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Does individual performance affect entrepreneurial mobility Empirical evidence from the financial analysis market

Boris Groysberg (), Ashish Nanda () and M Julia Prats ()
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Boris Groysberg: Harvard Business School, Postal: Harvard Business School, Morgan Hall 331, Soldiers Field Road, Boston, MA 02163,
Ashish Nanda: Harvard Law School, Postal: Harvard Law School, 23 Everett Street #G-24, Cambridge, MA 02138
M Julia Prats: IESE, Postal: Entrepreneurship Department, IESE Business School, University of Navarra, 21 Avenida Pearson, 08034 Barcelona SPAIN,

Journal of Financial Transformation, 2009, vol. 25, 95-106

Abstract: Our paper contributes to the studies of 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 dataset 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: turnover to entrepreneurship and other turnover. In contrast to turnover to entrepreneurship, star analysts are less likely to move to other firms than non-star analysts.

Keywords: Entrepreneurship; ability; professionals (search for similar items in EconPapers)
JEL-codes: J21 J24 J44 (search for similar items in EconPapers)
Date: 2009
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