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Elena Cefis

Università degli Studi di Bergamo (University of Bergamo), Dep. of Management, Economics and Quantitative Methods, Faculty Member

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Elena Cefis is Full Professor of Economic Policy at University of Bergamo, Italy, and an external research fellow at L.E.M., Laboratory of Economics and Management, Sant'Anna School of Advanced Studies, Pisa. She is an Associate Editor of "Industrial and Corporate Change”. She obtained her PhD degree in History and her PhD degree in Economics at European University Institute, Florence.

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Papers by Elena Cefis

The effects of mergers and acquisitions on the firm size distribution

ERIM Article Series (EAS), Feb 1, 2009

This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on t... more This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on the shape of the firm size distribution, by using data of the population of manufacturing firms in the Netherlands. Our analysis shows that M&As do not affect the size distribution when we consider the entire population of firms. When we focus on the firms involved in an M&A event, we observe a shift of the firm size distribution towards larger sizes. Firm size distribution becomes more concentrated around the mean, less skewed to the right hand side, and thinner at the tails as a whole. The shift toward higher sizes due to M&A is not uniform but affects firms of different sizes in different ways. While the number of firms in the lower tail decreased, the number of firms in the central size classes increased substantially and outweighed the increase in the number (and mean size) of firms in the upper tail of the distribution (consequently the overall market concentration measured by the Herfindahl index declines). M&As lead to a departure from log-normality of the firm size distribution, suggesting that external growth does not follow Gibrat's law. Our counterfactual analysis highlights that only internal growth does not affect the shape of the size distribution of firms. On the contrary, it

Testing Gibrat's Legacy: A Bayesian Approach to Study the Growth of Firms

RePEc: Research Papers in Economics, 2005

Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel ... more Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we …nd evidence against Gibrat's law on average, within or across industries. Estimated steady states di¤er across …rms, and …rm sizes and growth rates don't converge within the same industry to a common limiting distribution. There is only weak evidence of mean reversion: initial larger …rms do not grow relatively slower than smaller …rms. Di¤erences in growth rates and in steady state size are persistent and …rm-speci…c, rather than size-speci…c.

Reconfiguration Events and New Firm Survival

Spatial Differentiation in Industrial Dynamics. The Case of the Netherlands (1994-2005)

Tijdschrift voor economische en sociale geografie, Jul 1, 2015

We compare the industrial dynamics in the core, semi-periphery and periphery in the Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in the Netherlands in terms of firm entry-exit, size, growth and location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that location patterns are largely consistent with the spatial product lifecycle model: traditional Fordist sectors are overrepresented in the periphery, while sectors associated with the ICT paradigm are overrepresented in the core, with the notable exception of science-based manufacturing. Second, where the industrial dynamics in manufacturing sectors follow the predicted patterns, the industrial dynamics in service sectors largely contradict product lifecycle theory. We conclude that the spatial product lifecycle theory applies well to traditional manufacturing, while more specific theories are required to understand the location and industrial dynamics of sciencebased industries and service industries.

Good Times, Bad Times: Innovation and Survival over the Business Cycle

Proceedings - Academy of Management, Aug 1, 2018

In times of crisis, policy makers call upon entrepreneurship as a remedy to an economic downturn.... more In times of crisis, policy makers call upon entrepreneurship as a remedy to an economic downturn. Yet, at these times new firms face intensified selection and survival hinges on heterogeneous capabilities. We examine how the founding innovative capabilities of new ventures created in the Netherlands in 2001-2006 affected their survival likelihood before, during and after the 2007-2008 global financial crisis. We estimate a piecewise exponential model linking survival times, from 2001 to 2015, to longitudinal innovation data from the Community Innovation Survey (CIS). New firms innovating within two years from their founding enjoy a long-term adaptive survival premium during and after the crisis. This premium and its duration over the stages of the crisis are contingent to the form of innovation: technological innovations entail a more effective and enduring premium, as compared to non-technological innovations, which can be even detrimental for survival.

