English, Article, Journal or magazine article edition: Spin-offs: theory and evidence Luis Cabral; Zhu Wang

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Bookmark: http://trove.nla.gov.au/version/75173
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Spin-offs: theory and evidence
Author
  • Luis Cabral
  • Zhu Wang
Physical Description
  • preprint
Notes
  • We develop a “passive learning” model of firm entry by spin-off: firm employees leave their employer and create a new firm when (a) they learn they are good entrepreneurs (type I spin-offs) or (b) they learn their employer's prospects are bad (type II spin-offs). Our theory predicts a high correlation between spin-offs and parent exit, especially when the parent is a low productivity firm. This correlation may correspond to two types of causality: spin-off causes firm exit (type I spin-offs) and firm exit causes spin-off (type II spin-offs). We test and confirm this and other model predictions on a unique data set of the U.S. automobile industry. Finally, we discuss policy implications regarding “covenant not to compete” laws
  • RePEc:fip:fedkrw:rwp08-15
Language
  • English
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