State governments as financiers of technology startups: Evidence from Michigans R&D loan program
دولت های ایالتی به عنوان سرمایه گذار استارت آپ های فناوری: شواهدی از برنامه وام تحقیق و توسعه میشیگان-2020
State governments in the United States often fund and support technology startups within their borders. Yet little is known about the magnitude with which these place-based policy interventions shift the performance trajec- tories of entrepreneurial firms. We provide new evidence based on 241 startups that compete for advanced research and technology commercialization loans between 2002 and 2008 through a Michigan-based program. Among applicants with project scores near the threshold required for funding, we find that award recipients are 20%–30% more likely to remain in business four years after the competition relative to similar companies that seek but fail to receive funding. We also find that award receipt stimulates follow-on venture capital (VC) investments in surviving companies. The VC stimulus effect is, however, disproportionately driven by subsets of firms that are very young, relatively inexperienced at external fundraising, or located outside the dominant hub of entrepreneurial activity within the state. This distinctive pattern of heterogeneous effects remains visible for follow-on R&D financing from federal government sources, and for supplemental outcome measures that use news articles to track shifts in financing and business development activities. These findings are consistent with the view that public R&D programs are particularly beneficial when frictions in private resource markets are more severe.
Keywords: Entrepreneurship | Innovation policy | R&D subsidies | Startup performance
Impact of very high-speed broadband on company creation and entrepreneurship: Empirical Evidence
تأثیر پهنای باند بسیار سریع در ایجاد شرکت و کارآفرینی: شواهد تجربی-2020
This paper analyzes to what extend the local presence of very high-speed broadband networks has a causal impact on the creation of new businesses and sole proprietorships. Estimations are performed using micro-level panel data covering almost 5000 municipalities in metropolitan France, from 2010 to 2015. A count modeling approach with time- and municipal-fixed effects is first developed. It shows heterogeneous effects across sectors. Municipalities with a very high- speed broadband network tend to be more attractive for companies, with a positive effect on establishment creation within the tertiary sector and the construction sector. In addition, these municipalities seem to provide a more favorable environment for entrepreneurship. However, the benefits of very high-speed broadband are not equally distributed across municipalities and depend on the educational attainment of the population.
Keywords: Fiber | Very high-speed broadband | Local economic growth | Company creation
The influence of highway on local economy: Evidence from Chinas Yangtze River Delta region
تاثیر بزرگراه در اقتصاد محلی: شواهدی از منطقه دلتای رود یانگ تسه چین -2020
Highway network has been constructed on a massive scale in recent decades, potentially reshaping the spatial economic pattern in China. This paper aims to investigate the influence of highway on local economic growth by exploiting county-level data of Chinas Yangtze River Delta region from 1993 to 2013. We employ a differencein- differences (DID) model and control several determinants of highway location to lessen the endogeneity bias brought by non-random selection. Considering the possible impact of endogeneity, spatial dependence and unobservable variables on estimation, we conduct propensity score matching, instrumental variable estimates, spatial DID method and placebo tests to ensure the robustness of results. Our analysis shows that: (1) The opening of highway significantly stimulates the county economy, with an increasing trend on the year by year basis. (2) Highway has heterogeneous effects in terms of different locations, provinces and industries. Counties closer to the central city, in Jiangsu province or with bigger service sector, benefit more from highway operation. (3) Highway can generate an increase in market potential and then in local economic growth. In this process, highway mainly promotes the economy through the way of attracting investment and facilitating consumption. The mechanism through labor is not significant.
Keywords: Highway | Economic growth | County | Quasi-natural experiment | Difference-in-differences model | Yangtze River Delta region
Deep Representation Learning for Individualized Treatment Effect Estimation using Electronic Health Records
یادگیری بازنمایی عمیق برای ارزیابی اثر درمانی شخصی با استفاده از سوابق الکترونیکی بهداشت-2019
Utilizing clinical observational data to estimate individualized treatment effects (ITE) is a challenging task, as confounding inevitably exists in clinical data. Most of the existing models for ITE estimation tackle this problem by creating unbiased estimators of the treatment effects. Although valuable, learning a balanced representation is sometimes directly opposed to the objective of learning an effective and discriminative model for ITE estimation. We propose a novel hybrid model bridging multi-task deep learning and K-nearest neighbors (KNN) for ITE estimation. In detail, the proposed model firstly adopts multi-task deep learning to extract both outcome-predictive and treatment-specific latent representations from Electronic Health Records (EHR), by jointly performing the outcome prediction and treatment category classification. Thereafter, we estimate counterfactual outcomes by KNN based on the learned hidden representations. We validate the proposed model on a widely used semi-simulated dataset, i.e. IHDP, and a real-world clinical dataset consisting of 736 heart failure (HF) patients. The performance of our model remains robust and reaches 1.7 and 0.23 in terms of Precision in the estimation of heterogeneous effect (PEHE) and average treatment effect (ATE), respectively, on IHDP dataset, and 0.703 and 0.796 in terms of accuracy and F1 score respectively, on HF dataset. The results demonstrate that the proposed model achieves competitive performance over state-of-the-art models. In addition, the results reveal several findings which are consistent with existing medical domain knowledge, and discover certain suggestive hypotheses that could be validated through further investigations in the clinical domain.