Landmarks as lighthouses: firms' innovation and modes of exit during the business cycle

Research Policy, Oct 1, 2023

Reconfiguration and New Firm Survival

Testing Gibrat's legacy: A Bayesian approach to study the growth of firms

Structural Change and Economic Dynamics, Sep 1, 2007

Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel ... more Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we …nd evidence against Gibrat's law on average, within or across industries. Estimated steady states di¤er across …rms, and …rm sizes and growth rates don't converge within the same industry to a common limiting distribution. There is only weak evidence of mean reversion: initial larger …rms do not grow relatively slower than smaller …rms. Di¤erences in growth rates and in steady state size are persistent and …rm-speci…c, rather than size-speci…c.

The Persistence of Innovative Activities. A Cross-Countries and Cross-Sectors Comparative Analysis

RePEc: Research Papers in Economics, 1998

This paper examines the persistence of innovative activities at the firm level in a comparative p... more This paper examines the persistence of innovative activities at the firm level in a comparative perspective. A new data set is used composed of six panel data, one for each of the following countries: France, Germany, Italy, UK, Japan and the USA. For each country, we use data on patent applications to the European Patent Office in the period 1978-1993 by 1200-1400 manufacturing firms. Using a transition probability matrix (TPM) approach, we find evidence for the existence of persistence in innovative activities, although, it is not very high in the aggregate and it declines as time goes by. However, both great innovators and non-innovators have a high probability to remain in their state and persistent innovators originate a disproportionate share of innovative activities. In this sense, persistence in innovative activities is quite strong. These tendencies apply to all countries considered here, although, clear country-specific properties are observed. Moreover, there is heterogeneity also across industrial and size classification. Intersectoral differences are invariant across countries, suggesting that persistence is (at least partly) a technology-specific variable. Persistence tends to increase with firm size, but the relationship between firms' size and persistence is strongly-country-specific and it is not a simple one.

The Effects of Mergers and Acquisitions on the Firm Size Distribution

RePEc: Research Papers in Economics, 2006

In the discussion papers series the Koopmans Institute publishes results of ongoing research for ... more

Spatial Differentiation In Industrial Dynamics: A Core-Periphery Analysis Based On The Pavitt-Miozzo-Soete Taxonomy

RePEc: Research Papers in Economics, Nov 1, 2010

We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands in terms of firm entry-exit, size, growth and sectoral location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that at the aggregate level the spatial pattern of industrial dynamics is consistent with the spatial product lifecycle thesis: entry and exit rates are highest in the core and lowest in the periphery, while the share of persistently growing firms is higher in the periphery than in the core. Disaggregating the analysis to the sectoral level following the Pavitt-Miozzo-Soete taxonomy, findings are less robust. Finally, sectoral location patterns are largely consistent with the spatial product lifecycle model: Fordist sectors are over-represented in the periphery, while sectors associated with the ICT paradigm are over-represented in the core, with the notable exception of science-based manufacturing.

A Core-Periphery Analysis Based on the Pavitt-Miozzo-Soete Taxonomy

We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands in terms of firm entry-exit, size, growth and sectoral location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that at the aggregate level the spatial pattern of industrial dynamics is consistent with the spatial product lifecycle thesis: entry and exit rates are highest in the core and lowest in the periphery, while the share of persistently growing firms is higher in the periphery than in the core. Disaggregating the analysis to the sectoral level following the Pavitt-Miozzo-Soete taxonomy, findings are less robust. Finally, sectoral location patterns are largely consistent with the spatial product lifecycle model: Fordist sectors are over-represented in the periphery, while sectors associated with the ICT paradigm are over-represented in the core, with the notable exception of science-based manufacturing.

