Our paper contributes to the studies on the relationship between workers' human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel data set of research analysts in investment banks over 1988-1996 reveals that star analysts are more likely than non-star analysts to become entrepreneurs. Furthermore, we find that ventures started by star analysts have a higher probability of survival than ventures established by non-star analysts. Extending traditional theories of entrepreneurship and labor mobility, our results also suggest that drivers of turnover vary by destination: (a) turnover to entrepreneurship and (b) other turnover. In contrast to turnover to entrepreneurship, star analysts are less likely to move to other firms than non-star analysts.
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
13633.
Length: Date of creation: Nov 2007 Date of revision: Handle: RePEc:nbr:nberwo:13633
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Find related papers by JEL classification: J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity J4 - Labor and Demographic Economics - - Particular Labor Markets J6 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs
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Jovanovic, B. & Nyarko, Y., 1996.
"Stepping Stone Mobility,"
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