Keywords: Individualized Treatment Effect Estimation | Counterfactual Inference | Deep Representation Learning | Multi-task Learning | K-Nearest Neighbors
A Hybrid Latent Class Analysis Modeling Approach to Analyze Urban Expressway Crash Risk
یک روش مدل سازي تحلیلی طبقه بندي کم عمق برای تحلیل تصادفات بزرگراه شهری-2017
Crash risk analysis is rising as a hot research topic as it could reveal the relationships between traffic flow characteristics and crash occurrence risk, which is beneficial to understand crash mechanisms which would further refine the design of Active Traffic Management System (ATMS). However, the majority of the current crash risk analysis studies have ignored the impact of geometric characteristics on crash risk estimation while recent studies proved that crash occurrence risk was affected by the various alignment features. In this study, a hybrid Latent Class Analysis (LCA) modeling approach was proposed to account for the heterogeneous effects of geometric characteristics. Crashes were first segmented into homogenous subgroups, where the optimal number of latent classes was identified based on bootstrap likelihood ratio tests. Then, separate crash risk analysis models were developed using Bayesian random parameter logistic regression technique; data from Shanghai urban expressway system were employed to conduct the empirical study. Different crash risk contributing factors were unveiled by the hybrid LCA approach and better model goodness-of-fit was obtained while comparing to an overall total crash model. Finally, benefits of the proposed hybrid LCA approach were discussed.
Keywords: Crash risk analysis | Latent class analysis | Bayesian random parameter model | Unobserved heterogeneity
Heterogeneous effect of the global financial crisis and the Great East Japan Earthquake on costs of Japanese banks
اثر ناهمگون بحران مالی جهانی و زلزله بزرگ شرق ژاپن بر هزینه های بانک های ژاپن-2017
The effect of financial and economic ctarises depends on bank technology, which includes risk attitude and business model. The paper focuses on Japanese banking and examines how technology distinctions determined impact of the 2007–2009 global financial crisis and the economic recession that followed the Great East Japan Earthquake of 2011. Assuming that different types of technology correspond to different cost quantiles, we use panel data quantile regressions to establish a link between efficiency, economies of scale/scope and the effects of the two crises. The analysis reveals technological heterogeneity and shows that the impact of profitability, non-traditional activities and non-performing loans in the two crises differs between high-cost and low-cost banks. Finally, we contrast the business models and risk-taking behavior of Japanese and European banks.
Keywords: Financial crisis | Banking | Economies of scale | Quantile regressions
آیا تمرکز مالکیت بر مسئولیتپذیری محیط شرکت تاثیر دارد؟ نقش میانجی اهرم شرکت
سال انتشار: 2012 - تعداد صفحات فایل pdf انگلیسی: 12 - تعداد صفحات فایل doc فارسی: 32
در این مقاله اثر تمرکز مالکیت بر مشارکت در مسئولیت محیط زیست شرکت (سی ایی آر، CER) در ابعاد زمان و مکان بررسی میشود. بعد زمانی بر فضای اقتصاد کلان، بویژه دورههای رشد سریع و سرعت متوسط اقتصادی متمرکز است. بعد مکانی بر ویژگیهای صنعت و انواع مختلف مالکیت (دولتی یا خصوصی) متمرکز است. علاوه بر این، با استفاده از مدلهای رگرسیون پانل و رگرسیون گام به گام، با استفاده از مدلهای شرکتهای بورسی سهام چین a در دوره 2016-2008، نقش میانجی اهرم شرکت را بررسی میکند. نتایج نشان میدهد که غلظت مالکیت تاثیر منفی قابل توجهی بر سی ایی آر دارد. به علاوه زمانی که نرخ رشد اقتصاد کلان، نوع مالکیت و ویژگیهای صنعت را در نظر بگیریم، اثر ناهمگن است. در دورههایی با رشد سریع اقتصادی، غلظت مالکیت تاثیر منفی بر سی ایی آر دارد در حالی که در دورهای با رشد متوسط اقتصادی قابل توجه نیست. علاوه بر این، تاثیر منفی در شرکتهای دولتی و غیر دولتی و صنایع آلوده کننده سنگین وجود دارد. اهرم شرکت تاثیر واسطهای جزئی بین تمرکز مالکیت و مشارکت در سی ایی آر دارد.
واژههای کلیدی: اهرم شرکت | مشارکت در مسئولیت محیط زیست | شرکت اثر ناهمگن | تمرکز بر مالکیت
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