A Matter of Life and Death: Innovation and Firm Survival

RePEc: Research Papers in Economics, 2004

This paper examines the effects of innovation on the survival of manufacturing firms in the Nethe... more This paper examines the effects of innovation on the survival of manufacturing firms in the Netherlands. The demographics of firms according to their innovative performance and type of innovation are traced by using the Business Register population of all firms active in the Netherlands and the Community Innovation Survey. Through estimation of a parametric duration model, we observe that firms do benefit of an innovation premium that extends their life expectancy, independent of firm-specific traits such as age and size. Especially process innovation seems to have a distinctive effect on survival. Furthermore, our results confirm that survival chances increase with age and the growth rate of a firm, the latter representing a more crucial factor than the initial size. Finally, sectors at high intensity of technology, that is, science based and specialised suppliers are most favourable environments to the survival of firms.

Industrial dynamics and economic geography : a survey

RePEc: Research Papers in Economics, Oct 1, 2011

Research at the interface between industrial dynamics and economic geography has witnessed a grow... more Research at the interface between industrial dynamics and economic geography has witnessed a growing popularity not in the least because entrepreneurship and clusters are topics that rank high on regions' policy agenda. We review the literature on clusters and their effects on entry, exit and growth of firms as well on various lifecycle dynamics underlying the process of cluster formation and cluster dynamics. The review shows that there is strong evidence that clusters promote entry, but little evidence that clusters enhance firm growth and decrease their hazard to exit. In the absence of agglomeration economies, the emergence of clusters is best understood as an evolutionary process of capability transmission between parents firms and their spinoffs. Following this view, clusters can extend their lifecycles by diversifying into related industries. From a number of open questions we distil various future research avenues stressing the importance of understanding firm heterogeneity, industry specificity and the exact mechanisms underlying agglomeration economies.

Organic and Acquisitive Growth: Replicating and Extending Lockett, Wiklund, Davidsson, Girma (2011)

Proceedings - Academy of Management, Aug 1, 2022

We replicate and extend the work from Lockett, Wiklund, Davidsson, and Girma (2011), investigatin... more We replicate and extend the work from Lockett, Wiklund, Davidsson, and Girma (2011), investigating how organic and acquisitive growth strategies influence future organic growth rates. Analysing a panel of Dutch firms over the period 2011-2016, we confirm Lockett et al.'s finding that past organic growth exerts a restraining effect on current organic growth. Unlike the original paper, we also find that acquisitive growth hinders rather than sustains subsequent organic growth. We therefore extend Lockett et al.'s framework by explicitly accounting for how the relatedness and complementarity of acquisitions moderate this effect. We observe that this negative effect is less pronounced when acquisitive growth is less related and complementary. Finally, we refine the identification strategy further developing the empirical analysis.

Firms and innovation in the new industrial paradigm of the digital transformation

Industry and Innovation, Jan 2, 2023

Heterogeneity and firm growth in the pharmaceutical industry

Cambridge University Press eBooks, Mar 9, 2006

In this chapter we investigate some properties of the patterns of firm growth in the pharmaceutic... more

The paper investigates the changes in job creation and destruction flows when we consider a more ... more The paper investigates the changes in job creation and destruction flows when we consider a more disaggregate level of analysis. If institutional setup plays a more important role, compared to other factors, then at lower level of aggregation we should observe job flows regularities in line with national ones. Using a unique database on the firm population in Trentino (a NorthEastern Province of Italy) from 1991 to 2001, we analyse the characteristics of a local labour market and compare them with the national ones. We find that: (a) job flows shows a "fractal" nature, i.e. many regularities appear to be scale invariant (magnitude of flows and their persistence). In particular job flows magnitude is in line with average values of Italy; (b) there exist some qualifications to "fractality": entrant firms' contribution to job creation process is lower than the corresponding contribution at national level. Whereas, job destruction share accounted for by exit firms is around 30% in line with stylized facts; (c) size and age shape the job flows; (d) between macro sectors shifts of jobs are rare.

