Papers Containing Keywords(s): 'fund'
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Viewing papers 1 through 10 of 13
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Working PaperDynamics of High-Growth Young Firms and the Role of Venture Capitalists
June 2025
Working Paper Number:
CES-25-38
Motivated by the substantial growth and upfront investments of venture capital (VC) backed firms observed in administrative US Census data, this paper develops a firm dynamics model over the life cycle. In the model, startups choose the source of financing from VC, Angel investors, or banks, depending on their growth potential, and invest in innovation. The calibrated model explains the life-cycle dynamics of firms with different sources of financing and implies that venture capitalists' advice accounts for around 22% of the growth of VC-backed firms. A counterfactual economy without VC financing would lose aggregate consumption by around 0.4%.View Full Paper PDF
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Working PaperMeasuring the Business Dynamics of Firms that Received Pandemic Relief Funding: Findings from a New Experimental BDS Data Product
January 2025
Working Paper Number:
CES-25-05
This paper describes a new experimental data product from the U.S. Census Bureau's Center for Economic Studies: the Business Dynamics Statistics (BDS) of firms that received Small Business Administration (SBA) pandemic funding. This new product, BDS-SBA COVID, expands the set of currently published BDS tables by linking loan-level program participation data from SBA to internal business microdata at the U.S. Census Bureau. The linked programs include the Paycheck Protection Program (PPP), COVID Economic Injury Disaster Loans (COVID-EIDL), the Restaurant Revitalization Fund (RRF), and Shuttered Venue Operators Grants (SVOG). Using these linked data, we tabulate annual firm and establishment counts, measures of job creation and destruction, and establishment entry and exit for recipients and non-recipients of program funds in 2020-2021. We further stratify the tables by timing of loan receipt and loan size, and business characteristics including geography, industry sector, firm size, and firm age. We find that for the youngest firms that received PPP, the timing of receipt mattered. Receiving an early loan correlated with a lower job destruction rate compared to non-recipients and businesses that received a later loan. For the smallest firms, simply participating in PPP was associated with lower employment loss. The timing of PPP receipt was also related to establishment exit rates. For businesses of nearly all ages, those that received an early loan exited at a lower rate in 2022 than later loan recipients.View Full Paper PDF
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Working PaperA Granular Look into Firms' Cash Portfolios
January 2025
Working Paper Number:
CES-25-02
This paper uses confidential Census data to provide a granular look into the U.S. firms' cash holding portfolios encompassing nearly four decades. The data provide information on short-term investment securities held in the portfolios, such as time deposits, commercial paper and government securities in addition to cash. The security-level information reveals that portfolios of the same size can have very different levels of liquidity and riskiness as the composition of securities varies considerably across firms and over time. Firms with strong precautionary motives tend to allocate more toward relatively more liquid and less risky securities. Firms actively rebalance their portfolios in response to changing economic conditions or idiosyncratic shocks to securities they hold. Event studies using shocks to Treasury securities and commercial paper shows firms shifting away from affected securities and simultaneously adjusting weights of other securities.View Full Paper PDF
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Working PaperSocially Responsible Investment and Gender Equality in the United States Census
August 2024
Working Paper Number:
CES-24-44
With administrative data, we test whether institutional ownership with a social preference is related to employee-level gender equality. We show that the gender pay gap, which is an unexplained part of the lower wages of female employees, does not have a significant relation with socially responsible investments. Next, we show that female directorship strengthens the relation between socially responsible investments and the gender pay gap. When there are female directors, socially responsible investments have a robust correlation with a lower gender pay gap. This is because female directorship alleviates information asymmetry in gender equality.View Full Paper PDF
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Working PaperScientific Talent Leaks Out of Funding Gaps
February 2024
Working Paper Number:
CES-24-08
We study how delays in NIH grant funding affect the career outcomes of research personnel. Using comprehensive earnings and tax records linked to university transaction data along with a difference-in-differences design, we find that a funding interruption of more than 30 days has a substantial effect on job placements for personnel who work in labs with a single NIH R01 research grant, including a 3 percentage point (40%) increase in the probability of not working in the US. Incorporating information from the full 2020 Decennial Census and data on publications, we find that about half of those induced into nonemployment appear to permanently leave the US and are 90% less likely to publish in a given year, with even larger impacts for trainees (postdocs and graduate students). Among personnel who continue to work in the US, we find that interrupted personnel earn 20% less than their continuously-funded peers, with the largest declines concentrated among trainees and other non-faculty personnel (such as staff and undergraduates). Overall, funding delays account for about 5% of US nonemployment in our data, indicating that they have a meaningful effect on the scientific labor force at the national level.View Full Paper PDF
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Working PaperThe Color of Money: Federal vs. Industry Funding of University Research
September 2021
Working Paper Number:
CES-21-26
