BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:Angels\, Entrepreneurship\, and Employment Dynamics: Evidence from
  Investor Accreditation Rules - Luke Stein\, Assistant Professor\, Finance
 \, Arizona State University.
DTSTART:20180614T120000Z
DTEND:20180614T130000Z
UID:TALK72957@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:Angels\, Entrepreneurship\, and Employment Dynamics: Evidence 
 from Investor Accreditation Rules\n(joint work with Lindsey Laura)\nThis p
 aper examines the effects of a shock to angel finance on entrepreneurial a
 ctivity and employment. Using public micro data from the U.S. Census\, we 
 construct a state-level estimate of the fraction of accredited investors l
 ikely affected by Dodd-Frank's elimination of housing wealth in the determ
 ination of accreditation status. We demonstrate that a larger reduction in
  the pool of potential accredited investors negatively affects firm entry 
 and reduces employment levels at small entrants. Employment increases at s
 mall and young incumbents as workers are absorbed\, and relative wages for
  the startup sector decline. Angel finance appears to be a complement to o
 rganized venture capital and of greater  importance in less concentrated a
 nd lower startup-capital-intensive industries. Our paper quantifies the im
 pact of angel finance at the margin and offers insight on the geographies 
 and sectors where it matters most.\n
LOCATION:Room W4.03 Judge Business School
END:VEVENT
END:VCALENDAR