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Does Academic Entrepreneurship Pay?

  • Astebro , Thomas B.

    ()

  • Braunerhjelm, Pontus

    ()

  • Broström , Anders

    ()

We investigate the private returns for academics that start new businesses. Total earnings for the universe of 478 individuals working at Swedish universities who quit to become full-time entrepreneurs between 1999 and 2008 are compiled. To the best of our knowledge, this is the first analysis to include capital gains. Entrepreneurship for academics appears a gradual process and quite episodic. Earnings are similar before and after becoming an entrepreneur and dividends and capital gains are inconsequential. But the income risk is more than three times higher in entrepreneurship.

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Paper provided by HEC Paris in its series Les Cahiers de Recherche with number 970.

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Length: 47 pages
Date of creation: 23 Nov 2012
Date of revision:
Handle: RePEc:ebg:heccah:0970
Contact details of provider: Postal: HEC Paris, 78351 Jouy-en-Josas cedex, France
Web page: http://www.hec.fr/
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  1. Giuri, Paola & Mariani, Myriam & Brusoni, Stefano & Crespi, Gustavo & Francoz, Dominique & Gambardella, Alfonso & Garcia-Fontes, Walter & Geuna, Aldo & Gonzales, Raul & Harhoff, Dietmar & Hoisl, Karin, 2007. "Inventors and invention processes in Europe: Results from the PatVal-EU survey," Research Policy, Elsevier, vol. 36(8), pages 1107-1127, October.
  2. Scott Stern, 2004. "Do Scientists Pay to Be Scientists?," Management Science, INFORMS, vol. 50(6), pages 835-853, June.
  3. Thomas Åstebro & Jing Chen & Peter Thompson, 2011. "Stars and Misfits: Self-Employment and Labor Market Frictions," Management Science, INFORMS, vol. 57(11), pages 1999-2017, November.
  4. Martin Meyer, 2003. "Academic patents as an indicator of useful research? A new approach to measure academic inventiveness," Research Evaluation, Oxford University Press, vol. 12(1), pages 17-27, April.
  5. Martin Andersson & Per Thulin, 2013. "Does spatial employment density spur inter-firm job switching?," The Annals of Regional Science, Springer, vol. 51(1), pages 245-272, August.
  6. Goldfarb, Brent & Henrekson, Magnus, 2003. "Bottom-up versus top-down policies towards the commercialization of university intellectual property," Research Policy, Elsevier, vol. 32(4), pages 639-658, April.
  7. Åstebro, Thomas & Bazzazian, Navid & Braguinsky, Serguey, 2012. "Startups by recent university graduates and their faculty: Implications for university entrepreneurship policy," Research Policy, Elsevier, vol. 41(4), pages 663-677.
  8. Joop Hartog & Mirjam van Praag & Justin van der Sluis, 2008. "If you are so smart, why aren't you an entrepreneur? Returns to cognitive and social ability: Entrepreneurs versus employees," Jena Economic Research Papers 2008-084, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  9. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
  10. Taylor, Mark P, 1996. "Earnings, Independence or Unemployment: Why Become Self-Employed?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 253-66, May.
  11. Roach, Michael & Sauermann, Henry, 2010. "A taste for science? PhD scientists' academic orientation and self-selection into research careers in industry," Research Policy, Elsevier, vol. 39(3), pages 422-434, April.
  12. Edward P. Lazear & Kathryn L. Shaw, 2007. "Wage Structure, Raises and Mobility: International Comparisons of the Structure of Wages Within and Across Firms," NBER Working Papers 13654, National Bureau of Economic Research, Inc.
  13. Andersson, Roland & Quigley, John M. & Wilhelmsson, Mats, 2002. "University Decentralization as Regional Policy: The Swedish Experiment," ERES eres2002_138, European Real Estate Society (ERES).
  14. repec:cup:cbooks:9780521728355 is not listed on IDEAS
  15. Djordje Djokovic & Vangelis Souitaris, 2008. "Spinouts from academic institutions: a literature review with suggestions for further research," The Journal of Technology Transfer, Springer, vol. 33(3), pages 225-247, June.
  16. Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," American Economic Review, American Economic Association, vol. 92(4), pages 745-778, September.
  17. Dietmar Harhoff & Francis Narin & F. M. Scherer & Katrin Vopel, 1999. "Citation Frequency And The Value Of Patented Inventions," The Review of Economics and Statistics, MIT Press, vol. 81(3), pages 511-515, August.
  18. Berglann, Helge & Moen, Espen R & Roed, Knut & Skogstrøm, Jens Fredrik, 2009. "Entrepreneurship: Origins and Returns," CEPR Discussion Papers 7360, C.E.P.R. Discussion Papers.
  19. Andersson, Roland & Quigley, John M. & Wilhelmsson, Mats, 2009. "Urbanization, Productivity and Innovation: Evidence from Investment in Higher Education," Berkeley Program on Housing and Urban Policy, Working Paper Series qt9b4885mq, Berkeley Program on Housing and Urban Policy.
  20. Edmark, Karin & Gordon, Roger, 2012. "The Choice of Organizational Form by Closely-Held Firms in Sweden: Tax vs. Non-Tax Determinants," Working Papers 2012:15, Swedish Entrepreneurship Forum.
  21. Kawaguchi, Daiji, 2003. "Human capital accumulation of salaried and self-employed workers," Labour Economics, Elsevier, vol. 10(1), pages 55-71, February.
  22. Sanandaji, Tino & Leeson, Peter, 2013. "Billionaires," Working Papers 2012:18, Swedish Entrepreneurship Forum.
  23. Henrekson, Magnus & Johansson, Dan, 2008. "Gazelles as Job Creators – A Survey and Interpretation of the Evidence," Ratio Working Papers 117, The Ratio Institute.
  24. repec:cup:cbooks:9780521828130 is not listed on IDEAS
  25. Tobias J. Moskowitz & Annette Vissing-Jorgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," NBER Working Papers 8876, National Bureau of Economic Research, Inc.
  26. Scherer, F. M. & Harhoff, Dietmar, 2000. "Technology policy for a world of skew-distributed outcomes," Research Policy, Elsevier, vol. 29(4-5), pages 559-566, April.
  27. Finn Valentin & Rasmus Jensen, 2007. "Effects on academia-industry collaboration of extending university property rights," The Journal of Technology Transfer, Springer, vol. 32(3), pages 251-276, June.
  28. repec:cup:cbooks:9780521899604 is not listed on IDEAS
  29. Robson, Martin T, 1997. "The Relative Earnings from Self and Paid Employment: A Time-Series Analysis for the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(5), pages 502-18, November.
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