U.S. universities, which are important producers of new knowledge, have experienced a shift in research funding away from federal and towards private industry sources. This paper compares the effects of federal and private university research funding, using data from 22 universities that include individual-level payments for everyone employed on all grants for each university year and that are linked to patent and Census data, including IRS W-2 records. We instrument for an individual's source of funding with government-wide R&D expenditure shocks within a narrow field of study. We find that a higher share of federal funding causes fewer but more general patents, more high-tech entrepreneurship, a higher likelihood of remaining employed in academia, and a lower likelihood of joining an incumbent firm. Increasing the private share of funding has opposite effects for most outcomes. It appears that private funding leads to greater appropriation of intellectual property by incumbent firms.View Full Paper PDF
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Working PaperDo Firms Mitigate or Magnify Capital Misallocation? Evidence from Plant-Level Data
January 2017
Working Paper Number:
CES-17-14
Almost two thirds of the cross-plant dispersion in marginal revenue products of capital occurs across plants within the same firm rather than between firms. Even though firms allocate investment very differently across their plants, they do not equalize marginal revenue products across their plants. We reconcile these findings in a model of multi-plant firms, physical adjustment costs and credit constraints. Credit constrained multi-plant firms can utilize internal capital markets by concentrating internal funds on investment projects in only a few of their plants in a given period and rotating funds to another set of plants in the future. The resulting increase in within-firm dispersion of marginal revenue products of capital is hence not a symptom of misallocation within the firm, but rather actions taken by the firm to mitigate external credit constraints and adjustment costs of capital. Economies with multi-plant firms produce more aggregate output despite higher dispersion in marginal revenue products of capital compared to economies with single-plant firms. Because emerging economies are predominantly populated by single-plant firms, the gains from reducing their distortions to the level of developed are larger than previously thought.View Full Paper PDF
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Working PaperResearch Funding and Regional Economies
January 2016
Working Paper Number:
CES-16-32
Public support of research typically relies on the notion that universities are engines of economic development, and that university research is a primary driver of high wage localized economic activity. Yet the evidence supporting that notion is based on aggregate descriptive data, rather than detailed links at the level of individual transactions. Here we use new micro-data from three countries - France, Spain and the United States - to examine one mechanism whereby such economic activity is generated, namely purchases from regional businesses. We show that grant funds are more likely to be expended at businesses physically closer to universities than at those farther away. In addition, if a vendor has been a supplier to a grant once, that vendor is subsequently more likely to be a vendor on the same or related grants. Firms behave in a way that is consistent with the notion that propinquity is good for business; if a firm supplies a research grant at a university in a given year it is more likely to open an establishment near that university in subsequent years than other firms.View Full Paper PDF
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Working PaperCAPITAL AND LABOR REALLOCATION INSIDE FIRMS
April 2013
Working Paper Number:
CES-13-22
We document how a plant-specific shock to investment opportunities at one plant of a firm ("treated plant") spills over to other plants of the same firm-but only if the firm is financially constrained. While the shock triggers an increase in investment and employment at the treated plant, this increase is offset by a decrease at other plants of the same magnitude, consistent with headquarters channeling scarce resources away from other plants and toward the treated plant. As a result of the resource reallocation, aggregate firm-wide productivity increases, suggesting that the reallocation is beneficial for the firm as a whole. We also show that-in order to provide the treated plant with scarce resources-headquarters does not uniformly "tax" all of the firm's other plants in the same way: It is more likely to take away resources from plants that are less productive, are not part of the firm's core industries, and are located far away from headquarters. We do not find any evidence of investment or employment spillovers at financially unconstrained firms.View Full Paper PDF
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Working PaperChanges in Firm Pension Policy: Trends Away from Traditional Defined Benefit Plans
November 2011
Working Paper Number:
CES-11-36
In light of the recent concerns regarding the solvency of Social Security's Old-Age, Survivors and Disability Insurance (OASDI), private pensions may play an increasingly important role in retirement welfare of US retirees. However, the private pension landscape has evolved in ways that may result in lower private pension wealth for retirees. One recent such phenomenon involves the conversion of traditional defined benefit pension plans to cash balance plans, which resulted in lower pension benefits for many workers. In this study, I investigate how characteristics of the firm's workforce influenced whether the firm converted their traditional pension plan to a cash balance plan and how these characteristics related to the firm's pension plan policy more generally. Using the Longitudinal Employer-Household Data and pension plan data from the Department of Labor/Internal Revenue Service and the Pension Benefit Guaranty Corporation, I found little evidence of workforce age distribution effects on the likelihood of DB plan conversion to a cash balance plan in the 1990s. More generally, I consistently find positive associations between firms with older and more female workforces and defined contribution plans during the same time.View Full Paper PDF
