Archive for August 17th, 2022

The US Inflation Reduction Act: more politics than economics

August 17, 2022

My new article on US Inflation Reduction Act in moneycontrol.

Getting schooled: The role of universities in attracting immigrant entrepreneurs

August 17, 2022

Natee Amornsiripanitch, Paul A. Gompers, George Hu and Kaushik Vasudevan in this interesting paper study the role of univs in attracting immigrant entrepreneurs:

We study immigrant founders of venture-capital backed firms using a new and detailed data set that we assemble on the backgrounds of founders.

Immigrant founders have been critical to the entrepreneurial ecosystem, accounting for roughly 20% of all venture capital-backed founders over the past 30 years.

We document the channels through which immigrant founders arrive in the United States and how those channels have changed over time.

Higher education has served as the primary entry channel for immigrant founders. The share of foreign-educated immigrant founders who initially arrive for work has decreased over time, while the share of immigrant founders with undergraduate education in the United States has increased over time. Immigrant founders are likely to start their companies in the state in which they were educated, leading to potentially large local economic benefits associated with attracting foreign students.

The results of this paper have important policy implications for the supply of entrepreneurial talent and efforts to promote entrepreneurial ecosystems. 

Hmm..

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Intergenerational Spillover Effects of Language Training for Refugees

August 17, 2022

Mette Foged, Linea Hasager, Giovanni Peri, Jacob N. Arendt & Iben Bolvig in this nber paper:

SME Exchanges in India: Empirical Analysis of Firm Attributes and IPO Characteristics

August 17, 2022

Shromona Ganguly of RBI in this paper analyses the SME exchanges in India

This study throws light on some of the characteristics of SME (small and medium enterprises) exchanges in India in terms of underpricing, aftermarket liquidity and long run abnormal returns, using the initial public offering (IPO) data of SME-dedicated exchanges and firms’ balance sheet data. Using the propensity score matching technique, the study finds that firms listed in SME exchanges have higher profitability, liquidity and asset utilisation ratio as compared with other unlisted SMEs. It was found that SME IPOs preceded by a boom market period are more underpriced. Further, lack of aftermarket liquidity remains a problem in SME exchanges with the turnover ratios declining significantly even within the first 60 trading days after listing.

nice all round paper with many interesting things about sme and sme exchanges.


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