Corrigendum to “Crossing the innovation threshold through mergers and acquisitions” [Res. Policy 44 (2015) 698–710]

Research Policy, 2018

Reconfiguration and new firm survival

Academy of Management Proceedings, 2021

The effects of mergers and acquisitions on the firm size distribution

ERIM Article Series (EAS), Feb 1, 2009

This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on t... more This paper provides new empirical evidence on the effects of mergers and acquisitions (M&As) on the shape of the firm size distribution, by using data of the population of manufacturing firms in the Netherlands. Our analysis shows that M&As do not affect the size distribution when we consider the entire population of firms. When we focus on the firms involved in an M&A event, we observe a shift of the firm size distribution towards larger sizes. Firm size distribution becomes more concentrated around the mean, less skewed to the right hand side, and thinner at the tails as a whole. The shift toward higher sizes due to M&A is not uniform but affects firms of different sizes in different ways. While the number of firms in the lower tail decreased, the number of firms in the central size classes increased substantially and outweighed the increase in the number (and mean size) of firms in the upper tail of the distribution (consequently the overall market concentration measured by the Herfindahl index declines). M&As lead to a departure from log-normality of the firm size distribution, suggesting that external growth does not follow Gibrat's law. Our counterfactual analysis highlights that only internal growth does not affect the shape of the size distribution of firms. On the contrary, it

Testing Gibrat's Legacy: A Bayesian Approach to Study the Growth of Firms

RePEc: Research Papers in Economics, 2005

Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel ... more Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we …nd evidence against Gibrat's law on average, within or across industries. Estimated steady states di¤er across …rms, and …rm sizes and growth rates don't converge within the same industry to a common limiting distribution. There is only weak evidence of mean reversion: initial larger …rms do not grow relatively slower than smaller …rms. Di¤erences in growth rates and in steady state size are persistent and …rm-speci…c, rather than size-speci…c.

Reconfiguration Events and New Firm Survival

Spatial Differentiation in Industrial Dynamics. The Case of the Netherlands (1994-2005)

Tijdschrift voor economische en sociale geografie, Jul 1, 2015

We compare the industrial dynamics in the core, semi-periphery and periphery in the Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in the Netherlands in terms of firm entry-exit, size, growth and location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that location patterns are largely consistent with the spatial product lifecycle model: traditional Fordist sectors are overrepresented in the periphery, while sectors associated with the ICT paradigm are overrepresented in the core, with the notable exception of science-based manufacturing. Second, where the industrial dynamics in manufacturing sectors follow the predicted patterns, the industrial dynamics in service sectors largely contradict product lifecycle theory. We conclude that the spatial product lifecycle theory applies well to traditional manufacturing, while more specific theories are required to understand the location and industrial dynamics of sciencebased industries and service industries.

Good Times, Bad Times: Innovation and Survival over the Business Cycle

Proceedings - Academy of Management, Aug 1, 2018

In times of crisis, policy makers call upon entrepreneurship as a remedy to an economic downturn.... more In times of crisis, policy makers call upon entrepreneurship as a remedy to an economic downturn. Yet, at these times new firms face intensified selection and survival hinges on heterogeneous capabilities. We examine how the founding innovative capabilities of new ventures created in the Netherlands in 2001-2006 affected their survival likelihood before, during and after the 2007-2008 global financial crisis. We estimate a piecewise exponential model linking survival times, from 2001 to 2015, to longitudinal innovation data from the Community Innovation Survey (CIS). New firms innovating within two years from their founding enjoy a long-term adaptive survival premium during and after the crisis. This premium and its duration over the stages of the crisis are contingent to the form of innovation: technological innovations entail a more effective and enduring premium, as compared to non-technological innovations, which can be even detrimental for survival.

