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On the Turnover of Business Firms and Business Managers

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Author Info
Holmes, Thomas J
Schmitz, James A, Jr

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Abstract

This paper develops a model of small business failure and sale that is motivated by recent evidence concerning how the failure and sale of small businesses vary with the age of the business and the tenure of the manager. This evidence motivates two key features of the model: a match between the manager and the business, and characteristics of businesses that survive beyond the current match. The parameters of the model are estimated and the properties of this parametric model are studied. This analysis results in a simple characterization of the workings of the small business sector. Copyright 1995 by University of Chicago Press.

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File URL: http://links.jstor.org/sici?sici=0022-3808%28199510%29103%3A5%3C1005%3AOTTOBF%3E2.0.CO%3B2-6&origin=repec
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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 103 (1995)
Issue (Month): 5 (October)
Pages: 1005-38
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Handle: RePEc:ucp:jpolec:v:103:y:1995:i:5:p:1005-38

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  1. Philip R. P. Coelho & James E. McClure, 2004. "Learning from Failure," Working Papers 200402, Ball State University, Department of Economics, revised Jan 2005. [Downloadable!]
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  2. Erzo G.J. Luttmer, 2007. "New goods and the size distribution of firms," Working Papers 649, Federal Reserve Bank of Minneapolis. [Downloadable!]
  3. Beth Allen, 2000. "The Future of Microeconomic Theory," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 143-150, Winter. [Downloadable!] (restricted)
  4. V. V. Chari & Mikhail Golosov & Aleh Tsyvinski, 2005. "Business Start-ups, The Lock-in Effect, and Capital Gains Taxation," Levine's Bibliography 784828000000000439, UCLA Department of Economics. [Downloadable!]
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  5. Isachenkova, N. & Weeks, M., 2008. "Acquisition, Insolvency and Managers in UK Small Companies," Cambridge Working Papers in Economics 0838, Faculty of Economics, University of Cambridge. [Downloadable!]
  6. James E. Prieger, 2004. "The Impacts of the Americans with Disabilities Act on the Entry and Exit of Retail Firms," Econometric Society 2004 North American Summer Meetings 386, Econometric Society. [Downloadable!]
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  7. Erzo G.J. Luttmer, 2008. "On the mechanics of firm growth," Working Papers 657, Federal Reserve Bank of Minneapolis. [Downloadable!]
  8. Boyan Jovanovic & Serguey Braguinsky, 2002. "Bidder Discounts and Target Premia in Takeovers," NBER Working Papers 9009, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Jaap H. Abbring & Jeffrey R. Campbell, 2005. "A Firm's First Year," Tinbergen Institute Discussion Papers 05-046/3, Tinbergen Institute. [Downloadable!]
  10. Erzo G.J. Luttmer, 2007. "On the Mechanics of Firm Growth," Working Papers 2007-4, University of Minnesota, Department of Economics, revised 10 2007. [Downloadable!]
  11. Rachida Justo, 2008. "Gender, family situation and the exit event: reassessing the opportunity-costs of business ownership," Working Papers Economia wp08-26, Instituto de Empresa, Area of Economic Environment. [Downloadable!]
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