Chasing entrepreneurial firms

Echeverri‐Carroll, Elsie L.; Feldman, Maryann P.

doi:10.1080/13662716.2018.1475220

Cited by 6 publications

(4 citation statements)

References 27 publications

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“…The dataset has been widely used to answer empirical research questions. Related studies have looked at business survival (Choi et al, 2017), entrepreneurship (e.g., Echeverri‐Carroll & Feldman, 2019; Low et al, 2021), healthcare access (Tsui et al, 2020), industrial concentration (e.g., Dong et al, 2023; Rossi‐Hansberg et al, 2021; Zeballos et al, 2023), job creation (e.g., Neumark et al, 2006, 2011), and the local food environment (Berger et al, 2019; Schuetz et al, 2012). Although concerns had been raised by Crane and Decker (2019) about the ability of NETS to detect business trends for some industries, Zeballos and Marchesi (2022) showed that NETS is well suited to capture employment patterns similar to the County Business Patterns (CBP) for the grocery retail industry.…”

Section: Methods and Datamentioning

confidence: 99%

Dollar store expansion and independent grocery retailer contraction

Lopez,

Marchesi,

Steinbach

2023

Applied Eco Perspectives Pol

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This paper examines the effects of dollar store entry on independent grocery retailers in the United States between 2000 and 2019. We utilized an establishment‐level dataset comprising all grocery retailers and dollar stores in the country. Our findings indicate that dollar store entry is associated with a 5.7% decrease in sales, a 3.7% reduction in employment, and a 2.3% rise in the likelihood of independent grocery retailers quitting the business. These adverse entry effects are three times larger in rural than urban areas. Event studies indicate that the negative impact on sales and employment disappears gradually in urban areas but persists in rural communities. We document differences in treatment effects of dollar store entry across regions, retail formats, and time.

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Section: Methods and Datamentioning

confidence: 99%

Dollar store expansion and independent grocery retailer contraction

Lopez,

Marchesi,

Steinbach

2023

Applied Eco Perspectives Pol

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“…The study finds that the county-level correlation of NETS employment and CBP employment is typically above 0.99. We follow the convention of Echeverri-Carroll & Feldman (2019) in omitting the last two years of data, which can be subject to revisions. Other studies using NETS and comparing it to administrative data counts include Neumark, Wall & Zhang (2011).…”

Section: The Geography Of Publicly-traded Companies' Establishmentsmentioning

confidence: 99%

Do Investors Hedge Against Green Swans? Option-Implied Risk Aversion to Wildfires

Ouazad¹

2022

Preprint

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Measuring beliefs about natural disasters is challenging. Deep out-of-the-money options allow investors to hedge at a range of strikes and time horizons, thus the 3-dimensional surface of firm-level option prices provides information on (i) skewed and fat-tailed beliefs about the impact of natural disaster risk across space and time dimensions at daily frequency; and (ii) information on the covariance of wildfire-exposed stocks with investors' marginal utility of wealth.Each publicly-traded company's daily surface of option prices is matched with its network of establishments and wildfire perimeters over two decades. First, wildfires affect investors' risk neutral probabilities at short and long maturities; investors price asymmetric downward tail risk and a probability of upward jumps. The volatility smile is more pronounced. Second, comparing risk-neutral and physical distributions reveals the option-implied risk aversion with respect to wildfire-exposed stock prices. Investors' marginal utility of wealth is correlated with wildfire shocks. Option-implied risk aversion identifies the wildfire-exposed share of portfolios. For risk aversions consistent with Barro (2012), equity options suggest (i) investors hold larger shares of wildfire-exposed stocks than the market portfolio; or (ii) investors may have more pessimistic beliefs about wildfires' impacts than what observed returns suggest, such as pricing low-probability unrealized downward tail risk. We calibrate options with models featuring both upward and downward risk. Results are consistent a significant pricing of downward jumps.

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“…The most widely cited limitations of the data set include the heavily imputed employment for smaller companies, adopting a broad view of employment (i.e., counting owners as employees), continuous data collection throughout the year (which can affect employment counts for businesses with a seasonal nature of operations as well as timing of the data), and multiyear gaps between actual business establishment and the establishment date reported by the NETS (Barnatchez et al, 2017; Echeverri-Carroll & Feldman, 2019).…”

Section: Data and Variablesmentioning

confidence: 99%

Incentives and Firm Migration: An Interstate Comparison Approach

Pan

Conroy

Tsvetkova³

et al. 2020

Economic Development Quarterly

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The authors model how state business incentives influence interstate relocation patterns of manufacturers using a panel (2000-2011) of 32 states. The National Establishment Time Series database and the Panel Database on Incentives and Taxes are used to study relocation by manufacturing establishments based on differences between the origin and destination states. The authors find that traditional factors associated with business climate, such as taxation and subsidies, statistically influence manufacturing interstate relocation. Further analysis shows that policy changes (e.g., increasing incentives and reducing taxes) to induce manufacturers to relocate may need to be infeasibly large or used in combination to evoke an economically meaningful increase in relocations.

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Chasing entrepreneurial firms

Cited by 6 publications

References 27 publications

Dollar store expansion and independent grocery retailer contraction

Dollar store expansion and independent grocery retailer contraction

Do Investors Hedge Against Green Swans? Option-Implied Risk Aversion to Wildfires

Incentives and Firm Migration: An Interstate Comparison Approach

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