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Can a startup afford to lose the employees hired in its first year? A new study suggests "no one can fill that void as effectively," says The Wharton School's @JDanielKim, co-author alongside the @USCensusBureau, FedResearch & John Haltiwanger. More in the The Wall Street Journal: whr.tn/3FbjUSK

Everybody knows that graduating or being born in a recession has negative long-term effects ... ... but did you know that recession startups experience better long-term outcomes? Bias & Ljungqvist (2023) at NBER Entrepreneurship papers.ssrn.com/sol3/papers.cf…

▶️foundingpatents.com◀️ is now live! joint work w/Michael Ewens, we retrieve founding year for privately-held + publicly-traded firms in the U.S. that patented 1976-2021. What's new here? 🧵1/

Happy to share that my Journal of Finance paper with Zhao Jin titled “Artificial Intelligence, Education, and Entrepreneurship” is available for download under an open access license from the Wiley’s website starting today. #AI #Education #Entreprenership onlinelibrary.wiley.com/doi/10.1111/jo…

Initial teams at a startup, not just founders, play a critical role in the success of young firms. Just Accepted new paper by Joonkyu Choi Joonkyu Choi, Nathan Goldschlag Nathan Goldschlag, John Haltiwanger John Haltiwanger and J. Daniel Kim Danny Kim. zurl.co/ubiR

Does immigration reduce wages and jobs available to non-immigrants? The Wharton School @ProfZeke Hernandez tells Marketplace that evidence shows the answer is no; immigrants contribute positively to many ingredients that create jobs and grow the economy: whr.tn/3Nz6BAc

US metro areas by startup funding - left hand is overall, right hand is per capita. Is this the best way to judge startup cities? I dunno. Is this a way to have smaller cities claim victory? Yes. Congrats Boulder for crushing it in 2023.

It turns out that this is really not great for people who work in science. Funding delays of > 30 days lead to: - 40% increase in exiting US labor force - 20% decrease in wages - Postdocs and grad students heavily affected weiyangtham.com/files/tcps_fun…

Why so many employees leave after a startup acquisition — and how you can avoid an exodus. s.hbr.org/49ydjPc

What are the chances your startup gets bought? Looked at the 553 acquisitions of Carta companies last year compared to the overall populations. Highest "acquire rate" in Series B - 3.1% That's just the annual figure. Between 1.5%-2% of startups on Carta are acquired every year

*** EXCITED TO ANNOUNCE MY BOOK *** The go-to book on immigration: fact-based, comprehensive, & nonpartisan. Learn more & preorder: zekehernandez.net See below for praise from David Card Adam Grant Guido Imbens Richard Florida Luis von Ahn & Laurel Thatcher Ulrich

For startups, this is actually going to help founders a lot. One of the key drivers of California innovation is that noncompetes are unenforceable — that driver is now everywhere in America, and it's a great step towards many thousands more founders striking out on their own!

New paper: The Sociology of Entrepreneurship Revisited with Ranjay Gulati and Olav Sorenson in the Annual Review of Sociology (@annualreviews): annualreviews.org/content/journa… (will be open access soon)

A long time coming but Entrepreneurship: Choice and Strategy with Erin Scott and Scott Stern is up for pre-order at Amazon. amazon.com/Entrepreneursh…

Academia used to be 🔥🔥

Causal inference in tip-top shape 💪

My work with Tyna Eloundou sam manning pamela mishkin was covered by Knowledge at Wharton Knowledge at Wharton. Check it out here: knowledge.wharton.upenn.edu/article/how-la…

The share of US firms with growth over 130%/year declined from 18% in 1985 to 12% in 2015, driven by a decline in new firm formation and slower growth among existing firms. Nathan Goldschlag John Haltiwanger Danny Kim edwardconard.com/macro-roundup/…