). Cross-country differences in productivity: The role of allocation and selection. *American Economic Review*, 103(1), 305–334. * Bayard, K., Dinlersoz, E., Dunne, T., Haltiwanger, J., Miranda, J., & Stevens, J. (2018). Early-stage business formation: An analysis of applications for Employer Identification Numbers. NBER Working Paper No. 24364\. * Choi, J., Goldschlag, N., Haltiwanger, J., & Kim, J. D. (2021). Founding teams and startup performance. *Working paper*. * Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2014). The role of entrepreneurship in US job creation and economic dynamism. *Journal of Economic Perspectives*, 28(3), 3–24. * Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2018). Changes in business dynamism and productivity: Shocks vs. responsiveness. NBER Working Paper No. 24236\. * Foster, L., Haltiwanger, J., & Syverson, C. (2008). Reallocation, firm turnover and efficiency: Selection on productivity or profitability. *American Economic Review*, 98(2), 394–398. * Haltiwanger, J., Jarmin, R., & Miranda, J. (2013). Who creates jobs? Small vs. large vs. young. *Review of Economics and Statistics*, 95(2), 347–361. * Haltiwanger, J., Kulick, R., & Syverson, C. (2018). Misallocation measures: The distortion that ate the residual. NBER Working Paper No. 24199\. * Hsieh, C. T., & Klenow, P. (2009). Misallocation and manufacturing TFP in China and India. *Quarterly Journal of Economics*, 124(4), 1403–1448. * Hsieh, C. T., & Klenow, P. (2014). The life cycle of plants in India and Mexico. *Quarterly Journal of Economics*, 129(3), 1035–1100. * Karahan, F., Pugsley, B., & Şahin, A. (2022). Demographic origins of the startup deficit. *Mimeo*. * Pugsley, B. W., & Şahin, A. (2019). Grown-up business cycles. *Review of Financial Studies*, 32(3), 1102–1147. * Pugsley, B. W., Sedlacek, P., & Sterk, V. (2021). The nature of firm growth. *American Economic Review*, 111(2), 547–579. **Recommended Readings** * Alon, T., Berger, D., Dent, R., & Pugsley, B. (2018). Older and slower: The startup deficit’s lasting impact on productivity growth. *Journal of Monetary Economics*, 93, 68–85. * Azoulay, P., Jones, B. F., Kim, D. K., & Miranda, J. (2022). Immigration and entrepreneurship in the United States. *American Economic Review: Insights*, 4(1), 71–88. * Dent, R., Karahan, F., Pugsley, B., & Şahin, A. (2016). The role of startups in structural transformation. *American Economic Review: Papers & Proceedings*, 106(5), 473–477. * Eslava, M., & Haltiwanger, J. (2020). The life cycle growth of plants: The role of productivity, demand and wedges. NBER Working Paper No. 27184\. * Foster, L., Grim, C., & Haltiwanger, J. (2016). Reallocation in the Great Recession: Cleansing or not? *Journal of Labor Economics*, 34(S1), S293–S331. * Foster, L., Grim, C., Haltiwanger, J., & Wolf, Z. (2018). Innovation, productivity dispersion, and productivity growth. NBER Working Paper No. 24420\. * Foster, L., Haltiwanger, J., & Syverson, C. (2016). The slow growth of new plants: Learning about demand. *Economica*, 83(329), 91–129. * Haltiwanger, J. (2021). Entrepreneurship during the COVID-19 pandemic: Evidence from the Business Formation Statistics. NBER Working Paper No. 28912\. * Haltiwanger, J. (2015). Job creation, job destruction and productivity growth. *Annual Review of Economics*, 7, 45–67. * Syverson, C. (2011). What determines productivity? *Journal of Economic Literature*, 49(2), 326–365. --- # **Scott Stern (MIT & NBER)** [[day 4.5 scott(Bayesian Entrepreneurship)]] **Required Readings** * Agrawal, A., Gans, J. S., and S. Stern. (2021). “Enabling entrepreneurial choice,” Management Science, 67(9), 5510-5524. * Agrawal, A., et al (forthcoming). “Foundations of Bayesian Entrepreneurship,” Bayesian Entrepreneurship. * Arora, A., A. Fosfuri and A. Gambardella (2001). “Markets for Technology and their Implications for Corporate Strategy,” Industrial and Corporate Change, 10(2): 