Firm Age, Investment Opportunities, and Job Creation

Data Appendix for “ Firm Age , Investment Opportunities , and Job Creation ” ∗

We use the publicly-available Quarterly Workforce Indicators (QWI) published by the Longitudinal Employer-Household Dynamics (LEHD) program of the U.S. Census Bureau to compute total employment by firm age.1 This dataset provides total employment2 in the private sector tabulated for 5 firm age categories—start-ups (0-1 year-olds), 2-3 year-olds, 4-5 year-olds, 6-10 year-olds, and firms over 11 ...

Job Creation and Job Destruction in a Transition Economy: Ownership, Firm Size, and Gross Job Flows in Polish Manufacturing

Comprehensive firm-level data for Polish manufacturing show that in state-owned firms the large drop in net employment since the start of the transition in 1990 has been driven by a jump in the job destruction rate; job creation, by contrast, is located disproportionately in the private sector. Small firms are more dynamic than large firms, but even after controlling for size, private firms hav...

Job Creation and Destruction

Job Creation and Job Destruction in Argentina

J Jo ob b C Cr re ea at ti io on n a an nd d J Jo ob b D De es st tr ru uc ct ti io on n i in n A Ar rg ge en nt ti in na a Development Bank for the "Labor Markets and Globalization Conference", October 2003. We are grateful to Gustavo Marquez and Carolina Czastkiewicz for their useful comments and to Hugo Hopenhayn who kindly gave us the panel data for the years 1989 to 1995. We would also lik...

Arbitrage and investment opportunities

We consider a model in which any investment opportunity is described in terms of cash flows. We don’t assume that there is a numéraire, enabling investors to transfer wealth through time; the time horizon is not supposed to be finite and the investment opportunities are not specifically related to the buying and selling of securities on a financial market. In this quite general framework, we sh...