Landmarks as lighthouses: firms' innovation and modes of exit during the business cycle

Research Policy, Oct 1, 2023

Reconfiguration and New Firm Survival

Testing Gibrat's legacy: A Bayesian approach to study the growth of firms

Structural Change and Economic Dynamics, Sep 1, 2007

Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel ... more Gibrat's law is a referent model of corporate growth dynamics. This paper employs Bayesian panel data methods to test Gibrat's law and its implications. Using a Pharmaceutical Industry Database (1987-1998), we …nd evidence against Gibrat's law on average, within or across industries. Estimated steady states di¤er across …rms, and …rm sizes and growth rates don't converge within the same industry to a common limiting distribution. There is only weak evidence of mean reversion: initial larger …rms do not grow relatively slower than smaller …rms. Di¤erences in growth rates and in steady state size are persistent and …rm-speci…c, rather than size-speci…c.

The Persistence of Innovative Activities. A Cross-Countries and Cross-Sectors Comparative Analysis

RePEc: Research Papers in Economics, 1998

This paper examines the persistence of innovative activities at the firm level in a comparative p... more This paper examines the persistence of innovative activities at the firm level in a comparative perspective. A new data set is used composed of six panel data, one for each of the following countries: France, Germany, Italy, UK, Japan and the USA. For each country, we use data on patent applications to the European Patent Office in the period 1978-1993 by 1200-1400 manufacturing firms. Using a transition probability matrix (TPM) approach, we find evidence for the existence of persistence in innovative activities, although, it is not very high in the aggregate and it declines as time goes by. However, both great innovators and non-innovators have a high probability to remain in their state and persistent innovators originate a disproportionate share of innovative activities. In this sense, persistence in innovative activities is quite strong. These tendencies apply to all countries considered here, although, clear country-specific properties are observed. Moreover, there is heterogeneity also across industrial and size classification. Intersectoral differences are invariant across countries, suggesting that persistence is (at least partly) a technology-specific variable. Persistence tends to increase with firm size, but the relationship between firms' size and persistence is strongly-country-specific and it is not a simple one.

The Effects of Mergers and Acquisitions on the Firm Size Distribution

RePEc: Research Papers in Economics, 2006

In the discussion papers series the Koopmans Institute publishes results of ongoing research for ... more

Spatial Differentiation In Industrial Dynamics: A Core-Periphery Analysis Based On The Pavitt-Miozzo-Soete Taxonomy

RePEc: Research Papers in Economics, Nov 1, 2010

We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands in terms of firm entry-exit, size, growth and sectoral location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that at the aggregate level the spatial pattern of industrial dynamics is consistent with the spatial product lifecycle thesis: entry and exit rates are highest in the core and lowest in the periphery, while the share of persistently growing firms is higher in the periphery than in the core. Disaggregating the analysis to the sectoral level following the Pavitt-Miozzo-Soete taxonomy, findings are less robust. Finally, sectoral location patterns are largely consistent with the spatial product lifecycle model: Fordist sectors are over-represented in the periphery, while sectors associated with the ICT paradigm are over-represented in the core, with the notable exception of science-based manufacturing.

A Core-Periphery Analysis Based on the Pavitt-Miozzo-Soete Taxonomy

We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands i... more We compare the industrial dynamics in the core, semi-periphery and periphery in The Netherlands in terms of firm entry-exit, size, growth and sectoral location patterns. The contribution of our work is to provide the first comprehensive study on spatial differentiation in industrial dynamics for all firm sizes and all sectors, including services. We find that at the aggregate level the spatial pattern of industrial dynamics is consistent with the spatial product lifecycle thesis: entry and exit rates are highest in the core and lowest in the periphery, while the share of persistently growing firms is higher in the periphery than in the core. Disaggregating the analysis to the sectoral level following the Pavitt-Miozzo-Soete taxonomy, findings are less robust. Finally, sectoral location patterns are largely consistent with the spatial product lifecycle model: Fordist sectors are over-represented in the periphery, while sectors associated with the ICT paradigm are over-represented in the core, with the notable exception of science-based manufacturing.