419-451. * Camuffo, A., Cordova, A., Gambardella, A., and C. Spina, C. (2020). “A scientific approach to entrepreneurial decision making: Evidence from a randomized control trial,” Management Science, 66(2), 564-586. * Gans, J.S., Hsu., D.H., and S. Stern (2002). “When Does Start-up Innovation Spur the Gale of Creative Destruction?” RAND Journal of Economics, 33: 571-86. * Gans, JS, Stern, S, and J. Wu (2019). “Foundations of entrepreneurial strategy,” Strategic Management Journal, 40: 736– 756\. **Recommended Readings** * Anton, J.J. and D.A. Yao (1994). “Expropriation and Inventions: Appropriable Rents in the Absence of Property Rights.” American Economic Rev. 84 190-209. * Arora, A. 1995\. “Licensing Tacit Knowledge: Intellectual Property Rights and the Market for Know-How", Economics of Innovation and New Technology 4 41-49. * Arora, A., A. Fosfuri, and A. Gambardella. 2001\. Markets for Technology: The Economics of Innovation and Corporate Strategy. Cambridge, MA: MIT Press. \[Not available electronically\] * Chatterji, A. and K. Fabrizio (2016). “Does the Market for Ideas Influence the Rate and Direction of Innovative Activity? Evidence from the Medical Device Industry,” Strategic Management Journal 37(3): 447-465. * C.E. Eesley, D.H. Hsu and E.B. Roberts (2014). "The Contingent Effects of Top Management Teams on Venture Performance: Aligning Founding Team Composition with Innovation Strategy and Commercialization Environment," Strategic Management Journal, 35 (12): 1798- 1817\. * Farre‐Mensa, J., Hegde, D., and A. Ljungqvist. (2020). “What is a patent worth? Evidence from the US patent ‘lottery,’ The Journal of Finance, 75(2), 639-682. * Gambardella, A., Gius, L, and S. Stern, (forthcoming) “Homo Entrepreneuricus,” Bayesian Entrepreneurship. * Gans, J.S. (2017). “Negotiating for the Market,” Advances in Strategic Management V. 37: 3- 36\. * Gans, J.S., D. Hsu and S. Stern (2008). “The Impact of Uncertain Intellectual Property Rights on the Market for Ideas,” Management Science, 54(5): 982-997. * Gans, J.S., and S. Stern (2000). “Incumbency and R\&D Incentives: Licensing the Gale of Creative Destruction,” Journal of Economics and Management Strategy, 9(4): 485-511. * Gans, J.S., and S. Stern (2003). “The Product Market and the Market for Ideas: Commercialization Strategies for Technology Entrepreneurs,” Research Policy, 32: 333-350 * Guzman, J. and A. Li (forthcoming). “Measuring Founding Strategy,” Management Science https://osf.io/preprints/socarxiv/7cvge/ . * Koning, R., Hasan, S., & Chatterji, A. (2022). Experimentation and start-up performance: Evidence from A/B testing. Management Science, 68(9), 6434-6453. * Marx, M., Gans, J.S., and D.H. Hsu (2014). “Dynamic Commercialization Strategies for Disruptive Technologies: Evidence from the Speech Recognition Industry,” Management Science, 60(12): 3103-3123. * Gans, J.S., and S. Stern (2010). “Is There a Market for Ideas?” Industrial and Corporate Change 19(3): 805-837. * Gans, J.S. and S. Stern (2017). “Endogenous Appropriability,” American Economic Review Papers and Proceedings, 107(2): 317-321. * Hellmann, T. (2007). “The role of patents for bridging the science to market gap,” Journal of Economic Behavior and Organization, 63(4): 624-657. * 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. * Hsu, D. (2006). “Venture Capitalists and Cooperative Start-up Commercialization Strategy,” Management Science, 52: 204-219 * 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. * Luo, Hong (2014). "When to Sell Your Idea: Theory and Evidence from the Movie Industry," Management Science 12: 3067-3086. * Malmendier, U. and J. Lerner, “Contractibility and the Design of Research Agreements,” American Economic Review, 100(1): 214-246. * Teece, D. 1986\. “Profiting from Technological Innovation: Implications for Integration, Collaboration, Licensing and Public Policy.” Research Policy 15: 285-305. # **Ufuk Akçigit (University of Chicago & NBER)** Materials to follow.