A Matter of Life and Death: Innovation and Firm Survival

RePEc: Research Papers in Economics, 2004

This paper examines the effects of innovation on the survival of manufacturing firms in the Nethe... more This paper examines the effects of innovation on the survival of manufacturing firms in the Netherlands. The demographics of firms according to their innovative performance and type of innovation are traced by using the Business Register population of all firms active in the Netherlands and the Community Innovation Survey. Through estimation of a parametric duration model, we observe that firms do benefit of an innovation premium that extends their life expectancy, independent of firm-specific traits such as age and size. Especially process innovation seems to have a distinctive effect on survival. Furthermore, our results confirm that survival chances increase with age and the growth rate of a firm, the latter representing a more crucial factor than the initial size. Finally, sectors at high intensity of technology, that is, science based and specialised suppliers are most favourable environments to the survival of firms.

Industrial dynamics and economic geography : a survey

RePEc: Research Papers in Economics, Oct 1, 2011

Research at the interface between industrial dynamics and economic geography has witnessed a grow... more Research at the interface between industrial dynamics and economic geography has witnessed a growing popularity not in the least because entrepreneurship and clusters are topics that rank high on regions' policy agenda. We review the literature on clusters and their effects on entry, exit and growth of firms as well on various lifecycle dynamics underlying the process of cluster formation and cluster dynamics. The review shows that there is strong evidence that clusters promote entry, but little evidence that clusters enhance firm growth and decrease their hazard to exit. In the absence of agglomeration economies, the emergence of clusters is best understood as an evolutionary process of capability transmission between parents firms and their spinoffs. Following this view, clusters can extend their lifecycles by diversifying into related industries. From a number of open questions we distil various future research avenues stressing the importance of understanding firm heterogeneity, industry specificity and the exact mechanisms underlying agglomeration economies.

Organic and Acquisitive Growth: Replicating and Extending Lockett, Wiklund, Davidsson, Girma (2011)

Proceedings - Academy of Management, Aug 1, 2022

We replicate and extend the work from Lockett, Wiklund, Davidsson, and Girma (2011), investigatin... more We replicate and extend the work from Lockett, Wiklund, Davidsson, and Girma (2011), investigating how organic and acquisitive growth strategies influence future organic growth rates. Analysing a panel of Dutch firms over the period 2011-2016, we confirm Lockett et al.'s finding that past organic growth exerts a restraining effect on current organic growth. Unlike the original paper, we also find that acquisitive growth hinders rather than sustains subsequent organic growth. We therefore extend Lockett et al.'s framework by explicitly accounting for how the relatedness and complementarity of acquisitions moderate this effect. We observe that this negative effect is less pronounced when acquisitive growth is less related and complementary. Finally, we refine the identification strategy further developing the empirical analysis.

Firms and innovation in the new industrial paradigm of the digital transformation

Industry and Innovation, Jan 2, 2023

Heterogeneity and firm growth in the pharmaceutical industry

Cambridge University Press eBooks, Mar 9, 2006

In this chapter we investigate some properties of the patterns of firm growth in the pharmaceutic... more

The paper investigates the changes in job creation and destruction flows when we consider a more ... more The paper investigates the changes in job creation and destruction flows when we consider a more disaggregate level of analysis. If institutional setup plays a more important role, compared to other factors, then at lower level of aggregation we should observe job flows regularities in line with national ones. Using a unique database on the firm population in Trentino (a NorthEastern Province of Italy) from 1991 to 2001, we analyse the characteristics of a local labour market and compare them with the national ones. We find that: (a) job flows shows a "fractal" nature, i.e. many regularities appear to be scale invariant (magnitude of flows and their persistence). In particular job flows magnitude is in line with average values of Italy; (b) there exist some qualifications to "fractality": entrant firms' contribution to job creation process is lower than the corresponding contribution at national level. Whereas, job destruction share accounted for by exit firms is around 30% in line with stylized facts; (c) size and age shape the job flows; (d) between macro sectors shifts of jobs are rare.

Corrigendum to “Crossing the innovation threshold through mergers and acquisitions” [Res. Policy 44 (2015) 698–710]

Research Policy, 2018

Reconfiguration and new firm survival

Academy of Management Proceedings, 2021